Frogs! Our governance vault UI has gone through much needed revamp, so read on for a walkthrough of the updates and insights into how the governance vault reward system works.
Governance vault staking
To be eligible for Linkswap governance vault rewards distributions and to vote on proposals, you have to be staked in the governance vault.
The governance vault is now fully integrated into the main Linkswap interface, giving our users a harmonized experience without having to deal with pesky tabs opening.
You can now find it under our trusty 💎 Linkswap staking diamond here
(Please make sure to keep scrolling down after every image)
The dropdown menu shows the amount of YFL in your wallet and whether you have YFL staked or not. Click on “Stake” or “Unstake” and follow the instructions.
When staking in the Linkswap governance vault, you will receive yYFL, which represents your staking share. When unstaking, your yYFL will be converted back to YFL, which includes any rewards distributed to the governance vault during the time you were staked.
The real juicy part is clicking on “More Details” from the staking dropdown menu. This takes you to our brand-new detailed overview of governance vault staking, with some interesting stats!
Right away you see the amount of collected LSLP’s plus fees in the governance vault in USD terms. The way Linkswap’s governance vault reward system works, is that a fee is charged when new liquidity is added, and these LSLP’s are sent to the governance vault address. This gives the governance vault exposure to Linkswap volume.
We have also added an estimation for governance vault APY based on the last 60 days. This APY is a forecast of the future yYFL price based on the vault's performance over the past 60 days.
Rewards distributions
During rewards distribution, these LSLP’s are converted to YFL by using the YFL autopurchaser contract, as well as (temporary) manual LSLP conversions by the core team. The YFL is then sent to the governance vault. This increases the amount of YFL in the governance vault, increasing yYFL price in terms of YFL.
What this means for you is that if you are staked in the governance vault during rewards distributions, the value of your yYFL increases. When unstaking, you will receive more YFL for your yYFL staking share.
Rewards distributions will occur periodically and unannounced.
Scrolling down you see the total amount of YFL staked in the governance vault and current yYFL price. We’ve included the total amount of YFL distributed to the governance vault over time and total APY since the vault’s creation. This APY is a forecast of the future yYFL price based on the historic price increase of yYFL since the vault launch.
At the bottom you see more options to stake and unstake, and the time left until you can unstake without paying the 1% unstaking fee.
The “Governance Voting” button takes you to an external overview of current and past proposals. In due time we will also be integrating this functionality into the main Linkswap interface.
Snapshot
To address the impact rising gas prices have on governance proposal voting, we will be moving non-smart contract proposals to Snapshot. This way everyone staked in the governance vault can participate in determining the future of Linkswap.
The Snapshot Migration Proposal is up for a vote now in the legacy voting system here
The proposal will be up for a vote for 3 days. If the proposal passes, we will be moving voting to Snapshot.
Read the Snapshot Migration Proposal here
If you have any other questions about our governance vault system, please head on over to our Discord where our community members are happy to help.
We will keep you posted on further updates as we continue to build a streamlined user experience on Linkswap!
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