🧑🎓Governance
Governance
The Lenfi on-chain governance allows improving the protocol with unique features and upgrades with the approval of LENFI token holders. By empowering project supporters to participate in decision-making, Lenfi fulfills its concept of becoming a community-driven lending protocol.
Engaging the community through on-chain governance aims to optimize the protocol’s ability to adapt to changing market conditions. Moreover, it will make core upgrades transparent and easier to implement.
Voting
Each proposal will be voted on app.aada.finance/governance. LENFI token holders will receive governance powers proportional to their LENFI balance.
To vote on ongoing proposals, navigate to the Governance tab.
To participate in the decision-making, connect one of the following wallets from the list:
If you don’t have any of the following wallets, here’s a list of where you can install them:
After connecting your wallet, the Proposals tab will show all active proposals eligible for voting. Users can check their Voting Power and Date of Snapshot on the top left corner of the page. Users who hadn’t held any LENFI tokens before the last snapshot will be ineligible to vote until the next one. All proposals will last 5 days (1 epoch), starting and ending within the underlying epoch.
You can find the complete information about each submission by pressing the Link to proposal button.
Once you decide on your vote, choose between Yes or No and press the Vote button.
Each proposal requires voting for one of the options to legitimize your choice. Users can vote on multiple submissions simultaneously if there is more than one active proposal. If you haven’t voted on a specific proposal yet, you can go back and cast your vote with another transaction. After each voting session, the platform will generate a transaction that will cost ~0.17 ADA in network fees.
After successfully submitting the transaction, each user receives an I Voted Lenfi NFT.
Decision making
Approving each proposal takes place after the voting ends and requires 51% or more Yes votes. All votes that pass successfully face implementation shortly after their conclusion.
FAQ
How much does voting cost? You will only pay blockchain transaction fees which are around 0.17 ADA.
How is my voting power calculated? 1 LENFI token equals 1 voting power.
How do I know if my proposal has passed? For the proposal to pass, it must garner 51% or more positive votes.
How many times can I vote? You can cast your vote only once for each proposal.
How do I know if I'm eligible to vote on Lenfi Improvement Proposals? Voting eligibility is determined by a snapshot made before every voting round. In other words, users who wish to participate in the decision-making process must hold LENFI tokens before voting on the particular proposal begins.
Can I still vote if I’m providing liquidity or staking my LENFI tokens? Yes, all tokens locked in liquidity pools or staked on the Lenfi app will be suitable for voting.
Last updated
