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Indexed FinanceIndexed Financeby0x000000000057E8ABd581828A2b40076852C0bA6E0x0000…bA6E

[dNDX] Finalise reward token choice

Voting ended over 4 years agoSucceeded

Following an initial vote in April, the DAO selected NDX as the reward token for the dNDX protocol revenue staking mechanism.

In the time since that initial vote, we have released Nirn - a yield aggregator poised to become the revenue engine of Indexed - and launched the extended liquidity mining program, further increasing the proportion of available liquid voting tokens.

A thread was recently created on the forum putting forward concerns about the choice of NDX as the reward token on the basis of slippage.

In a sentence: current levels of NDX liquidity are such that market buying it via projected amounts of revenue assets will cause at least double-digit slippage, representing an easy arbitrage opportunity for scalpers and losing revenue for stakers.

For full context, please read: https://forum.indexed.finance/t/readdressing-the-dndx-reward-token-decision/728

This proposal comprises a second vote on this decision with the above information in mind (none of which was discussed at the first time of asking).

Specifically, this vote seeks to either reaffirm or alter the choice of reward token for dNDX (i.e. the token that protocol revenue is sold into and that you receive as a reward for staking NDX tokens) is:

  • NDX,
  • WETH,
  • DAI, or
  • An index of the three

QUORUM AND METHOD

The initial vote had 289,000 votes cast in total. In the interests of establishing a stronger mandate, if this vote fails to reach that, the original decision will be respected.

This vote will be run via approval voting, rather than the single choice voting that was available to Snapshot at the time of the first vote. In this format, your full vote weight will be allocated to all options that you select.


This vote will run for two weeks, and has a quorum of 289,000 NDX.

Off-Chain Vote

NDX
11.82K 1.7%
WETH
634.06K 89.5%
DAI
49.84K 7%
An index of the three
12.57K 1.8%
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Timeline

Aug 15, 2021Proposal created
Aug 15, 2021Proposal vote started
Aug 29, 2021Proposal vote ended
Oct 26, 2023Proposal updated