Creating a liquidity pool with a verified token increases user interest in the project. Firstly, it will demonstrate to users the seriousness of the intentions of the creators of the project/token and increase its credibility, secondly, users receive passive income from investing in the pool. However, do not stop there, because there is an opportunity to attract even more users. To do this, you can verify your pool through voting and increase the profits of your users. If your pool receives users approval, that is, it successfully passes verification, then all its investors will receive WX tokens every minute. The amount of WX accrued depends on the users themselves and is determined by voting for the weight of the pools.
However, not only the token/pool creator can propose a pool for voting, but also any user who wants to help the token/project grow.
Let's take a closer look at the process of pool verification and pool weight voting.
Pool gets community approval
To allow users to vote for a pool, suggest it to a vote. To do this, go to the Pools section of the Governance tab, read the Voting Rules, and click the Suggest Pool button.
In the next step, select the pool you want to suggest for voting and click the Suggest pool button.
Note: to suggest the pool, you have to pay the network fee (0.005 Waves) and service fee (10 WX).
From the voting starts, users are given about 2 weeks (20,160 blocks) to participate. The pool is considered verified if voting reaches a quorum (3 000 000 gWX or more), the majority of votes are FOR the pool verification and pool's token has not lost a COMMUNITY VERIFIED label. If all conditions are met, then your pool became verified and receive the WX EMISSION label. This label gives the opportunity to participate in voting for the weight of pools (WX Emission Distribution Voting), according to the results of which pool investors will start to receive WX tokens as profit.
WX Emission Distribution Voting (Pool Weight Voting)
Once a pool is labeled WX EMISSION, it automatically becomes member of WX Emission Distribution Voting. Each user can "give" its gWX tokens (votes) for the pool (all gWX-s or only part of them) and thereby increase the weight of the pool. The larger the pool weight, the more WX-s its investors receive. Pool weight voting lasts approximately 2 weeks. The counting of votes and, accordingly, the determination of the weight of the pool is carried out at the end of the voting period.
In the WX Emission Distribution Voting tab, the pool owner and any other WX.Network user can view information about the voting process:
- voting rules;
- list of pools for which users can vote;
- voting end time (1);
- the number of gWX available for voting (2);
- current pool weight and preliminary pool weight (3);
- current incremental return (tAPY) and preliminary incremental return (4). It is tAPY that shows the profitability of the pool from the distribution of WX emission;
- the number of gWX (votes) cast for a particular pool;
- and other information.
Note: if in the process of voting for the pool weight, the pool token loses its verified status (Community verified label), then the pool loses all votes cast for it and is excluded from voting for the pool weight until the token receives the label back. If the pool's token again receives the Community verified label, then the pool will be again a member of WX Emission Distribution Voting, however, without taking into account the votes it gained before the pool token lost the "Comminity verified" label.
If you have any questions related to WX.Network, feel free to contact us.
tags*: liquidity pools wx gwx invest income reward voting distribution