📣 Hi XDEFI Wallet Community 🔥 We are pleased to announce that the 1st XDEFI Community proposal has just been submitted via Snapshot ⚡ ! Exciting news! $XDEFI holders can now submit and vote on proposals, including chain integration, routing providers, and token model changes! Our first proposal suggests a migration from the current staking mechanism to a vModel: 👉 🌐 .

snapshot.org

👈 📌 .The proposal refers to changing the $XDEFI token staking model to a new, simplified token model that will empower both $XDEFI token holders and XDEFI Wallet users 📌 Current Model . $XDEFI tokens can be staked for a user-defined period of time, stakers receive an NFT badge (bXDEFI) which represents their locked position . Each bXDEFI has a score ranging from 1 to 13 which determines the number of “credits” attached to the NFT badge (in addition to the locked $XDEFI position) and these “credits” are designed to have future utility including community voting rights . This model and the 13 tiers of badges may cause confusion among some stakers. The 'credits' system is overly complicated and there is a risk that a staker may sell their bXDEFI without realising that it represents their underlying $XDEFI position 📌 New Model . Staking $XDEFI tokens for $vXDEFI, a transferable and fungible token that represents a staker’s % ownership of the entire vault. No lock-up period, auto-compounding of rewards, and $vXDEFI can be used to vote on community proposals . What does this mean for current stakers? Stakers can remain in their current staking contract until their lock-up period ends and then migrate to the new staking contract . There will be a transition period of 75 days during which XDEFI will supply the current and new staking contracts and XDEFI will strive to maintain consistent APR payouts for both pools 🐦. Original Twitter thread The following articles are available in the Academy section on our website: ⚙️ . Summary of the XDEFI Wallet Community Proposal process 💡 . How to submit a Community Proposal ✅❌ . How to vote on a Community Proposal 📄 . XDEFI Wallet Community Proposal Template ✉️ . If you hold some $XDEFI tokens then you can vote on the Proposal by following the instructions included in our above article “How to vote on a Community Proposal” Happy voting! ✉️