There are five stages to on-chain governance proposals with Secret Network: submission, deposits, voting, tallying, and implementation. Submission can be done by any user, with the caveat that nothing is broadcasted on-chain until a proposal reaches the minimum deposit amount. This is in place to protect the network from proposal spam. Anyone can contribute to the deposit minimum. If the proposal does not reach the minimum deposit threshold, deposits are refunded. If the proposal is approved or if the proposal is rejected but not vetoed, the deposits will automatically be refunded to the respective proposal depositors. Critical to note is that if a proposal is vetoed with a supermajority, deposits are burned. Upon reaching the minimum deposit required, a one week voting period begins. During this timeframe, bonded SCRT holders are able to cast their vote with one of four options – yes, no, no with veto, and abstain.
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