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Vote on Spirit emissions with binSPIRIT

April 4, 2022

If you hold binSPIRIT and stake it with Beefy, you already enjoy the benefits of maximized staking rewards. But the advantages of holding binSPIRIT don’t stop here. You now can use your binSPIRIT to start voting on SpiritSwap farm emissions. By giving binSPIRIT holders more use cases and benefits, we also strengthen the binSPIRIT-SPIRIT peg.

How does SpiritSwap voting work?

SpiritSwap’s inSPIRIT governance token uses a vote locking model. As binSPIRIT is a wrapped version of 4-year-locked inSPIRIT, it also provides the same benefits. inSPIRIT (and binSPIRIT) holders can receive voting power, participation rewards, and boosted farming rewards. binSPIRIT holders can vote weekly on the gauges to receive SPIRIT emission allocation.


How to use Beefy’s voting power?

50% of Beefy’s voting rights from locking SPIRIT are given to binSPIRIT holders. We’ll distribute these rights and users will be able to vote once a week via Snapshot. Beefy will also create an open bribe environment for projects to bribe binSPIRIT holders for use of their voting power.

Each week, protocols will request to be on the snapshot for the next week's vote. binSPIRIT holders can then use their voting power to vote for the allocation of the Beefy vote. Voters will receive their bribes via an airdrop generated from the voting history.

binSPIRIT just gained another use case

With the power to influence Beefy’s votes, holding binSPIRIT is more useful than ever. It’s not just a transferable way of maximizing SPIRIT rewards, but also a way to vote on emissions. If you want to get your hands on binSPIRIT, mint it 1:1 with SPIRIT on the binSPIRIT vault page, or purchase it on the open market if the rate’s more favorable.

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