Voting Power & locking Gems
Demystifying the mystical force that amplifies your voice and shapes the future of SlingShot app.
What is Voting Power?
Voting Power is the crucial component of both SlingShot app and governance.
In a nutshell, Voting Power is the measurable force in which individual community members use to cast their votes and power over the SlingShot Ecosystem.
Product Voting: By voting on your favorite gaming ideas on the platform, you help the most promising concepts rise to the top, ensuring the SlingShot Treasury supports the development of projects with the highest potential for success. Moreover, Voting Power makes you eligible for tantalizing rewards – for more on this, check out our Rewards section. Note: It's worth mentioning here that once a voting round has ended, your Voting Power is refreshed, ready to be used in the next voting round!
Governance Voting: Here, your Voting Power empowers you to influence the direction of the DAO. If you believe the DAO should focus on different areas or if you're concerned about the performance of contributors, this is your chance to make your voice heard. After all, the community is the heart and soul of the SlingShot DAO.
How do you get Voting Power?
All voting power is acquired by 'Locking up' your GEMS on the SlingShot app in the voting escrow smart contract.
Simply put, you exchange your GEMS for Voting Power, which can then be used to cast votes on governance decisions and gaming ideas on the Leaderboards. The more Voting Power you acquire, the more weight your vote carries in influencing the result.
How long are your GEMS 'locked up' for?
You can select the amount of GEMS you want to lock up and for how long. The minimum amount of time is 30 days and the longest is 4 years. The longer the lock, the more Voting Power you receive. Whilst GEMS are locked, it is non-transferrable. Only upon full expiry of the lock, will the GEMS be transferrable once more.
The benefits of 'Locking' up for longer.
It’s important to understand that the longer you lock up your GEMS, the more Voting Power you will receive for the same amount of GEMS. The voting escrow model is based on Curve finance's veCRV token model. Voting Power is calculated on a linear scale, with 1 GEM locked for 4 years granting 1 Voting Power. So, if you are keen for more Voting Power, then simply lock your GEMS up for longer!
It is designed in this way to enable a much fairer system of inclusivity. Individual community members most aligned with SlingShot DAO and its goals will be happy to lock their tokens up for a longer period of time, and will therefore be rewarded with more Voting Power per token.
Useful things to know
Voting Power decreases as the lock period progresses, and reaches zero when the lock duration expires.
You can add more GEMS or extend the lock duration to an existing lock.
Locked GEMS can't be transferred or claimed before the lock period expires.
You can only have one active lock at a time.
To withdraw GEMS, go to the wallet page after your current lock expires.
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