Introducing Governance Proposal #9
Hey #CrystlCrew, today we are announcing the 9th Governance Proposal vote for Crystl Finance. Below you will find information regarding the proposal, as well as the reasonings for why it is being brought up to a vote by the community.
Proposal #9: Temporarily Reduce Performance Fees on Polygon to 3%
- Snapshot Start: April 12, 16:00 UTC
- Snapshot End: April 14, 16:00 UTC
Summary: To help increase our TVL and users on Polygon, we are putting forth a proposal to reduce the Performance Fee on our Polygon Vaults from 5% to 3%. The split between Treasury and Revenue Sharing will then be adjusted accordingly as follows: 2% to the Treasury and 1% to Revenue Sharing. This reduction will be temporary and last until Crystl’s Birthday on June 21st.
- Option A: Reduce Polygon Fees to 3%
- Option B: Keep Polygon Fees at 5%
If Option A is passed, the reduction will take effect shortly after the proposal is voted in. If Option B is passed, no change to performance fees will be made.
How To Vote
- To be eligible, ensure that your $CRYSTL tokens are on Polygon before the Snapshot Start Date (April 12, 16:00 UTC):
- In your wallet, OR
- In the CRYSTL-MATIC Vault
- Visit the voting page once the snapshot is live.
- Vote Option A or Option B for Proposal #9.
Proposal #9 is specific to Polygon, where the current TVL of Crystl Finance Vaults adds up to roughly ~$814,000 at the time of this article (April 8, 2022). When we compare this value to our TVL on Cronos (~$2,594,000), the figure is not as high as we would like to see. While this can be partially attributed to the state of the #DeFi and yield farming landscape on Polygon, we believe that the current performance fee of 5% can be temporarily reduced to 3% to have a positive impact on our TVL on Polygon.
By reducing our Fees to 3%, this will allow us to have the lowest fees on Polygon as a Vaulting Platform and help us stand apart from the competition. Given that our V3 Vaults release is just around the corner, reducing the performance fee on this chain would align with the release of V3 and serve to help to attract new users as well as increase our Polygon TVL. With increased TVL, this chain’s Revenue Sharing reserves would then be on the right track towards being self-sustaining by June 21st!
Crystl Clear Radio Podcast
We will be holding a Twitter Spaces event this Sunday April 10th at 16:00 UTC on the official Crystl Twitter page. This will be an opportunity for the community to hear further details as well as reasonings about Proposal #9. Its also a chance for the #CrystlCrew to ask questions and receive answers. Be sure to tune in!