gWX holders can participate in voting that can be selected on the Governance (opens new window) tab.
By means of voting users can influence the exchange platform development, verify tokens, change pools' APY, affect launching of new pools, WX token release rate, fees amount, and much more. gWX holders also receive regular income in WX token. You can get gWX by locking WX token on the WX Staking / Boosting (opens new window) page. The more WX you lock and the longer the locking period is, the more gWX you get.
Currently the following types of voting are already supported:
- Voting for Token Verification
- Voting for the Pools Participation in WX Emission
- Voting for WX Emission Distribution
# Voting for Token Verification
You can create your own token and suggest it for verification. Your token can participate only in one voting at a time and should not have any labels (Gateway, DeFi, etc.).
We do not recommend verifying tokens that have:
- less than 8 digits after the decimal point to avoid losses due to rounding;
- a script. Such tokens can not be traded on the spot.
A verified token:
- can have its own liquidity pool and receive WX emission;
- trades on the spot in the 'Verified' mode;
- can have its own market maker bot on the spot;
- is included in the total value of the wallet.
To suggest your token for verification click Suggest Token on the Governance > Token Verification (opens new window) page.
Select a token, fill in the required fields and click Suggest Token.
The token will appear in the voting table.
You can share direct link for voting for a token. The link is displayed in the address bar of the page when a token is selected in the table.
In order to vote for a token, users need to click Yes or No in the table.
The voting lasts for ~1 week (10,080 blocks). A new voting starts immediately after the calculation of the results of the previous one. A token that does not reach a quorum or a majority of "Yes" votes becomes 'Unverified' and gets eliminated from the voting in 3 weeks. The rest of the tokens automatically participate in the next voting, the votes given for these tokens are automatically prolonged.
A token becomes 'Verified' if it reaches quorum and the number of gWX for 'No' is less than for 'Yes' by the time the votes are counted. After that, the token gets the 'Community Verified' label and all the benefits of a verified token.
Since your gWX balance is constantly decreasing, in order to simplify calculation, the voting table displays gWX balances that are relevant at the time when the voting ends.
# Voting for the Pools Participation in WX Emission
Liquidity pools can participate in WX emission distribution. The profitability of such pools is higher because stakers of LP tokens of the pools receive rewards in WX.
A user who created a pool (opens new window) can suggest it for voting if:
- the pool is not currently participating in the voting
- the pool does not already have "WX EMISSION" label
- the pool's token has "Community Verified" label
To suggest your pool for participation in WX emission, click Suggest Pool on the Governance > Pools (opens new window) page.
Select a pool from the list and click Suggest Pool.
The pool will appear in the voting table.
In order to vote for a pool, users need to click Yes or No in the table.
The voting for each pool is independent from the other pools and lasts for ~2 weeks (20,160 blocks). A pool gets the "WX EMISSION" label if it reaches quorum and the number of gWX votes for “No” is less than “Yes”. If the pool's token stops being verified by the community at the moment of counting votes, the vote for this pool will be considered as unsuccessful and the "WX EMISSION" label won't be added. However, the pool can be suggested for revote for unlimited number of times if it meets all the requirements.
# Voting for WX Emission Distribution
The WX emission is distributed proportionally to the received votes. A pool participates in the voting automatically if it meets the following conditions:
A pool can get eliminated from the voting if it does not meet the conditions.
To vote for a pool, navigate to the Governance > WX Emission Distribution (opens new window) page.
Find the desired pool in the voting table and click Vote.
The voting lasts for ~2 weeks (20,160 blocks). A new voting starts immediately after the calculation of the results of the previous one. The given votes are automatically prolonged for the next voting.