Account-Based Voting

Our comprehensive revamp of the vote escrow system has developed into a more effective, account-based delegation mechanism that enhances the voting process in several ways:

  • Streamlines Voting: Consolidates all voting power into a single account for more efficient delegation.

  • Enhances Governance: Makes governance more accessible and better aligned with the community's goals.

Snapshot-based Approach

This improvement is facilitated through a snapshot-based approach, which includes the following key features:

  • Initial Snapshot: At the start of each epoch, we document each account's voting power to ensure stability throughout the voting period.

  • Stability: Voting power is locked in for the duration of the epoch, making any changes post-snapshot non-affective on the current voting cycle.

  • Strategic Planning: Requires forward planning for vote strategies before an epoch starts, as mid-epoch adjustments will not be considered.

  • Participation Delay: Implements an initial one-epoch delay for entering the voting process to promote fairness and equal opportunities for all participants.

Contrastingly, many protocols opt for a veNFT-based voting system, allowing for anytime voting within an epoch with votes becoming active instantly. While flexible, this model presents challenges:

  • Tedious Weekly Voting: Can transform regular voting into a repetitive task.

  • Susceptibility to Voting Manipulation: This system's openness and immediacy could potentially make it easier to influence or distort voting outcomes.

  • Resource Inefficiency: The need for frequent adjustments in strategy and the execution of votes can result in significant time and gas fee expenditures, primarily due to the costs associated with each veNFT strategy execution.

By introducing this significant update, we aim to refine the governance experience, offering a stable, predictable, and fair system that encourages thoughtful engagement and strategic planning within the Lynex ecosystem.

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