Wombat’s Voting Gauge
All you Wombats have waited a long time for this moment. With three Convex forks parties already onboard, Wombat is excited to bring you all the good news! Our Voting Gauge will launch on 18th Jan 6AM UTC. Soon, it will be rife with bribery here — and we all love that! Coz WOMwars is coming to town, and it’s coming real soon.
Buckle up as we take you on a journey on what this means and what good it does for you!
Introducing Wombat’s Voting Gauge
Voting Gauge is a feature giving veWOM holders governance control on WOM emissions for each gauge. A gauge refers to a token in a pool like HAY in the Side Pool or FRAX in the innovation pool.
The more votes a pool gets, the more WOM emissions will be allocated to it. Hence, the APR will be higher for that particular pool, attracting better liquidity.
How Does it Work?
Starting from 18th Jan 6AM UTC, veWOM holders can participate in gauge voting to determine 25% of the WOM emission. Users can allocate their vote (1 veWOM = 1 vote) to one or more gauges (a gauge corresponds to an LP token of a pool) through the dapp. WOM emission to a gauge is proportional to the number of votes it receives.
The rest of the 75% emission is distributed as base allocation weights shown in the dapp. It attracts liquidity to the Main Pool, and pools that bribes are less likely to attract enough liquidity.
Assume the monthly emissions are 3,000,000 WOM:
What Benefits Does it Bring?
The projects listed on Wombat will fight to get more votes into their pool. Because it enables more WOM rewards and a better APR, which attracts more liquidity providers to deepen the liquidity. In order for these protocols to get more votes, they will provide extra incentives (a.k.a. bribes) to entice veWOM holders to vote for them.
Bribes are natively supported by the protocol. Partner protocols can provide bribes to attract veWOM holders to vote for their pools or tokens to provide more rewards to LP stakers. Only whitelisted gauges can receive bribes.
Voters of a bribed gauge can receive bribe rewards second by second. Users can check the reward rate and claim rewards in the dapp.
How Can I Participate in it?
WOM holders can lock their WOM from 7 days to 4 years to mint veWOM. Having veWOM doesn’t only boost your APR; it also gives you voting power at the same time! By holding it, you can cast your vote on our Gauge Voting page. The more veWOM you own, the stronger the power you have to direct rewards wherever suits you best.
Simply choose the gauge(s) that you wish to vote for. If you have selected multiple gauges, you can adjust the vote weight accordingly. Voters can earn bribe incentives instantly with the vote submission and claim them at any time!
- Votes will carry over into the next epoch (7-day period).
- However, accumulated WOM is distributed to LP in the next epoch at an even rate. One epoch lasts for 7 days.
- For example, if one gauge receives 70k WOM in the current epoch, it will distribute 10k WOM/day to LP stakers in the next epoch.
Reminder
Kindly note that a contract upgrade is needed to launch the voting gauge function. For those who have staked assets on Wombat, you will need to migrate your funds to the new contract to continue earning.
Once the contract is upgraded, a reminder will be shown on the top of the pool page. You can simply:
- Click the “claim & migrate” button
- A confirmation window will pop up. This window will show your staked balance and claimable rewards.
- Click the “claim & migrate” button again to confirm the transaction.
- Confirm the transaction on your wallet and you’re all set!
Up next
Gauge Voting is just our first step in adopting the governance model on Wombat. More governance-related features will be deployed in the near future, which includes proposal voting, fee sharing, and much more!
