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Drip The Vote

Last updated on May 28, 2022

The First Cardano On-Chain Vote Using A Native Asset

Participate in the first governance vote for DripDropz beginning May 15th, 2022.

Are you ready to set Cardano history again? DripDropz wants you to help set the future direction of the platform, and participate in the very first on-chain, native asset vote. Read on to find out about the rules for counting the DRIP you hold, the ballot items, and the procedure to cast your vote.

Timeline

Voting Snapshot: 14 May 2022 between 1600–2000 UTC.
Voting Opens: 15 May 2022 at 0000 UTC.
Voting Closes: 25 May 2022 at 2359 UTC.
Results Announced: 1 June 2022, in our Twitter space at 1600 UTC.

Counting DRIP

Before you go making any sudden moves, we want you to know that this vote is a snapshot based vote. So your voting power will be calculated based upon the amount of DRIP you have in your wallet, as well as the amount of DRIP you have in liquidity pools.

So unless you have DRIP in several different wallets, and don’t want to vote for each wallet individually, all you have to do is wait for us to perform the final snapshot. This snapshot is going to occur on Saturday, 14 May 2022 at some time between 1600 and 2000 UTC. So if you have any changes that you would like to make to consolidate prior to that date and time, go right ahead.

Consolidation

The reason that consolidation is important is, you MUST cast your vote from the wallet that holds DRIP. We know, this is exactly backwards from our usual rule, that says you can pay from anywhere, but the tokens end up in the staking wallet.

In this case, the only way to guarantee that you cast your own vote, is to make sure that you send the correct dust amount, from the correct wallet.

Send us some dust, and we send most of it back to you.

Dust Voting

The next most important detail is that this vote will be calculated with “dust”. So you will pay a transaction fee to send a very small, but very specific amount of ADA to us. We will calculate your choices from the dust amount that you send, and then we’ll send back the rest, minus the final transaction fee. So there is a cost involved, but it should only be a few cents worth of transaction fees.

The Process

In order to vote, you will need to navigate to our voting portal. Any time after 0000 UTC on 15 May 2022, the vote will be live.

You enter the wallet address that holds your DRIP and LP tokens for DRIP. Next, read through the choices, and make your selections. A pop up will tell you where to send the dust, and the exact amount of dust you need to send. You will perform that transaction from the same wallet, and just wait for the vote to be recorded. After the vote is recorded, you will receive a refund.

That’s it. A super simple process. If you make mistakes, we’ve probably got you covered. If you send from the wrong wallet, your vote won’t count, but you’ll get a refund. If you send the wrong amount, your vote still won’t count, but you’ll still also get a refund. If you send the right amount, from the right wallet, you’re done!

What’s on the ballot?

The Ballot

Now that you know the how, We’re sure you want to know the what. The ballot items that have moved to the final vote are:

1. Shall the new DripDropz staking program deploy a first-year annual rewards curve targeting a maximum APY of 6%, 8% or 10%?

In order to encourage holding of the DRIP token, DripDropz will activate a staking program to reward DripDropz users for holding the Cardano native asset. Selecting from the following max APYs (Annual Percentage Yields) will determine the amount of staking rewards, and the amount of time that the reward program will run.

A. Target 6% max APY.
B. Target 8% max APY.
C. Target 10% max APY.

2. What shall DripDropz set the DRIP redemption amount for users to upgrade to the new DripDropz Pro utility feature?

The DripDropz Pro feature will include multi-drip features (Drip to multiple wallets) and staking features. With additional features planned. Selecting from the following options will determine the amount of DRIP token that will be required to upgrade to the DripDropz Pro feature. The ADA, minus transaction fees, will be returned upon successful registration.

A. Redeem with 2 ADA + 5,000 DRIP.
B. Redeem with 2 ADA + 7,500 DRIP.
C. Redeem with 2 ADA + 10,000 DRIP.

3. Shall DripDropz set the review process for curved decay at once per quarter, once per six month, or once per year?

In order to maintain the distribution levels of the DripDropz DRIP token, the default amount of DRIP received per wallet must occasionally be reduced. Choosing a timeframe below will determine the maximum time that DripDropz will wait to examine the date and amounts of reward decay. Provisions will be made to limit the amount small wallets receive when claiming the DRIP token.

A. Review every quarter.
B. Review every six months.
C. Review once annually.
D. Leave unchanged.

4. Shall DripDropz accept an allocation from the treasury of DRIP tokens to enable Node Operator rewards and build a more decentralized DripDropz platform?

DripDropz formed with a 100% allocation of forty five billion (45,000,000,000) DRIP tokens to the users of the platform. In order to provide more decentralization for the platform, some of the DRIP not yet in circulation can be allocated for that purpose. This request is for 3%, 2%, or 1% of the total supply of DRIP tokens to be set aside for Node Operator rewards.

A. Yes, permit DripDropz to allocate 3% of the total supply.
B. Yes, permit DripDropz to allocate 2% of the total supply.
C. Yes, permit DripDropz to allocate 1% of the total supply.
D. No, do not allow DripDropz to allocate any of the total supply.

5. Shall DripDropz accept an allocation from the treasury of DRIP tokens to enable operational flexibility, DEX/CEX platform incentives, community incentives and DripDropz team and employee rewards?

DripDropz formed with a 100% allocation of forty five billion (45,000,000,000) DRIP tokens to the users of the platform. In order to provide flexibility, community incentives, and rewards to the founding team and employees, some of the DRIP not yet in circulation can be allocated to that purpose. This request is for 5%, 7.5%, or 10% of total supply of DRIP tokens to be set aside for operations, community incentives, and vesting to the founding team members and employees over a 4 year schedule.

A. Yes, permit DripDropz to allocate 10% of the total supply.
B. Yes, permit DripDropz to allocate 7.5% of the total supply.
C. Yes, permit DripDropz to allocate 5% of the total supply.
D. No, do not allow DripDropz to allocate any of the total supply.
Make your choices count!

Abstain or Vote

Each question will also include an “Abstain” option. If you don’t want to cast your ballot on any particular question, you can choose the Abstain option. This means that you are voting with the majority on that question, and you are choosing not to register a choice of your own.

Conclusion

We hope all of you turn out to vote. We’re super excited for the future of the DripDropz platform, and we hope that you take the time to share your choices. It has been a ton of fun building for you up to this point. It’s time to move to the next level. Get out there and set the future direction of your favorite token platform!

Published inCardano

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