If you listened to the latest Leofinance AMA, you knew this was coming. I just listened to the AMA recording today and to be honest I didn't expect the first governance vote on PolyCub to happen today (or to start today, to be more accurate).
But the Leofinance team surprised me again by moving very fast with the first governance vote on PolyCub.
They say something in the post about an interface being created for the governance votes in the future. While I understand the need for an interface when we are talking about different types of proposals that can be made by the investors themselves, and not by the protocol, this first vote shows how simple it is to cast such a vote even without an interface, for the first proposal put together by the Leofinance team.
What is the vote about?
To decide the locking period for POLYCUB harvested but not claimed. The current lock period is 90 days, with an early claiming penalty of 50%.
The proposal has 3 options:
- 15 days
- 30 days
- 90 days
If you vote, you will choose between one of the 3 options above.
Who can vote?
Anyone can vote, but the vote is stake-weighted based on your holdings of xPOLYCUB. If you hold 0 xPOLYCUB, your vote doesn't count. If you hold 10% of the xPOLYCUB in existance, your vote will count massively.
How to vote?
The process is very simple.
- Login to Metamask or the wallet you used to connect to Polycub
- Make sure you are on the Polygon Network and on the wallet you used to stake POLYCUB as xPOLYCUB (if you don't know what I mean by this, you should be fine, you probably use only one wallet)
- Send a transaction to this governance address of PolyCub:
0x2CAA7b86767969048029c27C1A62612c980eB4b8
3.1. Send 0.0009 MATIC to keep the claim window at 90 days
3.2. Send 0.0003 MATIC to reduce to 30 Days
3.3. Send 0.00015 MATIC to reduce to 15 Days
Here's an example screenshot taken from Leofinance's post:
You can't change your vote later on, so make sure you send the right transaction. Voting remains open for 5 days for this proposal.
What else you might want to know before you vote?
If you have locked POLYCUB, the timer on the lock doesn't reset if this proposal passes.
For example, if you have a number of POLYCUB harvested but unclaimed starting with 20 days ago, and a proposal to reduce the locking period to 30 days from 90 days passes, you'd have to wait 10 more days with those POLYCUB until they become unlocked, not another 30 days. That's what Khal said in the AMA.
I encourage you to read Leofinance's post for more details on PolyCub governance.
If you wanted the TLDR version of how to vote for the proposal, this post would do. If you have questions, let me know.