Staking & Voting
Stake $VRN in the governance vault to vote on Varen Improvement Proposals
How voting works
When you stake $VRN in the Varen Governance contract, you will receive $yVRN, which gives you the ability to vote on Varen Improvement Proposals (VIPs) posted to the Varen Snapshot page. Voting power is 1:1 with the amount of VRN staked in the Governance contract.
Staking
Visit the Varen governance vault.
Connect your wallet.
You will now see your $VRN balance and how much is currently staked (if any).
Click "Stake" (See Note below for early withdraw/unstaking information)
Make sure you stake enough $VRN to have at least 0.1 VRN staked in the governance vault
This will fire 2 transactions.
The first one approves the $VRN contract as a spender of your $VRN.
The second stakes the $VRN from your wallet and puts it into the governance pool staking contract.
Your $VRN is staked in the governance vault and you receive yVRN as an IOU.
That’s it! You can now vote on proposals
Note that there is a 0.5% unstaking fee if you unstake before 172800 blocks (approximately 26 days) from your time of latest staking, which will go to the Varen treasury
Voting
Visit Varen Snapshot page.
Connect your wallet.
Find the proposal you want to vote on. Active votes will be marked as "Open".
Open the proposal by clicking on it.
Click on the voting option you want to vote for.
Confirm your vote
Congrats! You have now voted on a proposal.
After voting
If the proposal passes, the content in the proposal is executed. If any funds from the Varen treasury have been requested, the Varen treasury multi-sigs transfer the funds to the address specified in the proposal.
Governance votes are subject to a quorum requirement of 20% of $VRN locked in the governance contract at time of vote resolution, and a simple majority agreement threshold (>50%).
Unstaking
Visit the Varen governance vault.
Connect your wallet.
You will now see your $VRN balance and how much VRN is currently staked (if any).
Click "Unstake".
Approve the transaction in your wallet to unstake your $VRN .
Your yVRN will be converted to $VRN and is returned to your wallet
Note that there is a 0.5% unstaking fee if you unstake before 172800 blocks (approximately 26 days) from your time of latest staking, which will go to the Varen treasury
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