If you’ve been taking part in Beefy governance, you might have noticed our recent switch to Snapshot. We wanted to make sure you understand exactly why we’ve made the change, and what it means for all you $BIFI holders. In short, your governance experience has received quite a big upgrade. Let’s dive into the basics and make sure you understand exactly how to exercise your Beefy voting rights.
What is Snapshot?
Snapshot is a project that enables quick and simple governance proposals without the need for fees or staking crypto. Previously, governance on Beefy would require you to be connected to BSC, and only BIFI on your wallet, and on the BIFI Maxi vault counted as voting power. Now, we have made many improvements to make your voting experience as seamless as possible. Snapshot allows for off-chain vote signaling. Within a proposal, a certain block is chosen to take a snapshot of wallets eligible to vote. Once you connect your wallet to Snapshot, you can then access your voting power without needing to do anything on-chain.
Snapshot also allows us to use the following voting mechanisms:
- Single-choice voting
- Approval voting
- Quadratic voting
- Ranked-choice voting
- Weighted voting
- Basic voting
These options allow users to show their feelings in a more accurate way and provide better insight into the DAO’s feelings.
Why did Beefy choose Snapshot?
Snapshot can dedicate more time to improving the service than we can
Our previous voting mechanism required a team effort to maintain and host. By integrating with Snapshot.org, we now have a platform that benefits from the dedicated work the Snapshot team put in. This frees more of our developers’ time and also provides us with a better voting experience. Snapshot is always improving its voting solution (UI, strategies, space configuration, etc.), and we will benefit now from all the work they provide.
Snapshot makes multi-chain governance simple
As we now support 13 blockchains, we also needed a solution that can support multi-chain governance. Snapshot makes it simpler to make sure that $BIFI holders get their voice heard no matter what chain they’re using. With a combination of our vote-API and Snapshot’s multichain strategy, we can support any source we’d like quickly and efficiently.
We can easily set thresholds for proposals
Our previous mechanism required a minimum of 1 BIFI to be held by the wallet trying to create a proposal. As voting power is now derived by a snapshot, they no longer have to keep the $BIFI in their wallet and can use staked $BIFI instead for their proposals.
Voting power is locked at the moment of creating the proposal,
As your power is locked at the time the proposal was created, nobody can simply buy more to increase their influence. This allows for a fairer system.
So how exactly does this work with Beefy?
From now on, vote.beefy.finance and Beefy Finance Snapshot will display the same proposals. You can use both portals to take part in Beefy governance. Let’s take a look at a basic example. You can see below key information on a proposal, including the block the snapshot was taken and its author.
At the bottom, you’ll see the options for voting on the proposal. Once you connect your wallet and make your choice, Snapshot will calculate your voting power. This power is made up of the BIFI on the BIFI Maxi vault, the BIFI Earn pool, BIFI in LPs inside Beefy Finance, BIFI on Moonpot, and also your BIFI on QIDAO. We got you covered.
Most of the changes you’ll experience with our new system will be unobtrusive and make your life a lot easier. A DAO with a solid voting mechanism is a healthy DAO, and now we have a system that can keep up with Beefy’s fast pace.