The first Spool governance vote is complete, more are coming.
The first vote by holders of voSPOOL to allocate additional APY to Smart Vaults has been completed and the votes have been recorded.
On this occasion, the top Smart Vault took 102,437 votes, which represents 50.95% of the total cast.
While this is a great start with our DAO model for the protocol, our goal is to have as many $SPOOL holders as possible earning voSPOOL, to drive the project forward by voting in the future.
To view the results, and to verify them yourself, visit https://snapshot.org/#/egov.spool.eth.
What does this mean for Spool?
voSPOOL acts as the governance token for our DAO, ensuring the protocol is decentralised and that its future is controlled by the $SPOOL holders.
Put simply, the more voSPOOL you hold, the more influence you have over the future of the protocol.
Currently, voting is based around boosting the base yield of a particular Smart Vault with additional APY, giving you the opportunity to have a real financial impact on investor returns.
To earn the voSpool needed to vote, you stake your $SPOOL, with longer-term staking giving higher rewards.
Take part, be heard, create an impact.
This model has been specifically chosen and developed to build a healthier community who are looking for long-term results.
This ensures the future of our DAO is not overly hampered by people looking for short-term gains at the expense of other members.
Plus, as voSPOOL is not listed on exchanges and has no monetary value, this model does not financially penalise you should you need to unstake.
Receiving voSPOOL and being able to take part in the governance of the protocol is the first of many planned benefits to holders of $SPOOL, with the goal of continuing to empower the DAO members.
What’s next?
To find out more detail about voSPOOL and how staking it enables holders to take part in the governance of the protocol, please visit https://medium.com/spoolfi/vospool-a-primer-d26b8f067d8a.
To find out the status of your staking and your current voSPOOL tokens, visit https://www.app.spool.fi/staking.
Finally, to take part in the next voting round, starting from July 25th, please visit https://www.app.spool.fi/egov.
Our goal is to empower you, our DAO members, to drive Spool forwards and create a truly decentralised ecosystem.
Your vote is how we make that future a reality.
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Spool is a permissionless DeFi platform that connects Capital Aggregators with DeFi Yield Generators. Funds are dynamically and efficiently allocated to ensure optimized yields, for custom strategies, managed by DAO-curated Risk Models.
Spool was established as a DAO, with a selection of founding contributors representing a diverse cross-section of the blockchain community.
Stay tuned as we shine a spotlight onto more Spool Team members over the coming weeks.
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