Committing to Governance
Last updated
Last updated
Defly enables you to commit to Governance across the Algorand Foundation, Folks Finance, Algofi, and GARD - all within one app. Improve your overall Algorand Governance experience by committing to Governance across multiple partners quicker than ever.
Navigate to “More” and select “Algorand Governance” to begin:
Governance is a decentralized program that allows ALGO holders to vote on the future of Algorand. Committing ALGOs to Governance for a three-month period allows you to vote on measures proposed by the Algorand Foundation and earn rewards for doing so. You must vote and keep your balance above your committed amount at all times to be eligible for rewards. Learn more here.
Select “Official” to commit to Governance through the Foundation:
To commit ALGO, select the ALGO icon and input the amount you’d like to commit. Once complete, select “Set amount” and swipe to confirm the transaction:
To commit liquidity pool tokens, select the eligible LPTs you want to commit, and follow the steps mentioned above. NOTE: Only the Algo part of your LPTs will count towards your governance stake.
Governors who commit their ALGOs to Governance through Folks Finance will receive a new asset named “gALGO” – which is pegged to the value of ALGO. For every ALGO that you commit in Folks Finance you get one gALGO that you can spend freely without risking your Governance rewards. You can early claim reduced rewards without having to wait the full Governance period, or wait and earn the full reward amount during the burn period. Learn more here.
To commit through Folks Finance’s Liquid Governance feature, select “Folks Finance gALGO".
You can commit ALGO and mint gALGO by selecting the ALGO icon and inputting the amount you’d like to commit. Once complete, select “Set amount” and swipe to confirm the transaction:
Algofi’s Vault unlocks users’ Governance stakes while taking advantage of the protocol’s lending protocol. When a user supplies ALGOs to their Vault, Algofi creates and provides them with a new asset named “Vaulted ALGOs” or “vALGOs” which has the same price and collateral factor as ALGOs. Learn more here.
To commit through Algofi’s Vault, select “Algofi Vault V2”.
Commit to Governance by selecting the ALGO icon and inputting the amount you’d like to commit. Once complete, select "Set amount" and swipe to confirm the transaction:
Similar to Algofi’s Vault, the GARD Protocol is a lending protocol that uses collateralized debt positions (CDP) to mint GARD, the protocol’s native stablecoin. Governors need to lock their ALGOs in a smart contract to mint GARD while voting on key Governance issues to claim their rewards.
Unlike the other options mentioned above, GARD isn’t integrated directly into Defly yet.
To commit through GARD, navigate to “GARD” and select “Open Gard dApp”. This will take you directly to the GARD Protocol to commit to Governance:
