sAXIAL is the staked version of the AXIAL token used for governance purposes. It is acquired by locking your AXIAL for a predetermined amount of time through our app.
The sAXIAL token is how voting power is acquired in our DAO. This means that having sAXIAL in your wallet allows you to do the following:
- Voting on governance proposals.
- Submitting new governance proposals.
- Allocating AXIAL rewards.
To vote on any ongoing governance proposals, head to our governance page. There you can vote in favor, or against any proposal you feel strongly about.
In order to submit a new governance proposal to the DAO, a minimum of 200,000 sAXIAL is needed. This amount is not subtracted from your balance in any way, but you may only have one proposal active at any given time.
Through your sAXIAL, you may also vote on your preferred allocation of AXIAL rewards to the protocol's many pools. You can do so here, by choosing one or many pools you would like to see these rewards distributed to.
Your sAXIAL balance is determined by the amount of AXIAL you have locked, as well as how long you have locked it for. The following table demonstrates how much sAXIAL you would receive based on your lock time:
To those familiar with Snowball's xSNOB token, the sAXIAL functionality will seem familiar. The main difference is that instead of unlocking all your AXIAL at the end of your lock time, it is linearly unlocked as time passes.
For example, if you lock 100 AXIAL tokens for 2 weeks, 50 AXIAL will have been unlocked after 1 week has passed. You can claim these at any time, re-add them to your lock, extend your lock, or just wait until the end of your lock period to claim all your tokens back. This system maintains the alignment of incentives between long-term thinking and voting power, while providing more flexibility to stakers.