Indexed

Following an initial vote in April, the DAO selected NDX as the reward token for the dNDX protocol revenue staking mechanism.

In the time since that initial vote, we have released Nirn - a yield aggregator poised to become the revenue engine of Indexed - and launched the extended liquidity mining program, further increasing the proportion of available liquid voting tokens.

A thread was recently created on the forum putting forward concerns about the choice of NDX as the reward token on the basis of slippage.

In a sentence: current levels of NDX liquidity are such that market buying it via projected amounts of revenue assets will cause at least double-digit slippage, representing an easy arbitrage opportunity for scalpers and losing revenue for stakers.

For full context, please read: https://forum.indexed.finance/t/readdressing-the-dndx-reward-token-decision/728

This proposal comprises a second vote on this decision with the above information in mind (none of which was discussed at the first time of asking).

Specifically, this vote seeks to either reaffirm or alter the choice of reward token for dNDX (i.e. the token that protocol revenue is sold into and that you receive as a reward for staking NDX tokens) is:

• NDX,
• WETH,
• DAI, or
• An index of the three

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QUORUM AND METHOD

The initial vote had 289,000 votes cast in total. In the interests of establishing a stronger mandate, if this vote fails to reach that, the original decision will be respected.

This vote will be run via approval voting, rather than the single choice voting that was available to Snapshot at the time of the first vote. In this format, your full vote weight will be allocated to all options that you select.

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This vote will run for two weeks, and has a quorum of 289,000 NDX.