Frequently asked questions about Algofi Governance.
You may have noticed transactions taking place in which your Algofi governance account is a foreign account. These transactions are permissionless update transactions being run by members of the community to keep the Algofi governance protocol running smoothly. Specifically, the three types of transactions are
- 1.Update veBANK: this action updates a user's veBANK state stored on the voting escrow application state. Moreover, it updates a user's boost multiplier stored on each staking contract or lending market in which they are participating.
- 2.Execute delegated votes: this action executes delegated votes on behalf of user's who have delegated their veBANK to another user in the protocol. For example, if user A delegates their stake to user B, this script identifies the delegation and casts a vote for user A using user A's stake and the vote that user B has cast.
- 3.Close vote accounts: this action closes out accounts being used to store voting state on the admin application for each proposal that is launched. The algos are returned to the admin application account to be used for future proposals.
These actions are permissionless and can be run by any user in the Algofi community with the scripts available on the Algofi GitHub: https://github.com/Algofiorg/algofi-scripts/tree/main/governance
Last modified 3mo ago