How to delegate voting power in Mitosis?

In the Mitosis ecosystem, delegating voting power allows users to assign their governance rights and extra rewards to another account, streamlining decision-making and reward management. Here’s how you can delegate your voting power:

1. Understanding Delegation in Mitosis:

• Delegation Feature:
  • This feature enables you to designate a delegate who will receive all your voting power and Ecosystem-Owned Liquidity (EOL) extra rewards. This is particularly useful if you prefer not to participate directly in governance or wish to consolidate voting power within a specific account.

2. Steps to Delegate Voting Power:

• Direct Delegation:
  • Use the delegate function provided by the Mitosis protocol to assign your voting power to another account. This action transfers your future voting rights and extra rewards to the chosen delegate.
• Default Delegatee:
  • Set a default delegatee for all types of miAssets, including those added in the future. This ensures that any new miAssets you acquire are automatically delegated to your chosen delegatee, simplifying the delegation process.
• Delegation Manager:
  • Designate a delegation manager who has the authority to change delegates for all the contracts it manages. This is particularly beneficial for decentralized applications (dApps) comprising multiple contracts, as it consolidates voting power and extra rewards under a single delegate for streamlined management.

3. Implementing Delegation in Smart Contracts:

• If you are a dApp developer, you can integrate delegation features into your contracts by adding the following lines to the constructors of all contracts in your dApp: https://docs.mitosis.org/docs/developers/integation/eol-delegate contract
• This setup ensures that all voting power and extra rewards are consolidated under one delegate, facilitating efficient management and operations.

4. Considerations:

• Impact on Voting Power and Rewards: Delegation affects both your future voting power and extra rewards. Once delegated, these rights are transferred to the delegatee and cannot be exercised by you unless you revoke the delegation.
• Revoking Delegation: Ensure you understand the process to revoke or change delegation, should you decide to reclaim your voting rights or assign them to a different delegate in the future.

By following these steps, you can effectively delegate your voting power within the Mitosis ecosystem, thereby enhancing governance efficiency and reward distribution.