Staking & Voting
Stake $VRN in the governance vault to vote on Varen Improvement Proposals
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.
Governance Vault - 2nd of January 2022
- 1.
- 2.Connect your wallet.
- 3.You will now see your $VRN balance and how much is currently staked (if any).
- 4.Click "Stake" (See Note below for early withdraw/unstaking information)
- 5.Make sure you stake enough $VRN to have at least 0.1 VRN staked in the governance vault
- 6.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.
- 7.Your $VRN is staked in the governance vault and you receive yVRN as an IOU.
- 8.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
- 1.
- 2.Connect your wallet.
- 3.Find the proposal you want to vote on. Active votes will be marked as "Open".
- 4.Open the proposal by clicking on it.
- 5.Click on the voting option you want to vote for.
- 6.Confirm your vote
- 7.Congrats! You have now voted on a proposal.
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%).
- 1.Visit the Varen governance vault.
- 2.Connect your wallet.
- 3.You will now see your $VRN balance and how much VRN is currently staked (if any).
- 4.Click "Unstake".
- 5.Approve the transaction in your wallet to unstake your $VRN .
- 6.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
Last modified 1yr ago