Since the announcement of ApolloX 2.0, the team is fully committed to the development of the DAO governance. Today, we are delighted to announce that ApolloX DAO has launched on 30th June 2022. For community members to easily engage in the ApolloX DAO governance, the tutorial guide is specifically written to give detailed elaboration on how users can participate in the DAO ecosystem.
How to participate?—— Beginner Guide
Step 1: Click [Connect Wallet] to login into the ApolloX DEX platform.
Step 2: Click [APX DAO] under [Governance] to access the page. The homepage will display the total locked supply, average locked period, total power and veNFT supply.
- Average Locked Period: the average locked time of users participating in DAO Governance, which is equal to the sum of the locked time of all users divided by the total number of users.
- Total Power: the sum of the power of all users currently participating in DAO Governance.
- veNFT Supply: the amount of veNFT issued by the system.
Step 3: Click [Lock & get veNFT] to stake and enjoy multiple benefits. The amount of APX distributed by the current DAO's revenue dividends and Trading Rewards Program will also be displayed.
Users can obtain veNFT by staking APX in ApolloX DAO. The power is a proof of the user’s governance vote as well as dividend weight. ApolloX will withdraw 50,000 APX from income everyday to reward users.
Repurchase Rewards (coming soon)
ApolloX will set aside a portion of trading fee income every day, used to repurchase APX from the secondary market from time to time. The repurchased APX will be added into the DAO reward pool.
[Lock & Get veNFT] Details
veNFT (vote-escrow NFT) will be the vesting and revenue model of ApolloX DAO.
Note: Users can obtain veNFT by staking in ApolloX DAO. veNFT is non-transferable and its power linearly depreciates with time. The power is a proof of the user’s governance vote as well as dividend weight.
How to participate
Step 1: Go to [Lock & get veNFT] page
- Your lock-up quantity: accumulated amount of locked APX.
- Your power: the sum of the power obtained by user’s total locked APX
- Your veNFT: the quantity of veNFT
Step 2: Click [Create new Vault], as shown in the following screenshot:
Details of parameters:
- Locked quantity: Users can input the amount of APX to be locked
- Locked period: Users can choose to lock APX for 60 days, 180 days, 1 year or 4 years. The lock-up time will be calculated from every Thursday. Users may see a reduction of 1 to 5 days on the actual lock-up time display on the right panel.
- Voting power: The voting power value is determined by the locked period, locked quantity and the expiry time. Click here to check out the formula for calculating power value.
- Unlock time: Based on current veNFT unlock time, the user’s power value will linearly depreciate as the unlock time shortens.
Note: Once users click to lock, the process cannot be terminated halfway. Please choose the locked period carefully.
Step 3: manage your veNFT as shown:
Once created, users can [manage] your cards and [claim] your rewards here.
Details for claiming DAO rewards:
- Users will receive rewards of the previous cycle on the last day of the second cycle.
- When veNFT expires, users will need to claim the rewards first before unlocking the locked tokens.
- Expired veNFT will be destroyed.
- For more information on reward distribution, please refer to: Fee Distribution
Transition period: 30th June 2022 - 16th July 2022
The specific page display as follows:
- Unlock function will be added on 6th July 2022, users can unlock without restriction at any time on the stake page.
- The auto-staking function will be canceled. After each Epoch ends, users need to manually stake the APX tokens.
- From 6th July 2022, the staking reward pool for each Epoch will be reduced to 100,000 APX.
In addition, boost multipliers in the Trading Rewards Program will be related to the APX staked in DAO Governance.
Governance is the core of ApolloX's DAO implementation.
Any community member can participate in ApolloX DAO governance, and any member with voting rights can vote on proposals to determine new features and directions of ApolloX.
- Marketing/platform activities, promotions and rewards. For example: formulating and adjusting trading reward rules;
- Upgrades on ApolloX DAO protocol such as governance and treasury management
The scope of the governance protocol may change over time as more proposals are discussed and voted on within the APX DAO Community.
The ApolloX DAO governance process tracks the entire activity from discussion, proposal, voting to promulgation to initiative. It aims to be an open, transparent and intuitive way to promote the future development of the ApolloX platform.
Snapshots vote off-chain, and the ApolloX DAO uses multi-sigs to consolidate these on-chain changes.