Before you can propose a new spot market for listing through the staking dashboard, you must send an ERC20 token from Kovan (Ethereum Testnet) to Injective Chain through our Peggy contract on Kovan. You will have to either find a faucet for an existing ERC20 contract on Kovan, or mint your own. Proceed with the steps below only once you have the Kovan ERC20 token you would like to list a spot market for in your Kovan wallet in metamask.
To start your proposal, first click Governance from the header.
Under the Propose section, open the dropdown menu and select Launch a spot market.
This will open an interface in which you can select a base and quote currency for your new spot market proposal. If either the base or quote currency you would like to select is not present, click on Create new Denom. Demon implies "denomination", which asks you to input a custom rate.
This will open a modal where you must fill in the contract address for the denomination you would like to add. Make sure that you have some amount of this denom in your Kovan wallet before proceeding. With the contract address filled in, click Get ERC-20 Token Balance and sign the metamask transaction.
The next modal will display your balance of the contract address you entered in the previous step. Enter some amount less than or equal to your holdings of this contract and click Transfer and sign the metamask transaction.
After a few moments, your added denom should be available from the base and quote denom dropdown menus. Fill in the rest of your proposal.
For the Deposit amount, any amount will work. However, for a launch a spot market proposal to be accepted through governance to enter the Voting stage it must reach 1,000 INJ. If you deposit 1,000 INJ with your proposal, it will be automatically accepted for voting. If you deposit less than 1,000 and voters do not deposit amounts for your proposal within two days, the proposal will automatically fail without a vote.
Click Propose and sign the metamask transaction to submit your proposal.
Very shortly after submitting your proposal, you should see your proposal appear under the Proposals section in the Deposit stage.
If you click on your proposal row under Proposals, you will be able to access a more expansive dashboard. From here, you can see how much INJ has been deposited, and you can even increase the deposit amount.
Once your proposal has been accepted into the voting process, it will have 1 day to collect votes. A proposal must attain over 50% of the vote in order to be accepted.
33% is the Quorum. Quorum is defined as the minimum percentage of voting power that needs to be casted on a proposal for the result to be valid. You can calculate what the exact quorum value is by going to the Validators page, and multiplying the Total INJ Staked amount displayed there and taking 33% of that.
50% is the Threshold. Threshold is defined as the minimum proportion of Yes votes (excluding Abstain votes) needed for the proposal to be accepted.
When submitting a proposal, it will be very difficult to reach quorum without votes from the genesis validators, which are run by the Injective team for this testnet staking competition. Please use discord (#equinox-staking channel) to reach out to team members for support on your proposals.
Click the row under Proposals under Voting to get to the voting screen.
Click either Yes, No, Abstain, or Veto and then sign the metamask transaction.
You will be able to see your vote under the corresponding vote section, along with others who voted that way as well.