Protocol governance

Proposals

Since March 2022, WX Network users have the opportunity to manage the protocol: verify tokens and liquidity pools, and manage the liquidity pools' profitability. Judging by your activity, such management tools are important to our community, and therefore it is necessary to expand their list. The next logical step towards expanding the WX Network management became the implementing of any-changes voting: boosting coefficient, trading fees, token verification mechanics, etc. In January 2024, due to the WX DAO launch, this voting was moved to the Power DAO. Since then any WX DAO participant can propose its idea to improve the WX Network protocol for consideration by other WX DAO participants. You can сheck the list of previous and active votings for the WX Network protocol changes via the WX DAO and Proposals page. But to take part in the voting or propose the idea, you have to become the WX DAO member. If you have any questions related to WX Network, feel free to contact us. tags*: vote yes no proposal offer suggest idea

Token verification

WX Network allows you to create your own token on the Waves blockchain in a very quick and convenient way. To attract the attention of other users to a custom token and increase user confidence in it, the creator of the token (or any other user) can suggest it for the verification process and get verified status by voting for his token. If the majority of votes go for the token to be verified, this token will be marked as COMMUNITY VERIFIED and will receive a logo. In addition, this token will become searchable on the exchange in Verified mode and the balance of this token will be counted in the total account balance. Moreover, liquidity pool can be created with verified token. Voting proceeds as follows. Once the creator (or any other user) suggests a token for a vote, every gWX holder can vote for or against the verification of the token. The token is considered verified if it reaches a quorum and the majority of votes are FOR the token to be verified. If both of these goals are reached, then the token is marked as COMMUNITY VERIFIED. A few words about the counting of the votes. The amount of gWX that a user gets after staking WX decreases every minute, as a consequence, only the amount of gWX that the voter will have at the moment when the current voting round ends is taken into account when counting the results. To suggest your token for voting, hover the "Governance" tab over, click on the "Token Verification" item, and click on the "Suggest Token" button: In the next step, fill in the appeared form: - choose a token that you want to suggest for voting, - upload a logo for the token (.svg file; no larger than 4.8 KB; it must not be converted from files of other formats), - specify the voting time, - select the token you want to reward voters with (optional) - read and agree with the service's terms and conditions, - click on the "Suggest Token" button. Note: to suggest your token for voting, you need to pay a network fee (0.005 Waves) and a service fee (approximately 71,5 WX per voting day). After a couple of minutes, your token will appear in the "Verification Votings": If gWX holders vote for verification of the token, someone needs to click on the "Complete" button so that the token receives a "Community Verified" label. The one who clicks the "Complete" button will receive 5 WX as a reward. Any user who has at least 5000 gWX, can complain about the token by clicking on the appropriate button in the "Votings Results" section. If the community decides that the token is not worthy of the "Community Verified" title, then the token will lose it. If you have any questions related to WX Network, feel free to contact us. tags*: community verified verify verification suggest token vote voting gwx newbie

WX Emission Distribution

Intro 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. Part of this income is the increase in the price of the pool's LP token, and another part is WX tokens that pool receives in results of WX Emission Distribution Voting. Pool investors can influence the distribution of WX tokens among all pools by voting for the pool using their gWX-s. The more votes/gWX-s cast for a pool, the more WX tokens the pool receives. In addition, by voting for the pool's weight, the user increases his income from investing in this pool. Once a pool is created, it automatically becomes member of WX Emission Distribution Voting. Each user can "give away" its gWX (votes) for the pool (all gWX-s or only part of them) but only gWX-s of Pool's investors increase the weight of the pool. The larger the pool weight, the more WX-s its investors receive. Pool weight voting lasts approximately 1 week (10,080 blocks). 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 pool's token loses its verified status (Community verified label) or pool's balances go down below 50% of the minimum limit, then the pool loses all votes cast for it, loses its WX emission, and is excluded from the WX Emission Distribution voting. If the token receives the label back or/and pool's balances become more 50% of minimum limit, the pool comes to the voting back but without the votes and WX emission it gained before excluding from voting. If you have any questions related to WX Network, feel free to contact us. tags*: liquidity pools wx gwx invest income reward voting vote distribution apy boost

WX Emission changing

WX token is the main token of the WX Network project. It is involved in investment products and trading, as well as in the WX Network governance. Liquidity pools investors receive a part of their income in WX tokens and can increase it by staking WX tokens. Also, WX stakers receive passive income, trading cashback and the ability to manage the development of the WX Network. All these possibilities largely depend on the WX emission value, namely, on how many WX tokens are released every minute according to the mechanics. The larger the emission of WX tokens, the more users (pool investors, WX stakers) receive, but the higher the inflation of this token. The great news is that WX Network users can regulate the amount of WX emission, depending on their own preferences and the movement of the crypto market. All it takes is staking WX to get gWX and vote on the desired change to the current WX emission. If the WX emission voting reaches a quorum, then the WX emission will increase/decrease by 10% or remain the same. Each stage of the voting lasts 1 month. To vote on changing the WX emission, log in to your WX Network account, stake WX tokens, and go to the WX Emission tab via the Governance section. Then click the Vote button in the Voting to Change WX Emission area. In the next step, the pop-up window will appear. Choose one of the three options there: increase WX Emission by 10%, decrease WX emission by 10%, or remain it at the current level. Chose? Great! Now, click on the Vote button. That's it! It remains to wait for the results of the vote. If the quorum is reached, the most voted option will be implemented. If you have any questions related to WX Network, feel free to contact us. *tags: wx gwx staking boosting pools income claim emission increase decrease vote