What is the estimated Period for Locking up the INDY Token for Voting

In the Reference to the

2.3.2 Protocol Requirements
R3: User can not withdraw their locked INDY tokens (refer to Governance - R2)

But to told it as

  • R2: Users can vote for a proposal during its Voting Period. To vote for a proposal, users need to specify the vote option (yes, no, or abstain) and vote amounts. The vote amounts cannot exceed their staked INDY amount. A user can only vote for a proposal once, and during the Voting Period, their staked INDY used for voting will be locked.

My doubt is what is the estimated Locking period for Voting. How does this locking process work. How many days or epochs we have to lock the INDY.

21 Likes

Voting Period is a protocol parameter configurable via governance. It’s undecided what this specific value will be at launch, so we’re open to suggestions.

When you stake your INDY tokens in Indigo, you’ll be sending your INDY into a smart contract. You’ll receive a NFT that proves you own the staked INDY. You’ll use this NFT to vote and interact with your staked position within the protocol. If you vote on a proposal then the INDY is locked into the protocol and you won’t be able to withdraw them until the vote is completed. After the vote is completed you can swap your NFT for your staked INDY.

29 Likes

That makes sense. I often wondered, not just on this platform, but for things like Catalyst with a lot of ADA and tokens tied up in contracts how we would then vote. NFT receipts could help indeed.

7 Likes

I’m sure Kcfox will have a field day designing this governance NFT! :grinning:

I think INDY NFT locked is the way to garantee that only one person will vote.

4 Likes

I like this idea and I think the longer the better. It shows commitment and seriousness on the part of the voter.

2 Likes

Is there a minimum amount of INDY needed to vote?

believe there is a minimum amount of votes in order for a proposal to pass. but even the tiniest INDY amount may vote - just that a small amount of INDY will likely have only a small influence in the outcome.