Posts

Second Governance Vote on PolyCub - First For Yield Distribution

avatar of @gadrian
25
Adrian
@gadrian
·
·
0 views
·
3 min read

We have another opportunity to exert our influence as stakers of xPOLYCUB on the PolyCub platform.

Yesterday, the Leofinance team has put together a post, presenting the second governance proposal on PolyCub, and the steps to vote on it.

While on our first governance proposal we could vote on the duration of the lock-up period, which xPOLYCUB stakeholders decided to reduce from 90 days to 30 days, for another 5 days starting from yesterday we have the chance to start influencing the way yield is distributed among the farms on PolyCub.

This is not a one-time event, from now on, every week the yield distribution for farms will be updated based on these votes, stake-weighted.

This can be something you set and forget, and your votes will continue to be taken into consideration every week, or you can update them when you consider they need to be changed and they will be reflected in the following week's update.

You can find the exact details in the post linked above. If you have any questions feel free to ask, and if I know, I'll answer.

My Votes on the Yield Distribution for PolyCub Farms

I don't think it needs to be a secret, in my case.

I only cast one vote, for now, and it is for pHBD-USDC (PID 8, by sending 0.0008 MATIC to this governance address: 0x2CAA7b86767969048029c27C1A62612c980eB4b8)

I am undecided on the second vote, so I haven't cast it yet.

The options are:

  • POLYCUB-USDC: 0.0004
  • POLYCUB-WETH: 0.0005
  • pLEO-MATIC: 0.0006
  • pHBD-USDC: 0.0008
  • pHIVE-POLYCUB: 0.0001
  • pSPS-POLYCUB: 0.00011

where numbers correspond to the amount of MATIC to send to the address mentioned above.

Feedback on the Process

1. No notification of active proposals on the website

In my post announcing the results of the first governance vote, there was some important feedback, which I'd like to add here because none of it has been addressed so far.

So, people want some information regarding the ongoing governance vote on the PolyCub website! And I'll have to agree that it makes total sense. At least a persistent notification leading to the post by Leofinance. And such a system could be used to promote anything else of significance for PolyCub.

If we dive into the results post presented by @onealpha then, we see that:

From the xPC rich list: TOP-10 .....5 votes 11-20 ...5 votes 21-30 ...3 votes

So, many of the xPOLYCUB high stakers were either uninterested in the proposal or - more likely - didn't know or forgot about it.

Since so far nothing has changed on this front, except the proposal, we'll see what the participation rate will be.

2. Lack of Governance UI

What this could include (in the first phase):

  • description of the proposal and author (in the first phase it's ok if only the PolyCub team can submit them, even if they come from the community)
  • status: active/approved/rejected/ended
  • current/final voting situation
  • your votes and calculating their influence (on active proposals at least)

In the second phase:

  • ability to submit proposals (could be limited to a minimum stake requirement or a POLYCUB fee for submission could be paid which would go to the PoL)

3. Number of Votes per Account

Regarding the number of votes one may cast, 2 seems fair when we have 6 farms to vote for.

But perhaps the number of votes itself should be put to a vote when the number of farms decreases or, more likely, increases.

Also, just a thought, I don't know if it would be a good idea or not.

I assume that, as it is now, only one vote for the same farm counts. If I'd vote for the same farm as my second option it would be ignored.

Should one be able to use both votes for the same farm and be considered cumulatively? The pro is that one can focus to bring the yield of just one farm up. The con is that it potentially doubles the influence of big accounts without additional investment.

Closing Words

As voting for governance works now is fine by me as a bare-bones working system. But it's not as representative as it can be and some UX improvements would be appreciated in the sooniverse.

Posted Using LeoFinance Beta