Summary
Initially we had set no deadline for the YFV-VALUE transition. However, given present confusion within the community, it is clear that there is a need for a deadline to end support for YFV in the Value DeFi ecosystem.
The Seed Pool v2 will also be closed on the swap deadline date.
Currently, a 6.7% performance fee from Value Vaults goes to VALUE holders. In comparison, other projects take a 10–30% performance fee while having a lower profit than Value Vaults.
Furthermore, the team had set a default percentage of 16.6% (⅙) of all Value Liquid swap fees to go to VALUE stakers.
This vote will re-examine and determine new fee structures for the benefit of VALUE stakers.
- YFV/VALUE Swap Deadline and Seed Pool v2 End Date
Motivation
By setting the deadline to end support for YFV, we will resolve significant confusion among the community and exchanges.
Seed Pool v2 will also close on this date, as it no longer brings any benefit to the Value DeFi ecosystem. Farmers at Seed Pool v2 should exit the seed pool before the deadline, when it will be locked and funds frozen. Depositors who miss the deadline will have the opportunity to retrieve their funds after a period of time by community vote.
Mechanics
The community will vote for a deadline to end support for YFV and close Seed Pool v2. After that date, we will not support wrapping YFV<->VALUE.
Voters will choose from a date range to set the deadline (7–21 days slider). The deadline will be the day after the voting ends plus the number of days from the voting. It will be announced again on the website and our social media channels.
Voters will select the fund retrieval period for depositors who miss the deadline (after 1–3 months).
2. Value Vault Fee Adjustment
Motivation
While Value Vaults deliver higher profits than that of other projects’ vaults, the current 6.7% performance fee from Value Vaults to VALUE stakers is considered low compared to the market rate from other projects (which often also charge withdrawal fees). We can increase this performance fee to bring more benefits to VALUE, while still keeping Value Vaults competitive.
As always, these performance fees will benefit VALUE stakers.
Mechanics
Community will vote for a new fee to replace the current 6.7% performance fee that is distributed to VALUE Gov Vault stakers.
3. Value Liquid Swap Fee Distribution Adjustment
Motivation
Currently ⅙ (~16.6%) of all swap fees from all trading on Value Liquid will go to Governance Vault stakers. All the pools on Value Liquid were set up by the team with 0.3% default swap fee (equal to Uniswap fee). As mentioned, after initial setup, this fee will be finetuned by the community. In the near future, Value Liquid will allow users to create their own pools with customized swap fees.
Mechanics
Community will vote for the new default fee replacing the initial setup of ⅙ of swap fees.
Voters will select a new fee percentage from slider (from 10% — 50%).
The higher the percentage, the greater the percentage of swap fees going to VALUE stakers and the lesser to LPs.
VIP 7 Voting will start from Sunday, Oct 18, 2020 14:00:00 GMT+0 and end by Friday, Oct 23, 2020 14:00:00 GMT+0. The implementation will be planned and announced after voting ends.
VIP 7 Voting will not cost gas. All VALUE stakers in Governance Vault v2 will be able to vote. Voting will be based on the number of VALUE that each voter stakes and not on voting power. You may also re-vote before voting ends. To avoid spam, each voter can only re-vote after a 1 hour cooldown period.
