Details on our next DAO Governance Vote and how to Participate as a SSGT Staker
We’re excited to announce that our next governance vote will be taking place over this next week that will allow SSGT stakers to decide on DEFIT’s near-term plans for liquidity and business expansion!
This expansion and vote were proposed by the Founder and CEO of DEFIT, Kevin Serou, to the YFDAI core team, and after careful review, we have agreed to take this to a DAO governance vote given the move of exchange liquidity that our second LaunchPad project will require. The YFDAI team backs the plans, but the SSGT stakeholders will ultimately decide to proceed forward.
There are several benefits for this expansion plan, and they are outlined below and summarized in the following slide deck: DEFIT — Strategic Initiatives and Exchange Strategy Presentation
As we await the rollout of YFDAI DAO governance on the Aragon platform to be completed, this vote will be taking place using Google Forms (updated — formerly announced that we would be using Snapshot ENS), which we used before in our original vote to create and launch SSGT itself.
The calendar of events for this governance vote are as follows:
- Governance Vote Announcement — Today
- Snapshot Taken and Voting Commences — Wednesday, August 18th at 5 pm UTC
- Vote Closes — Tuesday, August 24th at 5 pm UTC
- Voting Results Announcement — Wednesday, August 25th at 5 pm UTC
DEFIT Expansion Details & Benefits
To deliver on their strategic initiatives, DEFIT is looking to move a portion of their liquidity from SafeSwap and Uniswap to QuickSwap (Polygon-based DEX) and Gate.io (DEFIT’s first centralized exchange). This move will have several significant benefits for the project and its stakeholders, including:
- Cross-chain integration with Matic (Polygon) which will allow DEFIT to start building their in-app wallet within the 360Wellness (parent company of DEFIT) ecosystem on a L2 solution.
- Adding QuickSwap as another DEX listing will bring new investors, liquidity options, and visibility to DEFIT.
- The tier 1 CEX listing on Gate.io will give an easy way for crypto novices and new users to buy DEFIT and start utilizing it in their own 360Wellness integrated wallet.
- Expanded marketing opportunities. DEFIT is in advanced promotional discussions with Gate.io for the exchange to heavily promote DEFIT to their +6 million users from over 150 countries while DEFIT promotes Gate.io in-app as the preferred CEX exchange.
Learn more about DEFIT’s upcoming plans here: DEFIT — Strategic Initiatives and Exchange Strategy Presentation
After careful consideration, we have agreed (pending governance approval) to the following liquidity move proposed by the DEFIT executive team:
You can also view the table above here: DEFIT Liquidity Analysis (Google Sheet)
Points of Consideration:
- ETH liquidity on SafeSwap will not be changed, only a reduction in DEFIT token liquidity on SafeSwap by 1,250,000 tokens (20% DEFIT reduction of the total 3,125,000 tokens on the exchange today).
- Reduction of DEFIT liquidity on Uniswap by 32 ETH and 1,625,000 DEFIT tokens (12.6% ETH reduction and 36% DEFIT token reduction, respectfully).
- Listing on QuickSwap and providing 32 ETH (from Uniswap to QuickSwap) for new WETH/DEFIT pair and 1,125,000 DEFIT tokens.
- Listing on Gate.io with 1,750,000 DEFIT Tokens for listing, along with a marketing budget worth $85K USD.
Overall, we feel that the reduction of liquidity on the existing DEXs will have minimal-to-no impact and the expansion to two more exchanges greatly outweigh the minimal risks associated.
Potential Consequences of a “No” Vote:
- Inability to list DEFIT on new exchanges until much later in their project roadmap due to current token lockups and vesting schedules
- Users of DEFIT are likely to incur high ETH gas fees when making small transactions such as those contemplated on the 360 Wellness app, stifling user growth and product adoption
- Inadequate integration with Polygon as the listing on QuickSwap is intended to drive mass user adoption without the expense of high user fees
- Missed opportunity to expand the DEFIT vision and user base to a top-10 centralized exchange (as measured by daily trading volume)
Feel free to review DEFIT’s full tokenomics here: Digital Fitness — Detailed Tokenomics
Voting Qualifications & Snapshot
SSGT stakers that are staking 2500 SSGT or more will be allowed to participate in this governance vote regarding DEFIT’s expansion plans. To keep this vote simple before we move to Aragon’s voting platform, every user (wallet) will get a single vote as long as they are staking the minimum.
The vote will take place using Google Forms (formerly was to be using ENS Snapshot).
The voting proposal will be populated prior to the voting start date and time.
This vote will follow the following schedule:
- SSGT Stakers Snapshot and Voting Start — Wednesday, August 18th at 5 pm UTC
- Vote Closes — Tuesday, August 24th at 5 pm UTC
- Voting Results Announced — Wednesday, August 25th at 5 pm UTC
We will be sure to disqualify anyone that votes that is not qualified with the minimum amount of SSGT staked.
Start staking SSGT, or keep staking, and get ready to participate in this vote! We plan to also announce the next LaunchPad candidate to vote on prior to the end of the month as well.
Discord — https://discord.gg/S3GRXRC
Bitcointalk — https://bitcointalk.org/index.php?topic=5295276.new#new
Reddit — https://www.reddit.com/r/YFDAI/