New Boosting Mechanics
We are glad to introduce a new type of voting on WX.Network! Now, the community will be in charge of more decisions, and, apart from voting for tokens, pools and WX emission distribution, it will be possible to cast votes for changes to be implemented on WX.Network. In this section, a vote for changing the boosting mechanic will be the first.
Voting on proposals
In the most recent release, our team implemented a new type of voting, which aims to give the community more opportunities for making decisions on implementing changes that will have an impact on all users.
Rules for voting on proposals:
1) A voting period is limited. Votes are counted in a smart contract.
2) You can only vote with gWX.
3) For a vote to be valid, a quorum needs to be reached.
4) You can cancel or change your vote before the expiration of the voting period.
Voting for changes to the boosting mechanic
The current mechanic of applying the boosting coefficient doesn’t allow liquidity providers to be fairly rewarded. Now, the boosting coefficient depends upon a liquidity provider’s share of staked LP tokens and the share of all available gWX. As a result, not all users enjoy a profitability that’s commensurate with their contribution to the development of WX.Network and their share of staked WX. In addition, the current mechanic prevents users from collecting a higher profit in less popular liquidity pools, which could be changed under a new mechanic.
To improve this situation, the following is proposed:
1. Tying the boosting coefficient to a user’s share of gWX used in voting for WX emission distribution.
To determine that share, we will take into account the amount of a user’s gWX used in a vote for a specific pool against the total number of votes — PoolTotalgWX, a dynamic parameter. It will be calculated at the time of vote finalization, as well as at the time of staking and unstaking.
2. Raising the maximum value of the boosting coefficient from 3 to 5 to increase gWX holders’ income.
A user’s income will be calculated in the following way:
FORMULA:
minimum income = emission * pool weight / 5 * share in staking
maximum amount of WX that a user could receive for boosting =
minimum income + emission * pool weight * 4 / 5
Also, in this volte, we propose changing WX emission and fees on the spot market:
3. Lowering the maximum WX emission per 1 block from 190 WX to 95 WX
4. Lowering the discount on the exchange’s fees paid in WX on the spot market to 25%
5. Doubling the WX emission period.
These changes to the boosting coefficient mechanic will enable users to influence their income by voting only for those pools, to which they provided liquidity. Also, we hope that the value of the WX token, which is needed for boosting income and voting, will increase. Please, note that the profitability of your investment depends exclusively upon you.
The lowering of the discount on fees paid in WX to 25% should boost demand for WX, as users will need more WX to pay fees. Meanwhile, the discount will remain substantial. We would also like to remind you that all WX paid in trading fees are burned.
We are calling on all of you to take part in the vote, and we hope to add new votes that will influence specific products’ mechanics, as well as investment profitability, the level of WX emission and the development of the ecosystem in general.
WX.Network website
Read WX.Network announcements channel
Follow WX.Network Twitter
Join WX.Network community
WX.Network Discord server
