As you may already be aware, we are constantly making changes, putting new ideas to the vote that we expect to lead us to the most productive and profitable work.
In this spirit, we are launching another vote in Snapshot and all holders have the power to express their will.
The SpaceSwap team is about to put an amendment to the vote concerning the locking up of MILK2. Due to our development plans, we would like to initiate a decentralized vote with the following purpose:
To lock up 90% of users’ $MILK2 funds within their wallets.
The main terms
- The proposed change will only apply to newly farmed MILK2.
- Users can harvest 10% during the yield farming period. The rest will be forcibly stored in the token contract. It will only appear in holders’ usable balance once it unlocks.
- The 90% balance will unlock in a linear (sequential) fashion over a 3-year time period and after the first year.
- The founder’s reward will be increased to 8%. ⅔ of the funds will also be locked according to the general rules of the new lockup - under the same 3-year vest schedule as the community fund. This prevents the kind of disaster that SushiSwap had. ⅓ of the funds won’t be locked - the unlock for the team will be activated every month.
- The lockup will be laid out in a smart contract.
- The lockup will unlock linearly with every block, over the 3 years.
- The lock of the token is part of the MILK2 token’s characteristics. So the SpaceSwap team cannot retrieve tokens from the user. All your funds are in your possession during the lockup period.
An oraclized widget on the Spaceswap.app site will allow users to see their locked MILK2, know its current worth in USD and get estimates on the daily and annual unlock amounts.
You can share your vote in our snapshot governance section to determine the SpaceSwap future.
What are the benefits of the lockup?This long-term lockup guarantees that all the incentives are aligned with the community’s demands. It also prevents the risk to the community of optimization for short-term gain and being dumped on.
Also, while users earn their MILK2 early, they will vest their tokens over time, just like the teams do.
If adopted through our voting system, this implementation will help us to raise the value of our native coin and help to make it more stable.
Open the MILK2-ETH pool on Uniswap and click on the ‘Trade’ button to buy MILK2 instantly.
For more information, check out GitHub or contact the SpaceSwap team: