Wombex Bribe Market update: A vote sync mechanic on Arbitrum
If your vlWMX unlocks you need to sync your votes with remaining locked WMX
TL:DR
Wombex is implementing a solution of syncing the amounts of bribe votes to vlWMX holdings. Users, who have an excess of votes might lose their bribe rewards. To avoid this, make sure you have enough WMX vote-locked* for your current votes.
*if vlWMX is unlocked, but wasn’t withdrawn to your wallet, your cannot lose your bribe rewards
vlWMX Voting and vote synching
The governance function and particularly the bribe market is a primary utility and a source of income for vlWMX holders. They cast their votes for their preferred Wombat pools and influence the distribution of WOM emissions across these pools in the next epoch. Each vlWMX corresponds to one vote, and the total number of user’s votes must not exceed the total owned WMX amount.
However, vlWMX has a fixed locking period of 16 weeks and if tokens were withdrawn from the vlWMX contract, the corresponding votes are not eligible anymore for voting and earning bribe rewards.
It is important to note that synchronizing actually locked WMX and the number of votes cast within the whole Wombex protocol is an important task to avoid overpaying bribes to users who no longer have locked WMX, but still vote for pools in Wombat Gauge.
To prevent this, Wombex has implemented a permissionless method of synchronizing the number of votes an address has to their vlWMX amount. If a shortage of vlWMX is found, this method nulls the address’s votes and claims all current bribe rewards in favor of the user who found the discrepancy.
Anyone can verify for any address whether it has a sufficient amount of vote-locked WMX for their number of votes on the bribe market
This means, bribe market participants who have recently sold WMX might lose their bribe rewards if they are inattentive. To avoid this, we’ve prepared a couple of simple tips on how to protect yourself from losses.
How to keep your bribe rewards secure?
- Occasionally visit the Lock WMX page on Wombex and re-lock expired vlWMX. By doing this, you will have maximum voting power and bribe yields.
- Regularly check the Bribes section and rearrange your votes so that your unspent votes don’t go negative.
- You can manually trigger the onVotesChanged function and check yourself. If a discrepancy is found, you will receive all your bribe rewards and reset your votes. You can find the current address of the GaugeVoting contract in the Wombex docs.
How Wombex implemented the synchronization mechanic?
Wombex users can verify, whether any address has enough WMX for their casted votes in the bribe market by means of the public onVotesChanged function.
This function compares the amount of WMX of a provided address to the number of votes it has filed. If it encounters a shortage of WMX (which means that votes aren’t casted anymore, and the user needs to re-vote to enable bribes rewards), it zeroes the votes of the given address and claims all rewards in favor of the person who found the discrepancy. This should motivate users to monitor the condition of the bribe market to make sure that nobody claims excessive bribe rewards.
It’s important to note that when one person checks another for excessive votes, onVotesChanges compares the number of votes to the total WMX (vlWMX + WMX). This way, no one can abuse the checking mechanic and catch off guard users whose locking period has just ended.
Follow Wombex Socials
Twitter | Discord | Telegram | CMC Community | Medium | Reddit
