PigPen Governance Going Live Thursday
A historic event for DeFi and Animal Farm is just around the corner, as the PigPen will undergo its first ever community governance vote to determine how frequently (weekly, monthly, or quarterly) BUSD injections are distributed to users with AFP tokens staked in The PigPen. Voting power for users is determined by how many AFP tokens are staked (1 AFP = 1 Vote). It is important to understand that the tokens cannot be in a wallet or in the form of an LP, they must be staked into The PigPen in order to give you voting power.
Mechanics of the Voting System
While PigPen governance voting brings decentralized power to Animal Farm users, the brilliance of the system is largely based on its implementation. An API and Ethereum Name Service (ENS) have been set up to host governance voting by taking a ‘snapshot’ of the PigPen contract in order to record how many AFP tokens each user has staked in PigPen at the time of the proposal. Users then vote, with each staked AFP in the PigPen equalling one vote. This ensures those with the most stake and greatest share ownership of the platform have a greater impact on the proposal results. Voting options will include multiple choice, the ability to support different choices with a set percentage of their voting power, and much more.
Forex Shark and team want to ensure users have sufficient time to stake their tokens by having an official countdown before any proposal is made. Users must have a stake in the PigPen ***before *the proposal is made or they will have missed the snapshot and have no voting power. **Any stakes made after the proposal will not be counted toward the vote.
Once the proposal is made, it is important for users to have enough time to analyze the idea, evaluate the pros and cons and cast their votes. A predetermined amount of time will be given to users based on the nature of the proposal. After this time period is over, the votes are tallied and recorded on the blockchain. This can even be used to call specific functions or deploy a transaction, for example staking assets in a desired protocol based on the results of the vote.
Where do Proposals Come From?
In the true nature of decentralized finance, everyone in the community can suggest a proposal, at which point they will go through a 3 stage process. First is the initial community input and suggestions where users can talk through the idea and really dig into understanding its purpose and potential impact on the ecosystem. This step may involve social media polls and other tools to measure community sentiment. The second step is an audit by the team to determine if the proposal aligns with the project’s objectives. The team will be looking to make sure all proposals meet some basic criteria in order to filter out incomplete or less effective ideas. To increase the chance of approval for any submitted proposal, users should consider the requirements of the idea’s sustainability; the value it could bring to to existing users; how attractive it could be to new users; any elements of security; how well it works within non-custodial decentralization; and its relationship to, and impact on over all game theory. Once the process is complete, the Dogs deployer wallet can make the official, final proposal.
Safety and Security via PigPen Vesting
Forex Shark and team have gone to great lengths to make this PigPen Governance and community proposal system safe and secure in order to prevent bad influences from manipulating the system. The primary defense against manipulation is the heavy vetting process each proposal will go through, ensuring all proposals which make it to the final voting stage are designed to have a positive impact on the project. Another major defense against people trying to manipulate the system is the PigPen vesting period. The PigPen uses its 2% daily unlock (50 day vesting period) as a shield to stop users utilizing malicious attacks such as flash loans and very large buys/sells to manipulate the system without having a stake in the votes results. Anyone who tries to do this will have to remain in the system and be impacted by the results of the vote for at least 50 days.
Updates to the User Interface
The Animal Farm user interface will see a number of upgrades going live this Thursday. All of the dashboards with text saying ‘Coming Soon’ will go live. There will be more resolution and detail for the statistics on the existing dashboards, and wherever users see a number of tokens or LP pairs, they will soon also see the USD value associated with those tokens. The Governance Voting system will be added to the UI. Lastly, users will see projected earnings for their individual positions as well as projected global earnings over a day, week, month, and year.
Auto DogPound Reward Update
A management contract was successfully deployed last week to better distribute the BNB rewards into The Dog Pound. The Auto-Compounding pool will see an increase in BNB rewards of 10%, while the Linear pool will see a decrease of 10%. This will distribute 20% more BNB per staked AFD token into the Auto-Compounding pool relative to the Linear. This is being done because the Auto pool not only provides significantly more value to the user, it also provides significantly more value to the ecosystem as a whole since the BNB which is allocated to the Auto pool goes directly towards buying AFD and adding fresh liquidity to the AFD/BNB pair. This implementation will further reward stakers who make the most of the tools available on our platform, creating a better and more sustainable ecosystem.
Join the Animal Farm Community
Come join us in Telegram and other social media for a front row seat to this bullish event. The admins and community members look forward to your participation, ideas, and questions. Do not miss out on this occasion to witness the launch of one of the most popular and advanced Crypto Farms ever created!
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