[ Vote Only ] Enable 1inch LP token voting on Snapshot?

Enable LP token voting on Snapshot ?
  • Yes ! Absolutely
  • Denied

0 voters

I’m Creating this Proposal on Behalf of our Liquidity Pool Users that are doing their best & Wanted to Vote in Governance , Like Governance Stakers do , on Upcoming $1INCH SNAPSHOT votings

Currently, A Very Big amount of $1INCH is used for yield farming on 1inch , which is the biggest yield farming opportunity utilizing $1INCH today. $1INCH tokens locked up in $1INCH pools cannot be used for voting on snapshot proposals. This creates a tradeoff for $1INCH holders:

You can earn yields OR you can vote.

As snapshot is a balancer spinoff and BAL tokens are used in balancer pools as well, snapshot implemented a solution to allow voting with BAL tokens locked in pools. $1INCH Can implement a similar feature like that . If this proposal is implemented there won’t be any trade-off anymore and participation in snapshot polls could be increased. There should be no downside to this proposal.

3 Likes

I am looking into this now to see how Balancer enabled this for their Snapshot space. Will respond here with what I find. If we can accurately combine LP balances with raw 1INCH balances, I will see if we can add in the functionality.

Edit: will need to make sure this is something the team wants before I add it. Still going to be looking into this, though

2 Likes

LP vote is good for us

2 Likes

Yes. I agree with this suggestion

2 Likes

Hey @Genkai.Shogun,

This should also boost liquidity of the 1inch token by allowing those who are currently only staking 1inch the ability to transfer some 1inch tokens to liquidity pools. All without reducing their voting power. The more liquidity, the less volatile and the more resistant the asset is to major price fluctuations. Kind of like what is said HERE.

Also, could be enough incentive for 1inch liquidity providers on other platforms to migrate their liquidity to 1inch Network pools.

I don’t see any downside to adding this as well.

Would it be possible to also allow staked LP tokens to earn the yield as if the 1inch tokens were staked? The staked LP tokens would (more than likely) need to be used for governance votes as well. This could actually be a separate proposal.

1 Like

If i get it correct , you mean allowing 1inch LP token to earn governance staking yield .

I think that might not be possible with current Liquidity Pool Mechanics .

Maybe Possible with Single Sided LPs but Yeah it’s a whole new area of AMMs to deal with

1 Like

LP is always change. we can use the stablecoin one1INCH to locked in pools