LEVF - L.I.P.S. AND GOVERNANCE
Governance of Levf is handed over to the LFI token holders once the Governance Forming event is over, and L.I.P.S. is the system for voting on all manner of governance issues.
What is L.I.P.S.?
L.I.P.S. or Levf Improvement Proposal System is how features on the Levf ecosystem are added or changed. Users start a proposal on the forum, discuss it and gauge the sentiment of the public to see if the proposal will be accepted. If a lot of users agree with it then it can be posted on-chain officially for everyone to vote on.
How many people need to vote to pass a Levf Improvement Proposal (LIP) proposed on-chain?
The quorum is 20%. This means that 20% of the staked LFI needs to vote on a proposal for it to pass through for voting. After that, it has to have at least 50% of the votes for proposal to be accepted.
You can post your proposal on-chain first but if people haven't talked about it, they probably won't vote for it.
How do I make a proposal?
The default template for proposals can be found on Github + on the forum if you make a post under proposals or discussion it will auto-fill in the template as well.
The process is roughly the following:
forum discussion
promote to LIP (usually done by mods), add LIP to Github, put on-chain
announce
Who can make a proposal?
Anyone can post a proposal both on the forum and on-chain.
Voting
How do I vote?
Stake your LFI and then you can cast your vote for LIP that are on-chain on the voting dashboard
Can I vote if my LFI is in the LFI vault?
No, your LFI must be staked in the governance contract in order to vote.
Where can I view the LIPs?
You can view them on the voting dashboard if you login to your web3 account or at lips.levf.finance.
Why should I stake? What is the APY (Annual Percentage Yield)?
You should stake if you want to vote on LIP. The APY for staking is currently not listed on the UI. You can ask on the chat what the rate is.
Does staking my LFI matter for voting?
Yes. You have to stake your LFI at lgov.finance/stake in the tab under Governance to have your vote counted. As of now, your vote can be submitted without staking but it will not count so it will only be wasting gas fee, so make sure you have staked first if you want to vote validly.
How long is my LFI tied up if I stake it?
Your LFI is locked for 3 days after you vote.
What if I want to take my LFI out before the end of the vote lock?
You can't, the lock lasts 3 days after you last voted, until then you cannot unstake your tokens.
If you try to unstake your tokens before the lock ends you be notified of a very high gas cost, this is actually an error, you will not be able to unstake until the 3 day lock has ended.
I know the vote lock is 3 days, is there anywhere I can see exactly how long I have left till I can unstake my LFI?
Yes. You can read the contract directly at lgov.finance staking contract, go to 28 votelock and input your eth address. This will give you the eth block number on when you can unstake.
What’s the difference between voting for a poll on the forum and an on-chain vote?
A poll just gauges the sentiment of the community on how it feels on the proposal, while an on-chain vote will be binding and will take effect if it passes.
What about the new gas-free voting thing?
We now have an off-chain signaling system that uses staked balances from lgov. This replaces the older, informal forum polls which were vulnerable to sybil attacks. It can make multiple choices and doesn't cost gas to use, you just sign in with your wallet instead. We still use the normal on-chain voting system for LIPs.
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