Launch stkWALLET to replace xWALLET

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Author: Ambire Wallet Date: May 23, 2024

Proposal

We propose the launch of $stkWALLET to replace the current staking token, $xWALLET, within the Ambire ecosystem. By adopting the "stk" prefix, we aim to simplify token distinction and provide a clearer value accrual model. $stkWALLET will offer a more user-friendly approach, where the amount of $stkWALLET dynamically rebases according to staking rewards.

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Motivation

This proposal aims to enhance the user experience by making it easier to distinguish between $WALLET and its staked version. The current $xWALLET model has led to users' confusion due to its value accrual mechanism. Introducing $stkWALLET will address this issue by providing a straightforward, dynamic rebasing token representing the staked amount plus rewards. This change aims to:

• Simplify token identification and usability.
• Align Ambire Wallet with industry best practices.
• Provide a clearer, more intuitive staking experience for users.

For instance, if you stake 1 $WALLET, you will receive 1 $stkWALLET. If annual staking rewards are 20%, you will have 1.2 $stkWALLET in one year.

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Voting requirements

To participate in this governance vote, you must hold $xWALLET tokens before the May 23, 2024 snapshot, at 14:00 UTC. Users who stake tokens after the snapshot will not be eligible to vote.

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