In terms of voting, there are two types of approaches in the market:
1. Voting with lock-up and
2. Voting provided with address snapshot without lock-up.
Considering the market value, voting with lock-up is beneficial to community users in the long term; however, it makes users bear the risks of price fluctuations on MAP tokens. how to solve this problem?
The core development team of MAP proposed to cooperate with Idavoll and create lock-up voting with their advanced technological modules. The mechanism provided by Idavoll will not affect the liquidity of community users and it can add modules for MAP token derivatives.
The details are as follows:
1. Users deposit MAP tokens into the Idavoll staking module, which lasts for 90 days each term. Users can stake again for the next term.
2. Users will get 12% APY of the lock-up tokens.
3. Meanwhile, users will get an XMAP as a voucher.
4. Each XMAP will automatically generate one GMAP (governance MAP) and one YMAP (yield MAP). GMAP is a voting token, while YMAP is a yield token.
5. Users can participate in any governance events by owing GMAP tokens.
6. Users who do not want to go through the above procedure but want to participate in governance can buy GMAP directly from Hiveswap.
7. HiveSwap will list XMAP/MAP pair to ensure the users’ MAP lock-up that they can freely transact the MAP tokens (theoretically, XMAP contains 12% of APY, and the price will be 12% higher than the MAP price).
8. HiveSwap will list XMAP/GMAP pair. The initial price is set as 1GMAP = 0.2 XMAP. It will fluctuate with the market.
9. HiveSwap will list XMAP/YMAP pair. The initial price is set as 1YMAP = 0.8 XMAP. It will fluctuate with the market.
10. If users want to withdraw their MAP tokens from the staking pool, they can combine GMAPs and YMAPs in a 1:1 ratio and get the corresponding XMAPs. Then, users can use XMAPs to swap MAP tokens.
11. Users need to swap MAP tokens into ETHs or USDCs on HiveSwap.
12.The MAP Protocol team has 33% of the voting rights for each proposal.
Reward proposal:
1. Voting governance, MAP staking, 90 days, APY 12%.
2. Add XMAP/MAP pair with APR 5%.
3. Add YMAP/XMAP pair and GMAP/XMAP pair with APR 5%.
