Understanding unkMAV
unkMAV token, and how it fits in Unlock
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unkMAV token, and how it fits in Unlock
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If a user deposits MAV into Unlock, that MAV is locked forever on the platform as veMAV.
A tokenized version of veMAV, unkMAV, is returned to the user at a 1:1 rate.
unkMAV conversion is 1-way. Liquidity pools may exist that allow users to swap unkMAV for MAV tokens.
unkMAV can be staked into the platform to receive the normal rewards one would get from obtaining veMAV on Maverick Protocol.
Additionally, users staking unkMAV may receive MAV from Unlock's performance fee, as well as the platform native token UNK.
Prior to the launch of UNK, unkMAV provides users with Keys, a pre-token to UNK during The Unlock Games.
Prior to the launch of UNK, voting for veMAV gauges will occur through unkMAV and Snapshot.
Maverick Protocol allows veMAV holders to vote how MAV inflation is distributed by assigning weights to each pool's "Boosted Positions".
As a holder of veMAV, Unlock can participate in these voting procedures, and these voting rights are passed to unkMAV holders/stakers.
Voting will be done via Snapshot
Gauge weight voting for each chain has its own dedicated Snapshot page.
Governance proposals are weighted respectively by their unkMAV vote outcome. Thus if 60% of unkMAV votes for YES and 40% for NO, Unlock will submit an on chain vote for 60% YES and 40% NO.
Gauge weight voting will start on Thursdays at 00:00 UTC and end on the following Wednesday at 18:00 UTC.
Other Maverick Protocol governance votes will be addressed as they arise.
Maverick governance votes will have a quorum of 15%; gauge weight votes will not have a quorum.
Individual unkMAV holders may spread their votes among multiple pools in gauge weight votes.
Each gauge must receive at least 0.05% of the votes before weight is assigned.
Unlock multi-sig is still required to sign to establish outcomes of all Snapshot votes, for both governance and Maverick gauge weight votes. In almost all cases, we will vote in-line with holders. However, Unlock and Maverick benefit each other, and proposals considered to be blatant attacks damaging either protocol will not be signed for.
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