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First Governance Vote on PolyCub Ended

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Adrian
@gadrian
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Yesterday, there was a notification tagging everyone from Khal on Discord (and on Twitter) regarding the first governance vote coming to an end in a matter of hours at that time.

This was a last chance for anyone not casting their votes to do so. The process was simple and anyone who used Polygon and Polycub could figure it out easily, especially since there was a step-by-step guide on how to do it.

This first governance vote was talked about in posts, in the Leofinance AMA, and probably on Twitter too. So anyone who paid attention to PolyCub and with a xPOLYCUB stake had enough chances to know about it and vote.

So, now the vote has ended.

What was the vote about, for those who aren't aware?

To change (or not) the lockup period for harvested POLYCUB from 90 days to one of these options:

  • 15 days
  • 30 days
  • 90 days (remain unchanged)

I noticed the results and breakdown of votes presented by @onealpha, as I was checking out Leofinance interface.

Here's the overall image, from his post linked above.

68.8% of the voting stake decided that the lockup period will be changed to 30 days.

That was my vote as well. 15 days is not much of a lockup period, and in most cases people would have held through it instead of taking the 50% penalty hit, depriving xPOLYCUB of one (smaller going forward) source of growth.

At the same time, interest on HBD is paid every 30 days, and it wouldn't have made sense to release the full rewards on pHBD:USDC at half this period.

I can understand why the 15 days option received a significant support at 30% of the voting stake. People want a shorter lockup period so they can free their harvests sooner without taking a penalty hit.

Keeping the lockup period at 90 days didn't seem like a good choice, since 3 months is a very long time in the crypto world. The fact that only 1.21% of the voting stake went to this option shows most voters felt the same way.

The vote towards 30 days didn't surprise me. It was subtly suggested by Leofinance team in their post as well.

What kind of surprised me was the vote participation among top holders of xPOLYCUB.

Only 44% of the Top 100 xPOLYCUB stakers voted on this governance proposal.

Would we have had a better participation if the governance vote was on the interface? Despite the fact that the voting process was simple, voting on the interface could have been made "in-your-face" with visual notifications to xPOLYCUB stakers to vote on the active proposal. So, yes, the participation would have probably been better if voting was on the interface.

Posted Using LeoFinance Beta