Vote, Revote, Withdraw

Timeline

EGL voting works in weekly epochs, using the block's timestamps. At the end of each week the votes are tallied (tallyVotes()) and the desiredEgl is updated (see Calculating desiredEgl). The first vote is to be calculated one week after the EGL smart contract is launched and every week thereafter.

Votes may be cast using vote() or revote() at any time, up until 4 hrs before the weekly tally is scheduled to take place.

tallyVotes() can be called directly by anyone once an epoch has ended, or indirectly by any vote(), revote(), or withdraw() calls.

You cannot vote or revote within 4 hours of a given epoch ending. EGL.vote will not allow you to vote, but if you call the contract directly within this time period, your vote will fail.

Lockup

To cast a vote, an EGL holder must lock up some amount of EGLs (eglAmount) for a period of 1-8 weeks (lockupDuration) . The lockup starts from the time of the vote()or revote() Tx being mined. Therefore, a voter who votes on Wednesday Jan 1st at noon and specifies lockupDuration=2 will be able to withdraw said EGLs on Wednesday Jan 15th at noon.

It is possible for voters to adjust their vote using revote() (outlined below), however the locked eglAmount will not be released any sooner.

vote(), withdraw() and revote()

To keep the design as clean and simple as possible:

• vote() can only be called if the wallet/address has no active vote nor EGLs locked or uncollected.

• withdraw() withdraws all the EGLs including Voter Reward, leaving a clean slate, and can be called after the lockup has expired.

• revote() calls withdraw() internally, cleaning any existing votes and their effect on the vote, collecting any rewards, and then calls vote() internally using the original eglAmount plus any reward tokens due as the new eglAmount, but ensuring the EGLs release date is the later between

  • The existing vote (now removed)

  • The new vote, based on current time and lockupDuration.

Revote can be used in two ways: 1) to change your vote when EGLs are locked and owned by the contract (i.e. not available for withdrawal) and 2) to submit a new vote when EGLs are in the contract but available for withdrawal.

Maintaining Votes for Multiple Epochs

Votes can be cast for up to 8 weeks into the future, thus at any given time the EGL smart contract maintains 8 sets of variables to track the weight-averaged desired change to desiredEGL, and vote() and revote() affect the relevant variables depending on their lockupDuration. Once tallyVotes() is called and desiredEGL is adjusted, the values for each epoch are advanced by 1 slot, and the last (8th) variables are initialized with 0.