Introduction
In the realm of decentralized finance (DeFi), governance and community engagement play pivotal roles in the success and sustainability of any protocol. Jupiter Exchange, with its innovative JUP token and governance model, exemplifies these principles. Currently, staked JUP tokens are subject to a 30-day lock period, which is integral for voting on governance proposals. While I fully support this lock period as a means to ensure stability and commitment among stakeholders, it raises valid concerns regarding wallet security and the overall user experience.
Problem Description
In an increasingly digital PvP world, the security of cryptocurrency wallets is paramount. Regularly updating and recycling wallets and private keys is a recommended practice to mitigate risks associated with hacking and unauthorized access. However, the current 30-day lock on staked JUP tokens can inadvertently deter users from engaging in this essential security practice. By locking their tokens, users may feel compelled to maintain a static wallet setup in order to not lose voting power, thus increasing their vulnerability over time. I believe that cadets should not have to choose between governance and security, and thus I bring this proposal to the community.
Proposal: Transferring Staked JUP Tokens
To address the security concerns associated with the current lock period while maintaining the integrity of our governance model, I propose a solution that allows for the transfer of staked JUP tokens to another wallet. This proposal envisions that when staked tokens are transferred, the receiving wallet will also inherit the staked status of the JUP tokens, thereby respecting the existing 30-day lock period.
This approach offers several advantages:
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Enhanced Security: Users can periodically transfer their staked tokens to new wallets, allowing them to update their keys and reduce the risk of long-term exposure to potential threats. This practice aligns with recommended security protocols while preserving their ability to participate in governance.
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Retention of Governance Rights: The proposed mechanism ensures that governance rights remain intact during the transfer process. The 30-day lock period remains applicable, thereby preserving the integrity of our voting system and preventing any potential manipulation of governance outcomes.
Final Thoughts
I urge my fellow Cadets to consider this proposal as a step towards a more secure and flexible framework that prioritizes both user safety and active engagement in our community.
I look forward to the community’s feedback and remain open to ideas that can help solve the core issue.