Now for the news you’ve been waiting for: the network fee vote is live.
At the time of publishing, Balanced has collected over $1M of network fees:
- 266,199 sICX
- 827,672 bnUSD
- 11,889 BALN
Now, BALN holders get to vote to distribute those fees.
The proposed split will see 40% of fees go to the DAO fund, and 60% to people who stake BALN or supply it to a liquidity pool.
To vote, sign in to app.balanced.network
. Make sure your BALN is staked to maximize your voting power (BALN in a liquidity pool won’t count towards this vote), then click `Vote to distribute fees` in the Rewards section.
Choose Approve or Reject, then complete the transaction.
Voting lasts 5 days, and ends on 1 July at 10am PST. At least 20% of staked BALN needs to vote, and of those, at least 67% need to approve it.
Fees can be distributed as soon as the vote has passed. After the first distribution, you’ll be able to claim them from the Rewards section around 10am PST each day.
Make sure you participate in this monumental first vote of the Balanced DAO.