PolyCUB is the People's DeFi - Cast Your Vote!

over 2 years ago

frens, PolyCUB's first governance proposal is live and it's time to put that xPOLYCUB to work! Also happy 420!

xPOLYCUB Governance

There has been a lot of talk about the upcoming utilities for the xPOLYCUB token and one major function people have been waiting for is governance. With this model, the users control the direction of the platform by voting with their xPOLYCUB stake. The more you have staked, the more your vote is worth. Right now, there is no UI for voting, but there will be one soon.

The first governance proposal is being conducted manually in a sense. Since there is no UI built yet (at least not in production), the voting process requires you to do more than clicking a button. Not much more honestly, but for a noob it could be intimidating. So what are we voting on? We are voting on changing the lockup period for claiming PolyCUB from farming.

Right now, to claim 100% of the POLYCUB you earn from farms, you have to wait 90 days. 90 days is a long time in the crypto world, so it's a turn off for a lot of people. Before the emissions rate started to rapidly decrease, it made sense to take the 50% penalty to throw whatever you could claim into xPOLYCUB. I did it almost daily. Now, it really doesn't make sense and will cost you some valuable tokens.

With the launch of the pHBD-USDC stable coin farm, the question started coming up a lot. Why would I lock my stable coins in an LP position only to wait 90 days to get the full reward when I can lock my HBD in savings for 20% APY natively? I fully agree with that line of thinking. It's just a lot more complicated and 90 days is a long time to wait for your rewards.

The addition of xPOLYCUB governance brings a whole new life into the token. Before now, the only use case was staking to earn potential fees from people taking penalties. The penalties have slowed down a lot since people started to realize that it made more sense to just let it sit with current emissions.

With all that being said... It's time to do your part and cast your vote. No matter how big or small your xPOLYCUB stake is, it counts. Put those precious scarce tokens to work and help decide the future of claiming PolyCUB rewards.

Here's how ya do it.

It's really only one step but you have to pay attention. All you have to do is send a miniscule amount of MATIC to the Governance contract based on which time frame you want to vote for. Your options are:

Send 0.0009 MATIC to keep the claim window at 90 days
Send 0.0003 MATIC to reduce the claim window to 30 Days
Send 0.00015 MATIC to reduce the claim window to 15 Days
Governance Contract Address: 0x2CAA7b86767969048029c27C1A62612c980eB4b8

So - go to your wallet (MetaMask or whatever wallet you use) and make sure you're connected to the Polygon chain. Then click Send.

Paste the governance contract address from above. Then enter the amount based on your decision on the vote. I chose to vote for 30 days. I feel like 90 days is too long and 15 days is too short.

Click Next, and Confirm. That's it. You have now voted on the future of PolyCUB!

Make sure you are sending the MATIC from the same address that you hold xPOLYCUB in! Each address gets one vote that cannot be changed, and you only have 5 days to cast your vote. I don't vote in presidential elections or any of that bullshit but I do vote for shit that actually matters like this.

If you don't feel like your vote matters or what the outcome might be... Enjoy this motivational song from South Park. Warning: NSFW.

I hope you laughed. There's a lot to come from this incredible DeFi platform, and we're here at the ground floor. This is just the beginning. Now go celebrate your 420.

Peace.

Thanks for reading! Much love.

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