NEOPIN Launches Klaytn Governance Voting For KLAY Holders
Hello NEOPIN Community!
This is the global CeDeFi protocol, NEOPIN.
NEOPIN has earned a number of “FIRST” titles: “World’s First” protocol to develop the DeFi regulatory framework with Abu Dhabi Global Market (ADGM), as well as “Korea’s FIRST” protocol to release Ethereum Liquid Staking products.
Now NEOPIN is adding another “FIRST” title by launching the FIRST EVER Governance Voting platform for the Klaytn network.
KLAY holders staking via NEOPIN will be able to vote on the agendas of the Klaytn Foundation’s Governance Council (GC).
Klaytn is just the beginning; NEOPIN’s governance voting platform will be extended to various mainnets such as Finschia Network. So stay tuned.
Pursuing the value of decentralization and expanding with ‘Trust’ and ‘Stability’, read more about NEOPIN’s FIRST EVER governance voting platform on Klaytn.
NEOPIN’s “FIRST” title saga
Stake in Klaytn products and earn governance voting power
What is the Governance of Blockchain Mainnets?
In decentralized Proof of Stake (PoS) blockchain networks, the network participants such as blockchain operators and token holders make major decisions for the mainnet’s ecosystem by proposing and voting on agendas for the foundation.
In order to operate their networks in a fast and effective manner, several mainnets, including Klaytn, have established a small group of representatives (GC members) and delegated them the rights to propose and vote on the mainnet’s major decisions on behalf of the ecosystem participants.
Despite having an efficient and fast network operation and consensus process, individual KLAY holders have not been able to vote on the Klaytn Foundation agenda. However, with NEOPIN’s governance voting platform, individual holders can now voice their opinions on major decisions of the Klaytn Foundation!
The FIRST Ever Governance Voting Platform for Klaytn Network
NEOPIN, the Genesis GC Member of Klaytn Network
NEOPIN has been a Genesis GC member since the launch of the Klaytn mainnet in 2019. NEOPIN holds 15 voting rights, representing approximately 7% of the total 216 voting rights held by all GC members.
Through the governance voting platform, NEOPIN has delegated these voting rights to NEOPIN users where user opinions are collected and NEOPIN’s voting rights are exercised on their behalf in the Klaytn GC.
NEOPIN’s Governance page (https://neopin.io/governance/) is also launched for the voting platform! On this page, you can review the major agendas posted on Klaytn Square (https://square.klaytn.foundation/Proposal), Klaytn Foundation’s official governance channel, in real time. Please note that voting periods on the NEOPIN Governance page will end one day earlier than on Klaytn Square to allow time for the results to be calculated and for the operating time to be taken into account,
Voting Method
Your voting power can be used to vote either “YES” or “NO” for each agenda item. When you vote, all of your voting powers for that agenda will be used, and you cannot change your vote once it has been submitted.
For example, if you have 4 voting powers and you vote “YES” for Agenda A, all 4 voting powers will be used to vote on Agenda A, which cannot be edited after submitted. You can then vote on Agenda B, again using your 4 voting powers to vote “YES” or “NO”.
How to Obtain Voting Powers
Now, you may be wondering where to obtain your governance votes on NEOPIN! Users who have staked into KLAY Staking products (KLAY Staking, Liquid KLAY Staking) through NEOPIN will be allocated voting powers based on their staking amount. Please note that the amount of npKLAY deposited in the npKLAY-KLAY Pool is not counted for the voting power allocation.
In this structure, the more users stake KLAY on NEOPIN, the more voting powers NEOPIN will have as a member of the Klaytn GC. These rights will then be delegated to the NEOPIN community, eventually giving NEOPIN users more influence on the Klaytn Foundation’s decisions.
Voting power is calculated based on the amount of KLAY staked, and the number of voting powers is updated daily at 00:00 UTC.
In addition, for each agenda, a user’s voting power is determined by taking a snapshot of the number of voting power each user has at the time the agenda is listed on the NEOPIN governance page. This means additional staking will not be reflected in the number of voting power for an agenda if it is already listed.
Below is an example:
If a user stakes 100 KLAY in the KLAY Staking product on August 30 at 19:00 UTC, 100 voting powers will be granted at 00:00 UTC on August 31.
If Agenda A was posted on the NEOPIN Governance page on August 30, the number of voting powers that user A has on Agenda A is 0. Unfortunately, the user cannot vote on Agenda A. However, the user will have 100 voting powers on Agenda B posted on August 31.
Even if the user stakes more KLAY to vote a stronger opinion in Agenda B, the number of voting powers for Agenda B has been fixed at 100, and no additional voting can be done.
Voting Results
If less than 33% of the total voting powers issued are not voted by the end of the agenda, the result will be reflected as an “Abstain”.
If, on the other hand, more than 33% of the total voting powers are voted, the result of the proposal will be reflected by the majority rule of on either the “YES”/”NO” option.
If neither “YES” nor “NO” receives more than half of the total number of voting powers, the result will be reflected as “Abstain”.
How to Participate in Klaytn Governance Voting via NEOPIN
NEOPIN’s governance voting system is available on both NEOPIN Web and NEOPIN App and it is very easy to participate!
[WEB]
1. Connect your NEOPIN wallet from the NEOPIN website (neopin.io).
2. Go to Home > Governance on the top menu bar.
3. Select an ongoing agenda and review the details.
4. Use your voting power to vote on “YES” or “NO” and proceed with the transaction.
5. Authorize the transaction in the NEOPIN App.
6. Check the updated voting status of the agenda you voted for.
[APP]
1. Go to Earn > Liquid Stake or Stake tab > select KLAY product.
2. Click the “Go to Governance” button.
3. Select an ongoing agenda and review the details.
4. Use your voting power to vote on “YES” or “NO” and proceed with the transaction.
5. Review the transaction and authorize it.
6. Check the updated voting status of the agenda you voted for.
Starting with Klaytn, NEOPIN will continue to expand to allow users to participate in governance voting on various mainnet foundations where NEOPIN is a GC, such as Klaytn and Fincshia Network. So stay tuned and VOTE NOW!
Check out the ongoing voting agendas for Klaytn here and exercise your right to vote!
Check out our ongoing campaigns!
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Check out the KLAY staking products on NEOPIN!
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