Launch $stkWALLET to replace $xWALLET
The latest governance proposal from Ambire seeks to replace $xWALLET with $stkWALLET, a new staking token that offers a straightforward and dynamic rebasing model. This change aims to improve user experience and clarity in staking rewards.
There’s a new governance vote up as part of our ongoing efforts to enhance user experience and streamline our ecosystem. This latest proposal seeks to introduce a new wrapper token, $stkWALLET, to replace our current staking token, $xWALLET. The objective is to make it easier for users to differentiate between the $WALLET token and its staked version by adopting the widely recognized "stk" prefix and simpler value accrual model than the current $xWALLET token.
Why a new token?
Currently, the way $xWALLET works is that $WALLET holders can stake their tokens on a single staking pool, and in return, they get $xWALLET, which represents their share of this pool. In the beginning, 1 $xWALLET was equal to 1 $WALLET. As the pool started receiving staking rewards, 1 $xWALLET accrued in value, reaching more than 1 $WALLET.
Currently, for example, 1 $xWALLET equals 18,6 $WALLET.
This is confusing; users don’t understand how their staked $WALLET accrues value.
Proposal Overview
We propose introducing a “stk” $WALLET—a much more user-friendly wrapper on top of $xWALLET. When a user stakes $WALLET, the user receives an equivalent amount of dynamically rebasing $stkWALLET in return and starts accruing more rewards in $WALLET.
For example, if you stake 1 $WALLET, you will receive 1$stkWALLET. If annual staking rewards are 20%, you will have 1,2 $stkWALLET in one year.
If the proposal passes, both $stkWALLET and $xWALLET will be valid for governance votes in the future.
Voting options
The community will decide on the following proposal:
- Replace $xWALLET with $stkWALLET
- Do not launch $stkWALLET
Voting Eligibility
Anyone holding $xWALLET tokens before the snapshot on May 23, 2024, at 14:00 UTC will be eligible to participate in this governance vote. Please note that users who stake tokens after the snapshot cannot participate.
Timeline
The voting period opens on Wednesday, May 23, 2024, at 14:00 UTC and will continue for two weeks, concluding on Wednesday, June 6, 2024, at 14:00 UTC.
Voting Process
Participating in this governance vote is simple and follows the process of our previous votes. Here's how you can submit your vote.:
- Visit the proposal page on Snapshot.
- Connect your crypto wallet holding $xWALLET tokens.
- Choose between "Replace $xWALLET with $stkWALLET" or "Do not launch stkWALLET."
Your involvement in Ambire governance influences our project's trajectory and strengthens our commitment to decentralization and community-led development. Have ideas or feedback? Visit our Forum and contribute your vision for Ambire's next steps, or give us feedback on this proposal on Discord or Telegram.