How do veto votes work on QuipuSwap?

Written by Martin J. Maddox
Updated 7 months ago

LP holders on QuipuSwap can not only vote for specific bakers if they so desire, but they may also use their LPs to veto a specific baker (i.e. ban him from being a baker in a pool for a time).

Generally, shareholders band together to veto a baker if they believe him to be unreliable or if he is "overstaked". 

Only a third of staked shares in the Governance section of the pool is required to veto a delegate.

Example:  The whole token pool has 100 shares, 90 shares don't participate in the Governance, 10 shares participate.  4 of these 10 shares will be enough to veto a candidate.

The vetoed candidate is banned for 3 months and cannot receive votes during this period. When a candidate is banned the runner-up candidate becomes the delegate. 

After staking shares to veto someone successfully, users can withdraw their votes or re-stake them for other bakers.

A user can only cast a veto vote against the current delegate. If a delegate is changed, the total vetos are reset and the locked tokens can be withdrawn by users.

To vote against the current delegate you need to:

1. Go to the "Voting" section;

2. Select the "Veto" tab;

3. Enter the number of LP shares you want to vote against the delegate and click "Veto";

Once the transaction is confirmed, your votes will be counted.

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