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
Nice post....
Please is there a step you can show me on how to purchase Polycub and Polygon tokens?
Posted Using LeoFinance Beta
Try this guide. I found it by searching for "polycub guide" on HiveSearcher:
Your blog is always informative. Is there any single interface where we get to know if we are a beneficiary of various second-layer tokens in Hive Blockchain? I actually rely on your blog for such things.
You mean like an interface which keeps track of airdrops/claimdrops you might be getting? I don't think so, but it could prove really useful, lol.
Most if not all second layer tokens use custom jsons to be tied to the Hive blockchain. Hive-Engine tokens sent to you are easy to check, from PeakD, they have a special tab for it on your wallet. But nothing for DLUX so far. But of course this only shows you what you already received, not what you might receive or not if you take or not certain actions.
What I do is pay attention, read a lot, listen to recordings and so on. I don't have a secret source.
I think there were a lot of things that could have been improved. When I went to go cast my vote, I could not find the instructions on the site. I had to go to the post to find the instructions. Either way, I think 30 day is the right period for the lock-up period.
Posted Using LeoFinance Beta
Yes, a link to the post on the site would have been nice. But maybe this isn't trivial on this type of interface to make updates, so they want to add the full governance page at once.
I think having a beta would of been better so people could give feedback on how to change it.
Posted Using LeoFinance Beta
They tried something, got some feedback, so next time it'll be better (hopefully).
68% that's a big community vote..!
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It was expected. 15 days was too short and 90 days was too long.
Yeah, in the end I think I'm glad it's a 30 day period. Even though I voted for 15
Posted Using LeoFinance Beta
I also think there would have been better participation if the effects of the vote were discussed prior to announcing the vote. Like how would the various lock up times effect PolyCub and xPolyCub. At this stage everyone is just guess what to vote for since xPolyCub is a really new concept.
Posted Using LeoFinance Beta
Well, they were discussed... But maybe not enough, I suppose?
30 days lockup is the right period in order to offer an advantage if taking the penalty for living earlier. Great vote from the community and the beginning of a process that will power investors to get their saying in the PolyCUB DeFi platform.
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Yep, looking forward to vote on future proposals, as this concerns all of us if we are involved on PolyCub.
I would say that the result was expected to be 30 days and I'm glad that it did... Wanted to ask about when it will be effective, but I saw other comments... As my first harvesting without taking a penalty was on April, 1st, I'm fine with the result... :) From my point of view, it's important to have a daily income flow and harvesting daily will provide that to people... Maybe with a 30-day delay, but after that, it's payday every day! :)
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I agree, the result was predictable on this vote. About having daily income flow, as you remarked, after 30 days that happens if you harvest daily and keep the POLYCUB until it's unlocked.
I totally missed it even though I check Polycub almost daily. This was the first time I heard about it. So yes, maybe next time a small reminder on the interface would increase the voting %.
Btw, do you know when the 30 day lock will be effective?
I'm not sure you could have seen anything about it on PolyCub. Leofinance announced it in a post and Khal talked about it in one of the AMA, but the voting process didn't involve the PolyCub interface for this first vote, at least.
We are at the mercy of Khal and his sooniverse. So soon. :) The good part is that if you have harvests locked right now, the time is ticking since you harvested them, not since the 30 days lock will become effective.
I have Polycub locked, so this is good news indeed. Patiently waiting. Thanks for the info!
You're welcome.
Yeah, decent participation since there wasn't any information on the site.
I voted for 30 days.
Posted Using LeoFinance Beta
From what I remember Khal wanted to test the backend for governance voting with this proposal. Future votes on proposals will be on the interface, most likely.
Good information, @gadrian. I am not in the polycub arena yet but in due time. Thanks for sharing this information.
Thanks for dropping by and commenting, even if the subject may not be of interest to you at the moment.
It will be soon enough, Adrian😃
Thanks for another informative post. I always learn from your posts. Thanks again.