Quick Facts: CHESS Emission Voting
CHESS emission voting function was proposed on Jan. 7, 2022, with Snapshot voting concluded on Jan. 14 and the function launched on Feb. 10, 2022. Here are some quick facts about the CHESS emission voting that you might want to know.
What is CHESS emission voting?
It’s a newly added feature under Governance which allows the Tranchess community to cast their veChess and vote on the CHESS allocation % to each fund every week.
Why is CHESS emission voting necessary?
As Tranchess increases its underlying assets and expands cross-chain, and gradually transitions into a community governance protocol, it is only natural that TranchessDAO should decide emission distribution across the different funds. This voting allows CHESS holders to:
- Dynamically adjust to the demand of each respective token.
- Accommodate newly added tokens without causing a significant disparity.
- Incentivize the community to seek out new funds to add with autonomous governance.
The voting also potentially normalizes the distribution of CHESS within the community, so the best interest of the veCHESS holders is represented.
How does it work?
From 14:00 UTC, Thursday, Week T to 14:00 UTC, Thursday, Week T+1, all users with veChess are invited to cast their votes in the gauge under the Governance tab. The percentages of veChess allocated to the funds indicate one’s preferences for the emission split. Use up all 100% of the voting power to cast the votes.
Users should see an instant update in the “Total votes %” section, reflecting their voting. As voting continues, the minor changes under the “Next week’s allocation %” section would gradually accumulate towards a possible result for the coming week. Of course, since users can always come back and update their votes anytime during the 7-day voting period, the result would never be final until the very last minute. You could also see all the votes from the Tranchess community under “Voting history.”
The voting result takes effect together with the CHESS emission plan at 14:00 UTC, Thursday， Week T+1, and will last for a week.
How is the final CHESS emission % calculated?
Next week’s allocation % = (TVL % + Total votes %)/2
For example, at the time of this post, the current week’s allocation split is as below:
The total votes and potential split for next week, which is still changing, is as below:
Both the total votes% and next week’s allocation % are updated in real-time.
For the total number of CHESS that distributes on Tranchess per week, please refer to this schedule on Tranchess Docs.
Do I need to come back every week for the voting?
It depends. Users’ votes are automatically rolled over weekly until users update their votes. So if you are comfortable with your current voting split, you don’t have to come back every week to repeat the same voting — Tranchess would do it for you. However, if at any point you are not happy with the current allocation split, do come back and update your votes to voice your opinion!
Where can I find the emission split for the current week?
Scroll down the front page, and you will see the detailed emission schedule right under the “Governance Token” section.