Proposal Submitted: Soul - Remove ENCHANT
The purpose of this proposal is to enable the Fantom farms to benefit from the upgrades inherent in the latest version of the farms, which are currently active on the Avalanche blockchain.
This has the following key benefits…
• Flexible & Accurate Withdraw Fee: the fee on Fantom did not count withdrawals beyond the very first one, which makes all subsequent withdrawals free game and eliminates the origin point of the withdrawal fee system, which is to ensure stable pools.
• Pauses Enforced: pauses on functions are able to act swiftly in the event of an emergency. For example, this would prevent an attack on a vault partner of hours (as what almost happened with Grim Finance).
• Emergency Withdrawals: the latest version makes it impossible to ever get stuck in the contract (which can happen once rewards end and total supply is created).
• Latest Solidity Version: upgraded smart contracts to the latest version of solidity.
• Enables Dynamic Fees: fees are set at the pool-level and not across all pools, which means we can allow for farming for free or reduced on select pools.
• Migrator Eliminated: the Migrator function is no longer included, which means no more “FUD” on this particular function.
Voting takes place here: Snapshot
All sounds good.
So what are the downsides? What will existing stakers and liquidity providers lose?
I bridged half of my soul across to avax. Some in the new farm and some in the vault. I have a balance on both FTM (bond + single stake) and AVAX (farm + vault) yet I didn’t get full voting rights for the total. This is for using the same metamask wallet address. This proposal seems a no-brainer but it could make a difference with other votes.
I tried voting twice after switching chains but no dice.
Great question — all that will need to be done is to withdraw from V1 and then deposit into V2.
Note: for the convenience of our community, there shall be a V1 UI that’ll allow you to exit the old farms, so you won’t have to dig around and manually withdraw from the old contract.
In the event the proposal passes with majority vote, we will remove the withdrawal fee, so anyone may exit the farms without penalty.
Withdrawing before we transition to the new farm allows for an optimal experience. Doing so allows you to be amongst the first to enter into the new farms, which shall be implemented within 48H of a passing proposal.
Thank you for supporting our expansion by bridging over to the Avalanche network.
There is distinct voting power tied to your positions in the Avalanche network, which includes the same set of rules as in Fantom, with the exception of SEANCE as SEANCE no longer operates the way it does on Fantom.
As such, your voting power will be partially on Fantom and partially on Avalanche. This power may be used for proposals that concern the blockchain in question. For example, this proposal strictly affects those participants in the Fantom ecosystem.
To be clear and for example purposes only.
I have 1 million soul on ftm staking and 1 million soul on AVAX staking = 1 million vote only on AVAX or FTM depending on which chain the proposal is for. These do not combine to give a vote of 2 million. (I’m excluding aura allocation for simplicity).
As a DAO that cannot be correct. How can open votes that affect the protocol not be voted for using all your available votes?
This opens up the vote proposals for gaming the system by those in the know.
Not saying it is happening but it could.
If it hadn’t been thought about or is technically difficult to implement, please say. But this seems a bit like making up important aspects of how the vote is controlled ‘on the fly’