Governance Token Update - Launch and Claiming

Alex Hidalgo

Sep 30, 2021 · 2 min read

Aloha!

Since the community voted on creating a governance token we’ve been hard at work! We’re on track to launch Phase 0 of StormX Governance by early November so here’s a quick update on what to expect.

Receive Governance Tokens At Launch:

Two things must happen to be eligible to receive governance tokens at launch.

1. You must connect a Rewards Wallet by October 15th, 2021

2. You must have completed one or a combination of the following by October 15th, 2021:

• Completed shopping trip

• Completed Play task

• Voted on a proposal at governance.stormx.io

• Earned staking rewards

• Holding a StormX NFT in your wallet on October 15th, 2021

👉 The more shopping trips, tasks, NFTs, and staking you’ve completed the more governance tokens you can claim 👈

Launch Plan - Early November:

• Create upgradable erc20 governance token

• Enable power users of the StormX platform to claim governance tokens

• Create StormX space on Snapshot.org

• Launch GOV-STMX and GOV-ETH liquidity pools on Uniswap V3 as a service for users

Governance tokens will be claimable for 3 weeks. After that the un-claimed tokens will be returned to the StormX treasury to be used for rewarding future users with governance tokens. We are doing this to ensure that active users of the platform are the ones who are receiving the most governance power.

Future Phases

Phase 1 - Immediate Improvements

• LP Mining Rewards Program to support governance users

• Permanent governance discussion board ie Discourse.org

Phase 2 - Join Forces

• Community discussion for Snapshot voting weights in Discourse

• First governance vote

• Join our Discord to discuss the first governance proposal

Why Governance? 🤔

As discussed in our first governance blog we’ve seen in crypto and open source software that the way to build a great product is to empower the community. Members can vote on proposals that the core team needs input on. Over time the community can even collaborate on their own projects that empower the StormX ecosystem while receiving support from the core team. Projects could be technical or non-technical in nature. The phases described above are just the beginning on the long road to decentralization. The road is long, highly experimental and unique to our StormX ecosystem.

👉 Remember! StormX governance tokens have no economic value; it is a governance token used only to vote within the StormX ecosystem. It has no claim on financial rights 👈