[LIP#9] $veLTX Rewards Eligibility: A Fair Approach
Our Lattice Gateway community of $veLTX token holders is at it again, gearing up for another proposal — [LIP#9] $veLTX Rewards Eligibility. Currently, eligibility for rewards hinges on the timing of the Airdrop and whether you hold $veLTX at that precise moment. This proposal seeks to overhaul this model to ensure fairness for all $veLTX holders, regardless of when they join the governance community.
Introduction of the Proposal
This proposal aims to address the eligibility criteria for stakers to receive rewards, emphasizing fairness for all $veLTX holders who have committed their time and resources to the governance ecosystem. It’s all about striking a balance between encouraging participation and preventing tactical maneuvers to maximize rewards.
We’re laying down three potential approaches for the community to consider:
Option 1: Continuing with the Current Model (Recommended by the Team)
In this approach, stakers become eligible for rewards as soon as they stake their $veLTX governance tokens. This means they can participate in rewards from events that occurred before they joined. The advantage here is that it incentivizes participation, as stakers are eligible for past rewards. It’s worth noting that the Lattice Gateway developer team favors this option, as articulated by the developer comment on the governance thread.
Option 2: The Introduction of a 1-Month Waiting Period
This approach proposes a buffer period, a one-month “warm-up” period, upon locking new $LTX for $veLTX. During this time, holders won’t be eligible for rewards. The idea is to encourage immediate staking while ensuring fair rewards distribution. It also introduces a grace period for re-staking without a waiting period.
Option 3: Matching Participation and Presence with Rewards
This approach seeks to match rewards with participation in ecosystem events, mainly focusing on Launchpad fees. Launchpads are unique, and their success relies on support from $LTX and $veLTX holders. Under this option, rewards from Launchpad fees are distributed to $veLTX holders based on snapshots taken at the end of the staking period.
Technical Requirements
Each option has its own technical prerequisites, like snapshot processes and lock-in mechanisms. These changes would need to be implemented to ensure a smooth transition to the chosen approach.
Financial Requirements
The financial aspect of this proposal primarily includes the development costs associated with implementing the chosen approach.
Voting Date: Wednesday, September 6th
We understand the importance of providing enough time for community members to review and discuss the proposed enhancements. The voting process will commence on Wednesday, September 6th at 17:00 UTC and will continue for a duration of 7 days, providing enough time for participants to cast their votes.
Conclusion
The overarching goal of this proposal is to foster consistent support for the Lattice platform and its ecosystem. It encourages participation while ensuring that rewards reflect involvement. Ultimately, the decision rests with the community on which approach aligns best with the long-term growth of the ecosystem, all while treating every participant fairly.
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