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AIP-26: Transitioning the Governance Vault

Background & Rationale:

As currently written in the AIP-24, all locked governance stakers are set to automatically unlock during the upcoming governance migration. Users will then have to manually lock their tokens in the new governance vault. This setup could be breaking the “lock momentum” and forcing stakers to manually lock in the new governance may lead to a non-trivial amount of ALPACA not relocking, and subsequent selling pressure on ALPACA. So we’re proposing for locked tokens from old governance to remain locked in new governance (users will be able to withdraw after 21 days, which is the new max lock period should they unlock).

Execution:

Automatically migrate locked xALPACA in the old Governance vault to continue as locked in the new gov vault. This way, locked tokens will remain locked, and maintain the momentum of being opt-in.
If users wish to unlock, they can then do so on the new Governance Vault. So for many users who do not need to unlock urgently, they’re more likely to keep their tokens locked, because it will be the default.
Note:
  • xALPACA that’s already unlocked in the old Governance vault at the time of migration will not be moved to the new vault. Users will be able to claim them directly from the bscscan*. You can check the guide here.
  • The new Governance vault is scheduled to go live around mid November.

Voting:

This AIP will be a single-choice voting.
  • A YES vote would implement the transition of the locked ALPACA into the new Governance vault as described
  • A NO vote would NOT transition the locked ALPACA to the new vault, meaning users will have to do it manually.

Resolution:

  • The community voted to implement the transition of the locked ALPACA into the new Governance.

References: