What a crazzzyyyy few weeks! B-O-N-K-E-R-S.
Stables slid, symphonies soared, banks bust and the raucous roared.
Even in the chaos we carried on Jammin’ with the BEETS ecosystem bopping to the usual beat — maBEETS, giveaways, unBEETables and more, a lot has gone down these past few weeks.
Looking ahead, Gauge 32 is just around the corner, and it marks an important milestone for the protocol.
This round of the Gauge won't use your fBEETS position for voting power and will instead implement a maturity-adjusted vote through your maBEETS positions.
Maturity Adjusted Voting
As your position increases in maturity, it boosts the underlying voting power relative to the maturity curve. Whereas previously, 1 fBEETS was equal to 1 vote, you will have to wait till week 11 before achieving this same relationship. Here is a simple overview of how fBEETS scale into maBEETS for voting alongside maturity:
- 100 fBEETs at Week 1 = 4 maBEETS
- 100 fBEETS at Week 7 = 50 maBEETS
- 100 fBEETS at Week 11 = 100 maBEETS
To learn more about the Maturity curve and its impact on governance check out this article:
With voting power now being dictated by your maBEETS position there are a few key changes that have taken place:
- As maBEETS are being utilised, the snapshot to determine your voting power will no longer take place at a random time.
- The Snapshot for every gauge vote will now be taken at 00:00 UTC on the Wednesday of the week of the gauge.
- The voting period will be from 07:00 UTC Thursday — 17:00 UTC Sunday.
- Fee contribution calculations will be based on the previous 28 days from the snapshot time (so based on 15th Feb — 14th March for this vote).
- The deadline for new requesting new pools will also be 00:00 UTC Wednesday.
Be sure to check the Docs for any information you may need about the BEETS gauge vote.
Gauge Vote - Beethoven X Docs
Rewarding participation for users. Efficient incentives for protocols. The gauge vote is an efficient mechanism for…
Action packed as always!
Keep on bopping to the BEET maestro and enjoy the upcoming gauge.
Have a BEETiful week!