[Product] X-Referendum

1

background

With the releasing of X-REF token at mid of Jan, 2022, we need broaden X-REF usage besides of just staking for reward. To enable X-REF holders taking part in some governance events maybe an interesting idea. Cause X-REF holder can be seen as valuable supporters of ref project and their opinion on governance events should be seriously taken care of.

demands for referendum

Currently, we use SputnikDao to process on-chain governance. Truely it is powerful, but there are two requirements it cann’t fulfill:

  • support votes directly from tons of users;
  • support votes using voting token weigted by locking period;

They are exactly what we want to deliver in X-Referendum.

basic concepts

  • session, each session lasts 30 days;
  • proposal, a referendum valid in a single session, possible states include [WarmUp, InProgress, Approved, Rejected, Nonsense, Expired];
  • token and ballot, users lock token to get ballot for voting, the longer they lock, the more ballots they got;
  • vote, can vote any InProgress proposal for approve, reject even nonsense, which means the proposal is sort of a spam, and endorsement NEAR for that proposal would be slashed ( to resist proposal flood attack).

roles and actions

users

  • can lock token to get ballots,
    • they can choose to lock 1 to 24 sessions. Eg:
      1 X-REF for 1 session locking got 1 ballot, but 24 ballots for a 24 sessions locking;
    • All users share the same 24 sessions locking period. If a user locks his X-REF in the middle of some session, he gets propotional ballots for that session. Eg:
      Assume we are now at mid of some session, like 15 days passes the beginning of the session.
      Now, Alice locks 10 X-REF for 6 sessions(half year) , then she actually got 1 * 10 * 0.5 + 5 * 10 = 55 ballots. And she can unlock her 10 X-REF 165 days later.
  • can withdraw their unlocked token;
  • can vote for any InProgress proposal with the whole amount of their ballots;

Proposer

  • can create a proposal,
    • must deposit a fixed amount of NEAR as endorsement,
    • can choose a voting policy, (Relative Voting or Absolute Voting),
    • can set begin and end time,
      Before begin time, the proposal is in WarmUp state, proposer can remove it, makes any changs and re-create again.
      After end time, if the proposal hasn’t reach any final state (approved, rejected, nonsense), it will reach expired state.
  • can remove a WarmUp proposal for modification or other purpose.
  • can redeem his endorsement NEAR for an expired proposal.

Owner

  • can modify details of vote policies.
  • can modify request amount of endorsement NEAR.
  • can transfer his ownership to other one.

Vote Policy

There are two vote policies and a global nonsense threshold.

Relative Voting

A threshold for minimum voting ratio, and another one for any opinion to defeat others. Eg:
30% and 50% means we need more than 30% ballots to voting and the opinion got more than 50% in total votes win.

Absolute Voting

A threshold for approve and another one for reject, both based on total valid ballots. Eg:
55% and 30% means we need more than 55% ballots to approve but only 30%+ ballots to reject it.

nonsense threshold

it is based on total valid ballots and forced to apply on each proposal. Eg:
45% means once 45%+ ballots vote for nonsense, the proposal goes to nonsense state and endorsement NEAR would be slashed.

Extension

besides referendum, we can also extend it into investigation mode. user would not be limited to simply approve and reject, but has more options to choose.

6 Likes
2

Hi, X-REF token is a brand new token or its based on Ref token, like we can earn X-REF by holding REF?

3

the concept is to earn REF by holding x-REF token

1 Like
4

So why do we need a new token when we already have REF?
I think REF is the main token of ref-finance so adding more use cases for REF is better for its growth

1 Like
5

xREF is a use case for REF, your receive xREF when you single-sided stake your REF. The idea is instead of just holding xREF, users can use xREF to vote on proposals.

3 Likes
6

Let’s imagine this way.

Ref Finance is currently having the highest TVL in NEAR Ecosystem and if the project works well, this will still continue to become the liquidity center → leading to the fact that any projects established later must connect with Ref Finance due to its network effect.

With the upcoming launch of X-Referendum Model, or we can say x-REF (applying the famously ve-Tokenomic model), REF’s Demand will increase tremendously as:

  1. x-REF Holders will have a right to vote for Gauge Allocation (Remember that Ref Finance has two products which are AMM Protocol and Stableswap) → big chance that others the protocol will take advantage of this one to consume as many xREF Token as possible

  2. Other Convex Finance will soon appear on this game to gather as much x-REF as possible

TL;DR:
Ref wars soon.

3 Likes
7

totally agree. As projects want liquidity, they can start accumulating REF to get xREF to vote on governance to direct the incentives to their pair. ATM, there re still not enough projects on NEAR to battle for incentives, but in the NEAR future, I believe this is a good way to create use cases for our governance token.

1 Like
8

Totally agree if accumulating REF to get xREF :+1:

9

yes, And syrup also coming to xref.that 's awsome dream.

10

are there additional incentives for xREF lockers other than voting power? yield, REF incentives, or something?

what’s to gain for putting your skin in the game by locking your tokens, other than voting power?

2 Likes