Voting FAQs
Frequently asked questions all about Voting.
What is Voting power?
Voting power is needed whenever you wish to vote within the SlingShot app, on the gaming ideas or if you wish to vote on governance matters.
Voting power is non-transferrable and decays linearly over time.
How can I get Voting Power?
Voting power is gained through locking GEMS in the voting escrow smart contract. Head to your wallet and click “Lock GEMS”. GEMS are locked into voting escrow based on the model by Curve Finance. Curve’s model has been implemented almost exactly, the voting multipliers and lockup duration limits are the same. The minimum token lockup is 30 days.
The maximum GEM lockup is 4 years.
Lockups are multiplied by a constant and voting power is linear from 30 days to 4 years.
How do I vote for an idea?
Lock GEMS on the SlingShot APP to receive voting power. Navigate to a live leaderboard, view the active ideas, and vote for your favorites.
Use your voting power to vote on one idea or split your voting power between multiple ideas.
Can I withdraw my GEMS?
A user can only withdraw GEMS from voting escrow once their lockup period has expired. For example, if a user locked GEMS for 30 days, they can only withdraw those GEMS at the end of 30 days. If a user increases the duration of the lock, then this would override the withdrawal date to also be later.
Where on the App do I unlock my GEMS?
You cannot unlock your GEMS once they have been locked. You will have to wait until the expiry date is reached, at which point they are freely claimable from the app UI and transferrable.
Can I split my voting power between ideas in a Voting round.
Users can split their voting power between multiple ideas and leaderboards. Find an idea you like, click vote. The voting window will appear, from here you can manage your existing votes and vote on new ideas.
Can I edit or remove my votes after voting?
Yes, click on your profile icon and select “Votes”. A window will appear listing your vote allocations. You can update your votes using this interface
Do I receive rewards for voting and what are they?
Users earn voting rewards if they submit a valid vote within a voting round. The voting reward is proportional to the amount of voting power used, relative to the total voting power available during said voting round.
The amount of GEMS awarded for voting at the close of each voting round is determined algorithmically. It is based on a convex curve with rewards increasing upon the growing participation rate measured by voting power. In short, the more users that vote in a round, the greater the voting rewards for all users. Check out the rewards documentation to dive in deeper.
How long does it take to receive voting rewards after a voting round ends?
Users can claim GEM rewards easily through the wallet section of the SlingShot App. They will only claim rewards after the 30 day vesting period has finished, however, they can see the claimable reward amount increasing in real-time over the vesting period. Upon claiming, GEMS are then available in the user's wallet.
Last updated