Vote with SOCKET

Govern is where SOCKET holders keep the list of hooks the app routes through and set the buyback share for new pools. Every action on it is a transaction to SocketGovernor, its timelock or HookRegistry, signed by your wallet. The rules the page shows are read from chain. See The SOCKET token for what each vote decides.

Burns lower SOCKET's supply, and the 3% follows it.

Deposit to vote#

Under Your votes, enter an amount of SOCKET and press Deposit. The first deposit asks you to approve SOCKET once. Deposited SOCKET is your voting weight: one SOCKET, one vote, on every proposal you vote on. It stays yours, and Withdraw returns it to your wallet at any time. A vote counts what you had deposited when it opened, so withdrawing doesn't change a vote already open.

Vote#

Open proposals come first under Proposals. Each one shows:

• what it does: List hook, Remove hook, Burn stake or Set buyback share, with the hook's address or the new share;
• the yes and no votes so far, and a mark where yes has to reach: 3% of SOCKET's supply;
• how long voting has left;
• Source and review, for a hook listing.

Press Vote yes or Vote no. Your whole deposit counts, and the card shows how you voted.

Execute#

Voting runs for 5 days. A proposal passes when its yes votes beat its no votes and reach 3% of the supply. A passed proposal waits 2 days in the timelock, then anyone can press Execute, and the change applies exactly as the proposal wrote it. The hook allowlist on the same page updates once it lands.

Propose#

Proposing takes 1,000,000 SOCKET deposited. A proposal can:

• list a hook;
• remove a listed hook, and burn its stake if the deployed code doesn't match the published source;
• burn a removed hook's stake;
• set the buyback share for pools initialized afterwards, from 0% to 50%.

List a hook#

Socket's built-in hooks are on the list from the start. Any other hook is added by a vote. Under List a hook, the author enters:

• the hook's address, from which the app reads its flags;
• a link to its verified source on the explorer;
• whoever can change it, such as an owner or a proxy admin, if anyone;
• a link to an independent review.

Press Propose listing. Proposing locks 1,000,000 SOCKET from the author as the hook's stake, for as long as the hook is listed.

Withdraw stake appears on your own listings once the stake can come back.

Remove a hook#

Under Hook allowlist, a listed hook has Propose removal. Tick Burn the stake when the deployed code doesn't match its published source; otherwise the author takes the stake back 7 days after the removal.

Set the buyback share#

Under SOCKET buyback, enter a new share from 0% to 50% and press Propose. A passed vote sets the share for pools initialized after it executes. Every existing pool keeps the share it was initialized with.

The buyback panel#

SOCKET buyback shows:

• Buyback share: the share of collected LP fees that new pools on Socket's hooks keep, 20% today.
• Holds: the tokens the Buyback contract holds, waiting to be swapped.
• Burned so far: all the SOCKET the buyback has burned.

Anyone can run the Buyback contract. Each run swaps what it holds toward SOCKET, through v4 pools with no hook or a listed hook, going through ETH or USDG first when a token has no SOCKET pool. One run moves a pool's price by at most 0.25%, and each input token runs at most once every 10 minutes. Then it burns all the SOCKET it holds. No key holds the fees on the way, and the contract can only swap toward SOCKET and burn it.

:::details What can a vote change? A vote acts on the hook allowlist, the stakes behind it, and the buyback share of pools initialized after it. No vote can change an existing pool, because Uniswap v4 pool keys are immutable. No vote can move tokens out of PoolManager or anyone's position, or pause trading. :::