Calling all AUTO stakers! Autofarm is proud to unveil our governance voting system — the latest protocol development that takes us one step closer towards becoming a truly decentralised protocol.
You heard that right. Following the launch of the single AUTO vault, we are excited to be making significant progress in empowering stakeholders and the community with the launch of Autofarm’s governance voting system centred around the AUTO token.
The First Proposal
Autofarm’s foremost governance proposal will be going live on 8th July 2021 at 10 am UTC. The proposal invites AUTO stakers to take part in determining the percentage allocation of AUTO burns and revenue directed to AUTO stakers. Currently, the percentage allocation of AUTO burns is 1.5%, and revenue collected to reward stakers through the single AUTO vault stands at 1%.
Increasing the allocation towards burning would make AUTO more scarce and deflationary whereas increasing the allocation towards revenue sharing will elevate the single AUTO vault’s APY, making it more attractive for users to hold and stake their AUTO.
Governance Proposal snapshot details:
Start: 8th July 2021, 10am UTC
End: 10th July 2021, 10am UTC
The voting options are as follows:
- 0% burn, 2.5% revenue
- 0.5% burn, 2% revenue
- 1% burn, 1.5% revenue
- 1.5% burn, 1% revenue (no change)
- 2% burn, 0.5% revenue
Who can vote?
All stakeholders who have AUTO staked in the single AUTO vault are eligible to cast their votes on proposals. Each user (wallet address) is entitled to 1 vote and votes are weighted proportionally to the amount of AUTO staked in the vault.
The single AUTO vault
Currently, AUTO is being burnt regularly on BSC and Polygon, and the amount of AUTO burnt can be found in these two addresses:
• BSC AUTO
The role of AUTO
Autofarm and its native AUTO token have certainly come a long way since our early beginnings as a yield optimiser. The token’s newfound utility in Autofarm’s governance system is an impetus for further value capture as more key decisions that determine how the protocol is run becomes transitioned over to the community.
Beyond governance, AUTO’s utility and subsequently, value, will continue to evolve and progressively drive greater value for stakeholders who form the backbone of the protocol.
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