Token lockup goes live soon

Voting in the Mango DAO is going to change!

Summary:

  • if you have tokens deposited into governance right now, you’ll need to withdraw and re-deposit them to be able to vote once the switchover is done
  • the new token lockup view can be reached by expanding the “Account” area in the governance ui
  • you’ll be able to lock up tokens to reach up to 2x vote weight
  • locked tokens are locked and can not be withdrawn until lockup expires

The proposal that will switch over from standard spl-governance directed vote weight, to the new voter-weight-registry program is about to complete.

As a different program now manages voting power, you’ll need to withdraw any existing deposits from spl-governance (as usual, via the “Withdraw” button). Then you can deposit them back into the new program.

The new UI is reachable from the normal governance ui: There’s an “expand” icon in the “Account” that opens the lockup view.

Previously vote weight was always equal to the number of deposited MNGO tokens. Now token lockup can add a multiplier on top. The two lockup styles most interesting for voluntary token lockup are:

  • Cliff lockups: Choose a duration that tokens shall be locked up for. The vote weight bonus goes down linearly as the cliff approaches. When the cliff is reached, your tokens become withdrawable.

  • Constant lockups: This style has two phases. When you create it, you choose the duration of the unlocking phase. It starts in the constant phase where you get a constant vote weight bonus. You can start the unlocking phase at any time. During unlocking the vote weight bonus decreases linearly. When the unlocking phase is done, your tokens become withdrawable.
    This style is useful if you primarily care about voting power. It’s like a cliff lockup where you can choose when to start walking towards the cliff.

Feel free to ask questions here or in #governance on discord.

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The switchover happenend and the new vote weight is live now.

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