It’s time to cast your vote! keyTango’s new FRAX program voting action is live
Go to vote: https://snapshot.org/#/keytango.eth
Today we are introducing a new voting action. The issue for voting is:
Should we add extra $TANGO interest from emission (TANGO Staking) to our upcoming FRAX’s program interest?
What are we voting about?
Frax.Finance offers some of the most attractive liquidity mining programs available today on Ethereum, For example, the FRAX-USDC pool provides 40–200% APY. However, using FRAX is complicated and expensive process:
- Users must understand the settings required by FRAX for providing liquidity on Uniswap V3
- Then users need to provide liquidity on Uniswap V3 (including calculating the optimal range by themselves) and receive LP token
- Then users have to go back to FRAX’s app and deposit the LP token
- Finally, users pay ~$500 USD in gas for using it.
Our upcoming FRAX program is designed to tackle exactly these issues:
We developed a super simple UX that, through automation and aggregation, performs all the technical steps required to participate and reduces the gas fee to ~$100 USD.
As in all of our Catalyst programs, we will swap the interest we generate from the FRAX program into $TANGO, and will distribute it to the pool’s participants. This time we have the option to incentivize it more (and by that, appeal to more users), by adding our existing $TANGO inflation interest (given in the form of $TANGO Staking now) and effectively offering better performance than the original FRAX product.
So we introduce this question for the community’s decision:
Should we add extra $TANGO interest from emission (TANGO Staking) to our upcoming FRAX’s program interest?
General information
The voting is scheduled to start on Thursday, 25 of November 12;00 PM UTC and will close on Thursday, 2nd of December 12;00 PM UTC. Every $TANGO holder can participate, but the user vote’s weight is proportional to the user’s $TANGO quantity (the more $TANGO you hold, the bigger your influence). The process of voting is very simple: first go to keyTango’s address at SNAPSHOT platform in the designated voting time, then enter the respective voting proposal, cast your vote, and wait for the results to be published.
What are governance tokens?
Governance tokens are, as the name suggests, tokens that give their holders the power to influence significant decisions for the cryptocurrency. $TANGO, as a governance token, enables the members of the community to participate in voting on essential procedures and decisions.
How keyTango chooses what to vote on?
At the moment issues that are subject to vote are raised by the keyTango team members. We encourage our community members to send to the TG channel CMs issues that they wish to vote on in the future.
As already emphasized above, we desire to stick true to our principle of being the easiest to the DeFi space. This is where we need our community to help us make this important decision.
Go to vote: https://snapshot.org/#/keytango.eth
