Introducing AIP-003 and Voting Delegation!
Should the Axie Treasury stake its 2,829.43 ETH?
Key Points
AIP-003 goes LIVE next week! This proposal will determine whether to stake the Axie Treasury’s ~2.8K ETH. If passed, this would secure an additional revenue stream for Lunacia.
Voting Delegation will be available soon on App.axie: Share your Voting Power with other Lunacians in just a few clicks once the AIP-003 snapshot is complete next week. Check out our step-by-step guide below and read our Support Guide here for more details.
Voting Power Adjustments: AIP-003 will require a supermajority of 66% YES votes to pass. We’ve also applied a Voting Power cap of 10% per Lunacian. More details below.
Lunacians, our digital nation needs YOU to cast a vote soon! AIP-003 is a proposal to put the Axie Infinity Treasury’s ETH to work. We’ll take a Voting Power snapshot next week, and the voting period will start a few days after that. We’ve also released a Voting Delegation feature on App.axie to make it easier for more community members to have their voice heard. Here’s what’s happening:
What is AIP-003?
AIP-003 is a proposal to stake the Axie Treasury’s ETH holdings. If passed, Lunacia would begin earning staking yield from industry-leading staking protocols including Lido’s wstETH, Rocket Pool’s rETH, and Coinbase’s cbETH. That means Axie Infinity would secure an additional revenue stream, unlocking a flurry of new possibilities for our digital nation!
There’s about 2,829.43 ETH in the Treasury, and it’s worth more than $8M USD at today’s prices! At a ~2.4% APY, that represents over 67 ETH in yield per year. Here’s an overview of what that looks like:
• More than 67 ETH (or $200,000 USD) per year
• More than 5.6 ETH (or $17,000 USD) per month
• More than 0.19 ETH (or $575 USD) per day
Remember: These funds belong to the Axie Community. That means only YOU can decide how to use them. AIP-003 may make it possible to stake this ETH, and new AIPs will always be necessary to make further changes.
Voting Delegation is coming soon!
Lunacia was built on Delegation. Managers and Scholars. Homeland plot access. App.axie delegation. These features make it possible for more people to engage with every part of Lunacia. Today, we launched a delegation feature for Voting Power!
Once the AIP-003 Voting Power snapshot is complete next week, you’ll be able to delegate your Voting Power to another Lunacian. Here are a few reasons you may want to delegate Voting Power:
• You’re unavailable to vote during an AIP and want to make sure your vote is heard
• You have a lot of Voting Power and want to encourage others to participate in Governance
• You want to abstain from voting but still want to put your Voting Power to work
How to Delegate Voting Power on App.axie
Step 1: Go to the Axie Governance Voting Portal
Step 2: Click “Delegate Vote”
Step 3: Input the Ronin address or RNS of the Lunacian you’re delegating to
Step 4: Confirm the transaction in your wallet
Wondering how to use Delegated Voting Power if YOU receive it? Or want to revoke Voting Power Delegation? Check out our Support Guide for more details.
Voting Power Adjustments
Thank you for your feedback after AIP-002. We’re now applying a Voting Power cap of 10% per Lunacian. That means no Lunacian’s Voting Power will be worth more than 10% of the total vote. This helps reinforce the voices of Lunacians with lower Voting Power.
We’re also making the 66% supermajority requirement clearer on App.axie. That means 66% of all votes must be YES in order to pass a proposal requiring a supermajority, and this will be reflected in the App.axie UI. This ensures the proposal is well-supported by a large portion of Lunacians.
FAQ
Q: Can multiple users delegate to a single address?
A: YES. One address can cast a vote for the combined voting power of all its delegators (max 100 users).
Q: Are Voting Power Delegations permanent?
A: No, you can revoke Voting Power Delegation as long as your delegatee has not cast a vote yet. If you want to delegate Voting Power during the next AIP, you’ll need to re-enter your delegatees’ addresses.
Q: Does this change how many times I can vote?
A: No, Lunacians can only vote one time each. This applies whether you are delegating Voting Power and whether you’ve received Delegated Voting Power.
Q: How does App.axie publicly display Delegated Voting Power when a delegatee casts a vote?
A: The Delegator’s displayed Voting Power will remain the same even if another Lunacian uses it to vote as a delegatee.
Q: Can I delegate my vote to an address that doesn’t have voting power?
A: Yes.
Staking the Treasurys ETH makes a lot of sense. That 67 ETH per year in yield isnt lifechanging money, but its a steady revenue stream that compunds over time. The voting delegation feature is also a smart addition since not everyones going to be available to vote when a proposal drops.