What is delegation?
As the protocol becomes more decentralized, it is key that the community’s participation in governance is at a high level, and that each proposal is considered carefully. To that end, Alchemix recently introduced a minimum quorum of 50k ALCX. To aid in achieving quorum for governance, an ALCX vote delegation system has been set up as well.
These days, it is often difficult for people not directly involved in the protocol, and/or for people that are not paying close attention, to properly assess governance proposals. For this reason, we encourage everyone that does not have the time or inclination to participate in governance to delegate their voting power to one of the community delegates.
What does this mean for your tokens and vote?
When you delegate the voting power of your tokens, you retain full ownership of the tokens, except your delegate will have the ability to vote for you via proxy.
You can also still personally vote on a proposal at any time before the closing date, should you choose to. This will overwrite your delegate’s vote.
You can also sell your tokens at any time.
Using the delegation feature
How to set a delegate:
- Choose a delegate from the list on the forum link below. Feel free to ask delegates questions on Discord if you want to learn more about them.
- Go to the governance page in the app (https://app.alchemix.fi/governance) and connect your wallet.
- Copy your delegate’s ENS name or ETH address into the address field and click “Delegate”. This is an on-chain transaction that will cost a small amount of gas.
That’s it! Your voting power is now delegated to the person of your choice.
Note: This will NOT transfer your tokens to the delegate, only your voting power should you be unable to or choose not to vote.
What if I change my mind?
You can cancel your delegation any time. Just click the ‘Revoke’ button underneath your delegation.
To change your delegation, either revoke it first, or simply add a new address and it will overwrite your previous delegation.
For more information or to apply as a delegate, head to our forum post — https://forum.alchemix.fi/public/d/390-alchemix-delegate-interest-form
Join the Discord to become part of our community of amazing supporters and users.