Introducing Drift Governance Rank

DIP - Discussion Forum
1

Author: @0xsmolrun
Date: 12/6/2024

Proposal Summary:

  1. Add Drift Governance Rank to reward longer term Drift Staking Vault stakers
  2. Multipliers have been introduced for each Rank as stated in Table A-1 and Table B-1

Overview:
This proposal intended to reward governance power boost users who staked $DRIFT in IF simple time weighted.

Technical Specification:
Format A
Table A-1

Rank Drift Staking Vault Staking Duration (Days) Governance Voting Power Multiplier
I 30 1.2x
II 60 1.4x
III 90 1.6x
IV 120 1.8x
V 150 2.0x
  • Users who staked < 30 days will only have 1x governance voting power boost.
  • Users who staked $DRIFT in the staking vault on different days will have different multiplier based on the days they have deposited.
    [eg. User A staked 1,000 $DRIFT for 30 days will have (1,000 * 1.2 voting power = 1,200 governance voting power). User A deposits another 1,000 on Day 30 will have 2,200 governance voting power. That new 1,000 $DRIFT deposits will have another countdown for its own.]

Format B
Table B-1

Rank Drift Staking Vault Staking Duration (Days) Governance Voting Power Multipliers Tier Required to Ascend Rank
I 30 1.2 1
II 60 1.4 1
III 90 1.6 2
IV 120 1.8 2
V 150 2.0 3
  • Users who staked < 30 days will only have 1x governance voting power boost.
  • Tier 0 Users who staked $DRIFT in Drift Staking Vault WILL NOT have any governance power boost (1.0x).
  • Tier 1 and above Users who staked more than 30 days, 60 days, 90 days, 120 days and 150 days respectively will directly have their newly staked $DRIFT to gain governance voting power boost based on their timely weighted deposit.
    [eg. User B deposited 1,000 DRIFT (Tier 1) for 30 days will have 1.2x governance voting power boost (1,200 voting power). User B deposits another 1,000 $DRIFT on Day 30, he will now have 2,400 voting power.]

There are 2 formats here:
Format A:
Simple, timely weighted for every deposit for multiplier
Format B:
Existing Governance Voting Power Boost will works on new deposits as well

Please vote and I will craft a new proposal following the majority votes:

  • Format A
  • Format B
0 voters
1 Like
2

Changelog-1.1:

  • Drift Staking Vault Staking Duration (from 7, 14, 21, 28, 35 Days to 30, 60, 90, 120, 150 Days).
  • Format B: Tier 0 Users WILL NOT have any governance voting power boost (1.0x).
1 Like