New Autofarm proposal for Venus Refund Plan
Update 14 september 2022; It is now possible to claim lost assets. Read more here:
We understand that it has been a difficult time for affected users. The time is finally here where we can move forward; Autofarm has been coordinating the new refund plan for the last few months.We wanted this problem solved with the best solution for all affected users and both communities.
The Venus Team has agreed to launch a Snapshot vote and let the community decide on the proposal. The team will be supporting us by rendering technical support and facilitating the Venus Improvement Proposal (VIP) on their platform if the snapshot vote is passed. Details of the new proposal can be found over here. You can show your support for the proposal by commenting on the Forum.
What rests now, is for all users of both communities to vote on the new proposal to return the funds to the affected users.
Stake Snapshot = 17:00 UTC 18 August 2022
Why is this deadline so important? We’ll explain below!
Proposal & vote specifications
- Venus team has declared they will launch the Snapshot Proposal vote on 18 August 2022 17:00 UTC;
- To be eligible to vote, $XVS needs to be staked in the Venus $XVS vault before the snapshot (https://app.venus.io/vault);
- The snapshot for the staked $XVS is at the moment the proposal launches. This means the Snapshot time for the proposal will be at 18 August 2022 17:00 UTC;
If you want to vote on this proposal & governance, make sure you have staked in the Venus $XVS vault before this snapshot timing. More about this in the section “Stages of proposal”;
- Venus team has declared they will abstain from voting since they feel it is a community based decision;
- Venus team has declared they support the proposal and want this issue solved for all affected parties;
- Note that $XVS in the vault is only locked for 7 days and currently provide approx. 11% APR;
Stages of the proposal:
Stage 1: snapshot proposal vote
- Launch: This stage will be launched at 18 August 2022
- Stake-Snapshot: happens at the exact moment when snapshot proposal vote launches. So XVS needs to be staked in the Venus XVS vault BEFORE the proposal vote launches on 17:00 UTC 18 August.
- Requirements to proceed to stage 2: A minimum of 50,000 XVS is needed to advance the snapshot proposal vote to stage 2.
Stage 2: governance proposal
- Launch: Snapshot proposal vote is turned into governance proposal VIP and can be voted ‘for’ or ‘against’.
- Stake-Snapshot: happens at the exact moment when snapshot proposal vote launches. So XVS needs to be staked in the Venus XVS vault BEFORE the VIP vote launches.
- Requirements to pass: Vote will pass if more $XVS will be voted ‘for’ vs ‘against’
How to Vote
1- Get $XVS to vote:
2 - Stake your $XVS in the Venus $XVS vault;
3 - Delegate your $XVS voting power on the Venus voting page:
Delegate the voting power to yourself by clicking "Paste your address"
For any questions about this process, please reach out in this dedicated Telegram chat.
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