Governance Proposal #1: Time to vote!
As we continue to implement our initial plan regarding our pool offering (deposit fees, allocations…), we thought that in light of the significant changes we want to make, it would be appropriate to take the opportunity to inaugurate the governance voting process.
Our proposal’s main goal is to reinforce our ability to attract more trading volume and more generally to expand our ecosystem, with the obvious purpose of creating a more sustainable ground for the future of the protocol.
Voting will take effect from the publication date of this post, and will last until March 25th 0am UTC, on this address: https://snapshot.org/#/excaliburexchange.eth
Please read the terms below and join the discussion on our Discord server in the Governance channel.
1. Set deposit fees to 0% for all farms
As it was always stated by the team, the natural direction for a DEX is of course to lower any barrier that could potentially hinder fresh deposits.
Deeper liquidity is an absolute key factor to attract more traffic, and while the deposit fees helped us build a solid foundation for our dividends treasury, we feel like this strategy has now fulfilled its role.
We have currently built almost 50M liquidity on our AMM, and start being integrated on swap aggregators, so our primary focus should now consequently shift to improving our swapping performance.
This move will help us to maximize our ability to further build liquidity on our pools, and that will also pass through our integration to yield aggregators or similar projects that may have been held back by the fees until now.
2. Adjust the emission allocations
With the same objective in mind, and now with some fresh data to reinforce our reflection, we propose to make the following revisions to our current emission allocation:
The changes made here will provide two main improvements:
- Putting a higher focus on highly tradable pair, UST/FTM and USDC/FTM in particular, which are the most likely to generate more traffic,
- Lowering the allocated rewards for the less effective ones in terms of trading volume, respectively BTC/ETH, DAI/USDC and fUSDT/USDC
How does Excalibur governance work?
Community members are able to use their GRAIL, acting as a governance token, to vote for official proposals, more GRAIL representing more voting power. The process doesn’t require any transaction and is absolutely gasless.
When a proposal is approved by the community through this process, a DAO consisting of team members and advisors will implement the necessary contracts and/or transactions and execute the final decision.
The final result of the vote will always have to go through the DAO validation in order to prevent bugs or ill-intended actors to push for malicious changes.
How do I vote on a proposal?
Simply head over to https://snapshot.org/#/excaliburexchange.eth and cast your vote.
Main Telegram: https://t.me/excaliburexchange
Announcement Telegram: https://t.me/excaliburexchangeann