What's PIPs and How it Works - Governance Simplified
Hello LeoFinance ecosystem!
Do you know that one of the unique features of a good thing is that everyone wants to identify with it and I truly know that you're a lover of good projects.
One of the good things happening around the LeoFinance ecosystem is PolyCUB and it's components.
Sometimes I wonder where @khal gets things ideas and how he implements them so quickly on the ecosystem.
Apart from the PolyCUB V2 vaults, one other unique features of PolyCUB that brings both varieties and values to the project is governance.
In the past, we've seen how the experimental phase xPolycub governance UI works. For instance, some months ago, the first xPolyCub governance proposal was launched with a mandate for xPolyCUB holders to vote for the number of days to claim rewards from the PolyCUB project. The periods to choose from was 90, 30 and 15 days and at the end of the voting process, 30 days unlocking window was selected by simple majority vote.
Total votes: 81
Total stake: 82439 xPC
30 d support: 44 votes, 56681 xPC, 68.8 % (!)
15 d support: 33 votes, 24762 xPC, 30.0 %
90 d support: 4 votes, 996 xPC, 1.2 %
From the xPC rich list:
TOP-10 .....5 votes
11-20 ...5 votes
21-30 ...3 votes
With the above, everyone on the ecosystem saw how the xPolycub governance works and the power of acquiring more xPolyCub for governance sake.
In more recent times, more features have been added to xPolycub governance and one of those features is PolyCUB Improvement proposal (PIP) 1 and 2.
PIPs simply mean PolyCUB Improvement Proposals and it's aimed at controlling all operations around PolyCUB, ranging from the direction of PolyCUB rewards and also in controlling matters that are PolyCUB related.
There are a lot of different improvement proposals to vote on. Each proposal is aimed at changing something on the PolyCUB platform. The goal of each PIP is to drive POLYCUB toward its mission statement.Source
Like it has been said in past weekly AMA's that the new goal of PolyCUB is to create more values from the existing Multi-token bridges.
For the first time, we talked about how much wrapping fee revenue was generated by the PolyCUB MTB Protocol.Source
One of the first PIP proposal is to determine the percentage of wrapping fees.
PIP2 aims to increase MTB revenue by increasing the wrapping fees for pHBD, pSPS, pHIVE and pLEO. As of right now, the wrapping fee is 0.25%. The proposal has 3 voting options (as will almost all PIPs):
- Keep it the same (0.25%)
- Increase it to 0.35%
- Increase it to 0.50%
With the above options to choose from all xPolyCub and vexPolyCub holders holders inclusive are to vote for the above proposal. This to me is work makes everyone participate in what's going on around the LeoFinance ecosystem.
Posted Using LeoFinance Beta