Prime Locking Starts February 8th!
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➡ Lock your PRIME tokens at https://primelock.eth.link/ today!
PrimeDAO needs good governance! To align all DAO participants with Prime's long-term success, the DAO has come up with a locking mechanism that lets PRIME holders earn voting rights — also called Reputation (REP) — by voluntarily withdrawing PRIME from circulation.
Reputation will allow PRIME holders to vote on DAO-funded proposals, interface, and protocol changes as PrimeDAO paves the way towards sustainable decentralized finance. Locking tokens ensures that the PRIME holders who want to participate in governance will have to be conscious of their votes' long-term impact — a principle known as skin in the game.
Until now, only partner organizations and contributors to PrimeDAO who have earned REP by contributing have been allowed to vote on proposals in each governance cycle. After this first Prime Lock Program, PRIME holders who commit to locking their tokens will also be a part of the governance, beginning from the Governance Cycle #4.
Prime Lock Mechanics
PRIME holders can lock their tokens for up to four months. 8,000 Reputation will be split between PRIME lockers, which will approximately double the Reputation of the DAO.
The quantity of Reputation received is a function of the amount of PRIME locked multiplied by the length locked. The final amount is then distributed pro-rata based on the aggregate of all lockers.
A final note: PrimeDAO has determined that any individual in the DAO should not possess more than 500 REP. With this in mind, any locks that result in higher than 500 REP will have their Reputation slashed by the DAO.
How to Lock Your PRIME
🟢 PRIME Lock Start Date: 8 February 2021
🔴 PRIME Lock End Date: 8 March 2021
After the locking period ends on March 8th, Reputation will be redeemed by a script one week later, distributing REP to participants in proportion to the amount and length of the duration they locked their tokens.
After March 8th, users will not be able to lock more PRIME.
How long can you lock?
You can lock PRIME tokens for up to four months.
When will you receive REP?
Reputation scores will be redeemable one week after March 8th. If you locked PRIME for four months, you don’t need to wait until the end of these four months to receive your REP. You will have all of the REP you are entitled to on March 15th, which can be used for voting in Governance Cycle #4.
When will I be able to use REP?
From Governance Cycle #4 onwards, you will be able to use your REP to vote on proposals and earn PRIME and REP rewards for your participation. To learn more about the governance cycles and rewards for active participants in detail, check here.
How much REP can I hold?
To prevent the centralization of governance power, each address has a limit cap of 500 REP, per the passing of this proposal. After an address holds more than 500 REP, anyone can propose the DAO to slash that address’ REP back to 500.
