The preliminary proposal vote (1.x) audit has been completed.
Preliminary Proposal Vote (1.x) Results:
Proposal 1.1 as dictated by the preliminary vote result, will NOT proceed to the inaugural governance vote. Hence the static 50% APR remains as is. The possibility to revisit the proposal at the next voting cycle remains.
Proposal 1.2 as dictated by the preliminary vote result will now move forward to the inaugural governance vote. Further details below.*
Proposal 1.3 as dictated by the preliminary vote result will NOT proceed to the inaugural governance vote. Hence the 3x /4x NFT Multipliers will remain in the ecosystem. This proposal is now closed, it will not be a part of the next vote cycle by default.
Proposal 1.4 as dictated by the preliminary vote result will NOT proceed to the inaugural governance vote. Hence the duration between ‘Zero Day’ IL distribution is set to a 175–185 day range. The possibility to revisit the proposal at the next voting cycle remains.
Proposal 1.5 as dictated by the preliminary vote result will now move forward to the inaugural governance vote. Further details below.*
Proposal 1.6 as dictated by the preliminary vote result will NOT proceed to the inaugural vote. Hence the duration between voting cycles remains set to 1 year. The possibility to re-visit the proposal remains for the next voting cycle.
Above results may also be viewed under the history tab on Gvote.*
Defualt proposals moving forward for future vote cycles.*
x.1 — Static Base APR
x.2 — Time Based TBILL NFT Multiplier Minting eligibility parameters
x.3 — IL Zero Day Distribution Frequency
x.4 — Extra IL/Current, High Water Mark %
x.5 — Vote Cycle Frequency
Also please note that more can be added. However the above numbers & corresponding already existing topics will move forward as such. Any further additions would go in at x.6 with it’s corresponding topic and so on, as they enter into the default list.
For those wishing to refresh their memory or read the preliminary proposal vote topics for the first time, please see previously published article linked below.*
Proposals moving to the Inaugural Governance Vote.
Preliminary Proposal 1.2 — Ability to Earn TBILL NFT Multipliers past the 1 year (365 day) mark.
As Preliminary Proposal 1.2 passed to the Inaugural Governance Vote. It is now denoted as 1.2.1 for the Inaugural Governance Vote.
Currently 180 days of cumulative staking in TBILL LP’s earns the right to mint the 1.5x TBILL NFT multiplier.
Currently 365 days of cumulative staking in TBILL LP’s earns the right to mint the 2x TBILL NFT multiplier.
Upcoming inaugural governance vote 1.2.1 to determine NFT multipliers earned, or not, every 180 days and 365 days past the initial 365 days of cumulative staking mark.
1.2.1 — Ability to Earn TBILL NFT Multipliers past 1 year.
Below are the five voting options available to the Gworld community for the inaugural governance vote, proposal 1.2.1
1.2.1 — Inaugural Governance Vote Option (0):
(0)
Abstain from voting on proposal 1.2.1
1.2.1 — Inaugural Governance Vote Option (1):
(1)
Mint the 2x NFT Multiplier at every 180 days past 365 days and mint the 2x NFT Multiplier at every 365 days past 365 days.
1.2.1 — Inaugural Governance Vote Option (2):
(2)
Mint the 1.5x NFT Multiplier at every 180 days past 365 days and mint the 2x NFT Multiplier at every 365 days past 365 days.
1.2.1 — Inaugural Governance Vote Option (3):
(3)
Mint the 1.5x NFT Multiplier at every 180 days past 365 days and mint the 1.5x NFT Multiplier at every 365 days past 365 days.
1.2.1 — Inaugural Governance Vote Option (4):
(4)
Mint NO NFT Multipliers past 365 days.
Preliminary Proposal 1.5 — Extra IL / Current IL, High Water Mark %
As Preliminary Proposal 1.5 passed to the Inaugural Governance Vote.
Denoted as 1.5.1-A (Current IL) for the Inaugural Governance Vote.
Denoted as 1.5.1-B (Extra IL) for the Inaugural Governance Vote.
Current IL, High Water Mark %
1.5.1-A
Current IL % (High Water Mark) is set at 0%, where 0% remaining in the LP gives eligibility for Current IL airdrops. Voters can choose between 0% and 100% required for eligibility in 1% increments.
Vote to change the Current IL 0% eligibility High Water Mark.
0 is abstain,
1–101 is percent chosen plus 1; so a selection of 1 means 0%, and a selection of 101 means 100%.
Extra IL, High Water Mark %
1.5.1-B
Extra IL % (High Water Mark) is set at 90%, where 90% remaining in the LP gives eligibility for Extra IL airdrops. Voters can choose between 0% and 100% required for eligibility in 1% increments.
Vote to change the Extra IL 90% eligibility High Water Mark.
0 is abstain,
1–101 is percent chosen plus 1; so a selection of 1 means 0%, and a selection of 101 means 100%.
HIGH WATER MARK (HWM) METHODOLOGY
LP levels at 1st block after snapshot are used for the initial HWM, and initial HWM% will be 100% if wallet is in either LP at all, or 0% otherwise.
For each LP token transfer t after the snapshot (including mint and burn, and transfer of either type of LP token) in sequence, the HWM% just after t is updated as follows:
TBILL value of the position prior to t at the rates of the time of t
= PrevLpTokensInTbills
= TfuelLpTokensHeld x TbillsPerTfLpToken
+ GnoteLpTokensHeld x TbillsPerGnLpToken,
where, if the HWM% was 0% at this point, the LpTokens from the last time it wasn’t 0% are used,
and if there is no such time, zeroes are used for both LPTokensHeld variables.
t.amount = amount of transfer t,
where a positive amount is LP token received by the wallet,
and negative is LP tokens removed from the wallet
If PrevLpTokensInTbills = 0
then (
if t.amount > 0, HWM% = 100%
else if t.amount < 0, HWM% = 0%
)
otherwise (
HwmChg%
= t.amount / ( PrevLpTokensInTbills / HWM% ),
where in place of an HWM% of 0, the previous non-zero value is used.
Note that the use of the last HWM% value here scales the previous TBILLs back to 100%.
next HWM% = current HWM% + HwmChg%.
If next HWM% > 100% then next HWM% = 100%.
)
TL;DR
Or for those who do not understand the above code. Essentially the above methodology allows for the movement from one LP to the other with no displacement of the HWM. Basically keeping a HWM that scales with rates using the value/TBILL ratios at the time of transfer. This methodology of algorithm is necessary as the underlying value of each LP varies from day to day.
Inaugural Governance Vote (1.x), Dec 12th — 16th, 2022 (changes going into effect, Dec 19th, 2022).
Voting commences 2pm ET, Dec 12th, 2022.
Voting concludes 2pm ET, Dec 16th, 2022.
Snapshot (Inaugural Governance Proposal Vote).
Vote opens Dec, 12th 2pm ET, Snapshot is Dec, 16th 2pm ET.
People can vote across a 5 day window. A voting preference can be changed if desired within the 5 day voting window. The final vote count takes place on Dec 16th, 2pm ET. This is when the Snapshot of balances (vote weight) and how everyone lasted voted is taken.
Inaugural Governance Votes Cast @ GVOTE
