[HIP-6] Removal of the 21-day Unstaking Cooldown Period

Background:

In February, we introduced a 21-day cooldown period to staking, designed to prevent voting power manipulation where users can quickly buy up tokens, stake, vote, unstake, and sell over a short period of time without restriction or penalty with the introduction of our governance process. This cool down period means that when users choose to unstake their HMX tokens, there is a mandatory 21-day waiting period before they can claim their tokens.

Observation:

We observe that the 21-day unstaking cooldown discourages new token holders from buying HMX, diminishing the primary incentive to purchase the token.There are alternative ways to address vote manipulation without negatively affecting genuine platform users. For example, taking a snapshot before the vote could help mitigate issues effectively. We are currently exploring this possibility to ensure a fairer experience for all participants.

Proposal:

We propose to completely remove the 21-day unstaking cooldown period. If this decision is approved, it will take effect shortly after and will be applied retroactively, meaning any ongoing cooldown periods at the time of this proposal’s implementation would be immediately lifted.

Here is a summary of the proposal:

Current Unstaking Rules:

21-day unstaking cooldown period (users who choose to unstake their HMX tokens must complete a 21-day waiting period before they can reclaim their tokens.)

Proposed Modification:

Complete removal of the 21-day unstaking cooldown period

Implementation Details:

This change will take effect shortly after the vote and will be applied retroactively. Any ongoing cooldown periods at the time of this proposal’s implementation will be immediately lifted.