The XPolycub governance vote is finally Live, while researching about tokens and their use case some of them get classified as being a governance token. Although theoretically speaking it meant that these tokens can be used to influence decisions concerning the token’s project. Hive is the only platform where I have exercised governance vote where we vote for witnesses.
Leofinance made an announcement sometime last week on its governance vote launch on Twitter. Although I expected a front end to vote but the announcement from the Leofinance stated that there is no UI yet for the vote but voting is possible through some method.
So the voting will be to decide what the lock period for XPolycub will be. Staking your polycub in XPolycub means that your polycub will be locked for 90 days before you can unstake it. But if you decide to unstake it before the 90th day then you will have to pay the penalty fee. 90 days is quarter a year, that’s 3 months of not being able to access your funds, being a crypto holder I don’t have any issue with it but 90 days is kind of a long time to get your polycub locked up. But this time gives you enough time to be disciplined with your investment, while there are advantages and disadvantages of locking your token for 90 days, I still consider the time too long. I believe 45 days would be cool, but unfortunately 45 days is not an option in the list of the days provided to be chosen by the XPolycub stakers.
So there are only 3 different types of days available to be selected as the lock up day period. These days are 15 day, 30 days or 90 days. This means that as an XPolycub holder if you cast your vote to vote for 15 days, changing the lock up period to 15 days, this means that whoever unstakes their XPolyCub before the 15th day, pays the penalty fee. Making 15 days the desired locked up period and same goes to the other days 30 and 45 days when voted for.
How To Vote?
Like I have said previously, voting is quite different from what I expected, so instead of going to website to vote all you need to do is send a TX(Transaction)
It’s important to note that any vote you want to cast regarding the locking period should be done with the Metamask, Trustwallet or whatever wallet you used to get your XPolycub staked.
So voting is very easy all you need to do is choose your lock up time, choose between 15 days, 30 days or 90 days.
You will have to send Matic to the governance voting address and the amount of Matic sent will determine which day you are voting for to be the lock period.
Sending 0.0009 Matic Means you are choosing a 90 days lock period.
Sending 0.0003 Matic Means you are choosing a 30 days lock period.
Sending 0.00015 Matic Means you are choosing a 15 days lock period.
These Matic will be sent to
The Governance Address:
0x2CAA7b86767969048029c27C1A62612c980eB4b8
So I just voted, choosing 30 days, I prefer 30 days because it’s an appropriate time you can’t consider too long or too short.
Don’t forget that you can’t stake more than once and your vote weight will influence the decision more if you have more staked xpolycub.