BabelFish DAO uses a fork of Sovryn’s Bitocracy — which gives weighted voting rights to participants who have their tokens locked in the Vesting and Staking Contracts.
To gain voting power, FISH holders must lock their FISH for a given period. BabelFish — just as Sovryn — uses a quadratic equation with a mapping system to measure the total amount of tokens that are unlocked on any given day. This enables the protocol to compute the Voting Power of all the tokens locked up to a given point in time.
NOTE: To successfully participate with voting power in a proposal, users must have staked their FISH prior to the proposal having been submitted.
Staking FISH for Voting Power is a feature that is permissionless and openly available in a voluntary manner to anyone who owns liquid, unlocked FISH tokens in their wallet. You can read more about the technical details of staking and how voting power is calculated on Sovryn’s Wiki here.
The shortest staking period is about 2 weeks, the longest up to three years.
FISH locked in the Vesting Contracts (Pre-Sale, Team, Early-Supporters, Bounty Rewards) also receive voting power but, unlike voluntarily locked FISH tokens in the Staking Contract, won’t receive staking rewards. Token holders who stake their FISH will receive staking rewards proportional to their share of the total voting power. For example, a staker with 1% of the voting power will receive 1% of the staking rewards.
PLEASE NOTE: STAKING FOR A LONGER PERIOD OF TIME INCREASES VOTING POWER AND REWARDS’ SHARE, BUT EARLY UNSTAKING IS PENALIZED WITH UP TO 30% OF YOUR STAKED FISH. BE CAREFUL CHOOSING THE STAKING AMOUNT AND PERIOD.
Staking step by step
Go to https://babelfish.sovryn.app/ (our dApp is temporarily hosted by Sovryn) and connect your wallet (at this stage Liquality, Nifty, Metamask and Portis wallets are accepted). Please make sure that RSK Mainnet is selected. You will have to confirm the connection request in Your wallet.
Next step — click the “GO TO STAKE” button
To add a stake — click the “ADD NEW STAKE” button.
Enter the amount of FISH which you intend to stake. You can type the amount or use predefined amounts of 10%, 25%, 50%, 75% and 100% of FISH tokens held on Your wallet.
Select staking duration by choosing the year, month and day to unlock your stake.
You will be able to see the received Voting Power and Tx Fee above the “STAKE” and “CANCEL” button. Once everything is as you have chosen — click the “STAKE” button. If in doubt — there is always a “CANCEL” button available.
An “Approve” transaction may be required before staking can be enabled.
Confirm the transaction in your wallet.
You are now ready to go to the GOVERNANCE and participate in the FISH Governance.
It is also possible to use the “INCREASE”, “EXTEND”, “UNSTAKE” and “DELEGATE” buttons, as explained below.
“INCREASE” is for adding more FISH tokens to the existing Staking Contract. It will not change the staking duration. You can see additional Voting Power displayed after an amount of additional FISH is added.
“EXTEND” is for extending the duration of the existing Staking Contract. An additional amount of Voting Power is displayed after the extend date is selected.
“UNSTAKE” is used to withdraw your FISH tokens. Please note that there will be no penalty if unstaking happens after the Staking period. In the example shown below there is a penalty of 4.2% = 1.7640 FISH for early unstaking. You can find the table of unstaking penalties here.
“DELEGATE” is to delegate your Voting Power to another wallet address. This is useful if you have multiple wallets holding FISH or if you want to delegate your Voting Power to a trusted person, who is active in the BabelFish Community and is always participating in the voting.