We’ll very soon start becoming substantially more active when it comes to voting for proposals.
We have deployed a new ViperVote token -
0x8E8A2799C4E2dADe135519341A67A2b0687feA5a - that will be used for voting on our Snapshot portal over at Snapshot.
So why did we need a new token? Simply because the regular Viper token didn’t allow for easy & frictionless voting if you were staking in LP pools and/or in the ViperPit.
The new ViperVote token won’t be airdropped, you don’t need to do anything else besides adding it as a custom token to MetaMask. The ViperVote token is simply a read-only representation of your activity in the Viper ecosystem.
Your ViperVote balance is calculated as follows:
4x of your $VIPER position in the $VIPER / $ONE pool
2x of your $VIPER position in the ViperPit
33% of your locked $VIPER tokens
25% of your unlocked $VIPER tokens
Utilizing this token for voting means that you don’t have to unstake anything - the ViperVote token will simply calculate your voting power for you and you can keep your regular Viper earning yield in LP pools or in the ViperPit! It’ll also account for your locked balances which regular voting using the Viper token didn’t.
For more details about the new governance system - please check our docs at: Governance - VenomDAO
We’ll be gradually rolling out new proposals to vote on the coming days - most of these will revolve around pool allocations - e.g. removing/archiving underperforming pools or changing the allocations for certain pools to make way for new pools.
The first such proposal will be added to Snapshot either today (Friday) or tomorrow (Saturday).