Autofarm Governance Voting System Went Live
Hyper-optimised cross-chain yield aggregator on Binance Smart Chain, HECO, and Polygon, Autofarm thrilled to reveal its governance voting system — the latest protocol development that takes us one step closer towards becoming a truly decentralized protocol.
Following the launch of the single AUTO vault, Autofarm are excited to make a significant progress in empowering stakeholders and the community with the launch of Autofarm’s governance voting system centered around the AUTO token. All $AUTO stakers have been invite to take their part to cast their votes.
The First Proposal
Autofarm’s foremost governance proposal will be going live on 8th July 2021 at 10 am UTC. The proposal invites $AUTO stakers to take part in determining the percentage allocation of AUTO burns and revenue directed to AUTO stakers. Currently, the percentage allocation of AUTO burns is 1.5%, and revenue collected to reward stakers through the single AUTO vault stands at 1%.
Increasing the allocation towards burning would make AUTO more scarce and deflationary whereas increasing the allocation towards revenue sharing will elevate the single AUTO vault’s APY, making it more attractive for users to hold and stake their AUTO.
Governance Proposal snapshot details:
Start: 8th July 2021, 10am UTC
End: 10th July 2021, 10am UTC
The voting options are as follows:
- 0% burn, 2.5% revenue
- 0.5% burn, 2% revenue
- 1% burn, 1.5% revenue
- 1.5% burn, 1% revenue (no change)
- 2% burn, 0.5% revenue
Who Can Vote?
All stakeholders who have AUTO staked in the single AUTO vault are eligible to cast their votes on proposals. Each user (wallet address) is entitled to 1 vote and votes are weighted proportionally to the amount of AUTO staked in the vault.
The Role Of AUTO
Autofarm and its native AUTO token have certainly come a long way since our early beginnings as a yield optimizer. The token’s newfound utility in Autofarm’s governance system is an impetus for further value capture as more key decisions that determine how the protocol is run becomes transitioned over to the community.
ABOUT AUTOFARM
Autofarm is hyper-optimised cross-chain yield aggregator Binance Smart Chain HECO Chain and Polygon Network
