How To Multiply Your Tribe Token Vote Weight And Fees - Tutorial For New Users
We're getting a lot of new users every day and I think it's appropriate to do tutorial posts for them, to share the knowledge and help them use the tools we have the best way. Today I'd like to show you how you can maximize your vote and a few words about fees.
Vote Weight Multiplier
Now that we have so many tribe tokens available on the Hive blockchain, curating has become more interesting and challenging as well. Balancing your voting power is not easy, especially if your stakes are of different size, which is the case for most of us who atarted early, when there were no tribe tokens, just
STEEM/HIVE. So we started with STEEM/HIVE, accumulated, accumulated, then came the tribe tokens and that's what we have less.
For those who are really new and don't really understand how the voting system works, I'm going to use my example to show you what I mean.
Let's look at HIVE and LEO in this example. Right now I've got 34,740 HP powered up and 2,137 LEO, also powered up.
My 100% upvote in HIVE means $0.56 at the time of writing and 0.218 LEO. This is nice but unfortunately I can't give 100% upvote to everyone as it would drain my voting power (VP) pretty fast. A lower voting percentage also means less LEO.
Leofinance has created a good tool to help us balancing our voting weight, on LeoDEX.
At LeoDEX, you have REWARDS, where you have the vote weight multiplier.
If the multiplier is set to 1, which is the default setting, my 10% vote means 0.02 LEO, 20% is 0.04 LEO and so on.
If I set the multiplier to 3, my vote value rises to 0.059 at 10% vote, 0.119 at 20% vote and so on.
I'm usually setting the multiplier to 8 or 10, to be able to give the max LEO vote value at 20% as well. Otherwise i would be wasting my LEO voting power.
This tool is working for every single tribe token. You can go over the list of tokens in your wallet and set the appropriate vote weight for each token the best way you see fit, in order to maximize curation rewards.
Please note, you may encounter problems using Hivesigner. I know a few months back the multiplier jumped back to default, the only way to set it was using Hive Keychain. It may work now, it's possible, I don't know as I'm only using Keychain.
We have Hive Engine (HE) and LeoDEX, where we can buy and sell tokens. Each platform has deposit and withdrawal fee.
This is what you pay on HE, 1%!
This is the fee what you pay on LeoDEX, 0.25%. Feel free to choose whichever is ok for you.
This is it for today, I hope it helps. Feel free to spread the word, let your friends know about these things as we have to help new users.
@cmplxty, I hope it helps.
Get started with my referral code: m3yjA
Posted Using LeoFinance Beta