Proposal for voting process with GMAP staking

Governance
1

Many community users keep their tokens on centralized exchanges. When our project require the community users on some major decisions, they have to transfer their MAP tokensfrom centralized exchanges to the wallets in order to vote. So, there are two.

problems:

  1. High gas fee (MAP is an ERC-20 token on exchanges, and the Ethereum gas fee is high.)
  2. When a transaction is submitted, there is no liquidity for MAP to be swapped into another token or vice versa.

Now, hiveswap will list ETH/MAP and USDC/MAP with 580%APY to increase the liquidity of MAP ecosystem on decentralized exchanges. Then, the problem of liquidity faced by users will be solved.

In terms of voting, there are two types of approaches in the market: voting with lock-up and voting provided with address snapshot without lock-up. Considering the market value, voting with lock-up is beneficial to community users in the long term, however, it makes users bear the risks of price fluctuations on MAP tokens. So, how to solve this problem?

The core development team of MAP proposed to cooperate with Idavoll and create lock-up voting with their advanced technological modules. The mechanism provided by Idavoll will not affect the liquidity of community users and it can add modules for MAP token derivatives.

The details are as follows:

  1. Users deposit MAP tokens into the Idavoll staking module which lasts for 90 days for each term. Users can stake again for the next term.

  2. Users will get 21% APY of the lock-up tokens.

  3. Meanwhile, users will get an XMAP as a voucher.

  4. Each XMAP will automatically generate one GMAP (governance MAP) and one YMAP (yield MAP). GMAP is a voting token while YMAP is a yield token.

  5. Users can participate in any governance events by owing GMAP token.

  6. For users who do not want to go through the above procedure but want to participate in governance, they can buy GMAP directly from hiveswap.

  7. Hiveswap will list XMAP/MAP pair to ensure the users’ MAP lock-up that they can freely transact the MAP tokens (theoretically, XMAP contains 20% of APY, and the price will be 20% higher than the MAP price)

  8. Hiveswap will list XMAP/GMAP pair. The initial price is set as 1GMAP = 0.2 XMAP. It will fluctuate with the market.

  9. Hiveswap will list XMAP/YMAP pair. The initial price is set as 1GMAP = 0.8 XMAP. It will fluctuate with the market.

  10. If users want to withdraw their MAP tokens from the staking pool, they can combine GMAPs and YMAPs in 1:1, to get the corresponding number of XMAPs, and swap XMAPs to MAP token.

  11. Users need to swap MAP tokens into ETHs or USDCs on hiveSwap.

Reward proposal:

  1. Voting governance, MAP staking, 90 days, APY 21%.
  2. Add XMAP/MAP pair with APY 21%.
  3. Add YMAP/XMAP pair and GMAP/XMAP pair with APY 21%.

https://dao.idavoll.network/proposal-detail/QmfDi9gxwsDWy59oKooscz2wMWeyYNrtGbsM1ihLiC25Cu

2 Likes