$BAX: Guide to Vote on Snapshot

BABB
6 min readNov 29, 2023

Dear BABB Community,

Regarding our latest poll announcement, we will be hosting the vote on Snapshot.org. This is to make sure the BAX holders are represented fairly, and the voting is unique and not manipulatable (as it may be on other platforms). Your voting power is proportional to your BAX holding (the more BAX, the more weight your vote has).

As we stand at a pivotal moment in the decision of the BAX token, your voice is more crucial than ever. We’re conducting a community vote to decide whether BAX should be the primary Layer-1 token of the ReDeFi or remain as a Layer-2 token in the BABB and ReDeFi ecosystems. Here’s a step-by-step guide to ensure your vote is counted.

We also added an FAQ section at the end of this post.

Step 1: Prepare for Voting

We have 3000 unique self-custody wallets with the potential to contribute to the voting directly. Your external wallet provider should support “connections” such as WalletConnect, if this is the case please proceed to Step 4, as you won’t need to transfer your BAX.

Given the requirements of a decentralised poll system, if you want to participate in the voting process, you’d need to transfer your BAX tokens from centralised exchanges (i.e.; Kucoin, MEXC, etc.) or the Babb app to a self-custody wallet. In case you are already holding your BAX in a supported wallet, you won’t need to move it.

Please look at the snapshot wallet connectivity options before transferring any tokens to your ERC-20 wallet. Due to security concerns, the BABB team DOES NOT incentivise participation in this procedure if you do not fully understand all the risks.

This is the official Babb snapshot page: https://snapshot.org/#/babbredefi.eth

Important Considerations:

  • If your BAX is held in CEXs (Kucoin and MEXC) and on the BABB App, your vote will be counted as ‘Neutral’ and will not be represented on the results page.
  • We will temporarily reduce BAX withdrawal fees on the BABB App to facilitate this transfer. From 30 November 2023 until 6 December 2023, Babb will be covering part of BAX withdrawal fees from the Babb App, lowering the cost of moving BAX.
  • Babb has no control over external wallets, please make sure you use the correct wallet address. BAX is only supported on Ethereum ERC20.

Step 2: Understand the Voting Timeline

  • Voting Period: 4 December 2023 to 6 December 2023

Step 3: Transferring Your BAX

  • From BABB App: Access your wallet and initiate a withdrawal to an external ERC20-compatible wallet.
  • From Exchanges: Withdraw your BAX to an ERC20-compatible wallet.

Note: Please be aware of the transfer fees and timelines. Please make sure the external wallet is supported by Snapshot before moving your BAX tokens.

Step 4: Participating in the Vote

Voting will require a connection of your self-custody wallet with BAX holdings to Snapshot.org. MAKE SURE you follow the official link only that will be posted on our official channels. The voting will be decentralised and Babb has NO control over blockchain wallet transactions. Vote at your own risk. If you are unsure about your wallet provider please contact us before voting.

THE OFFICIAL LINK WILL BE POSTED ON 4TH OF DECEMBER.

DO NOT ENGAGE WITH ANY OTHER LINKS.

THE BABB TEAM WILL NEVER DM YOU.

FOLLOW THE OFFICIAL ANNOUNCEMENTS.

Once your BAX is in your ERC20-compatible wallet, follow these steps:

  • Connect Your Wallet: Click ‘Connect Wallet’ and follow the instructions to link your ERC20 wallet.
  • Choose Your Vote: Select your preferred option — ‘For Layer-1’, ‘For Layer-2’, or ‘Abstain’.
  • Confirm Your Vote: Verify your choice and confirm the vote.

Note: Once submitted, your vote cannot be changed.

Step 5: Await the Results

After the voting period ends, we will tally the votes and announce the results. This decision will chart the course for BAX’s future, and every vote will be important. All wallets from the core team will abstain from the vote to ensure fair participation.

Closing Remarks

We understand the significance of this vote and appreciate your active involvement. For any queries or assistance, feel free to reach out to our support team or join our community discussions.

Together, let’s make a decision that aligns with our collective vision for BAX and ReDeFi.

Thank you for being an integral part of this journey.

Please take some time and read some FAQs below:

FAQs

Why do I need to vote?

Your vote matters because it allows you, as a member of the Babb community, to actively participate in shaping the future of the BAX token. By voting, you’re not just expressing your preference but also contributing to a decision that will impact how BAX operates, either as a Layer-1 or Layer-2 token. This decision will affect the token’s utility, governance, and overall role in our ecosystem.

Will Babb compensate the GAS fees for BAX movements during the poll?

Babb will partly cover the BAX withdrawal fees from the Babb app between 30 November 2023 and 6 December 2023. The withdrawal fees for BAX will be significantly lower. It is not possible to state an exact number as the GAS fees are defined by the demand on the Ethereum network. You will need at least 1 BAX more than the valid BAX withdrawal fee. We’ll keep the withdrawal fees as low as possible, subject to Ethereum ERC20 market demand.

My BAX balance is less than the withdrawal GAS fee, can I still transfer?

You will need at least 1 BAX more than the valid BAX withdrawal fee. The Babb team will keep the withdrawal fees as low as possible subject to Ethereum ERC20 market demand.

What if something happens to my BAX tokens during the transfer?

Blockchain transactions are immutable, so if you use the wrong blockchain or the wrong ERC20 BAX address, Babb will not be able to help you. Please make sure you have access to the external wallet and always use copy/paste or QR options to input the address. NEVER type your external wallet address manually using a keyboard.

What happens if something happens to my BAX tokens during voting?

Babb has no control over decentralised operations, please make sure you are on the correct website. Never follow the information provided by third parties and make sure you are following instructions provided by the getbabb.com blog and our official medium account. Snapshot is a widely used voting platform, meanwhile, you are fully and ultimately responsible for the voting process. Remember that the voting process on Snapshot does not require users to pay any fees.

You said Snapshot does not require a transaction, but I am asked to sign during connection, why is this?

Snapshot needs to verify that you are the owner of the wallet, for this Snapshot will require a non-transactional sign process. Babb has no control over the processes of decentralised wallets, if you are not sure about a pop-up or confirmation screen, please do NOT proceed and contact your wallet provider.

Why doesn’t Babb make a company decision and ask this to the community?

Deciding the main token of Layer 1 is a major step and it will have long-term effects on Babb products. Initially, the Babb team thought of using a different token on Layer 1 to have more flexibility on token specifications, meanwhile, this resulted in a wide spectrum of feedback from our community. The Babb team is here thanks to our long-term BAX holders, and their opinion is very important to us. This is the reason we are using Snapshot, to make sure BAX holdings are represented fairly and help us decide the future of BAX.

What does it mean if I vote ‘Abstain’?

Your vote will be neither for BAX as L1 nor for BAX as L2. It will still be visible on Snapshot voting results.

Don’t invest in crypto unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

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BABB

Babb aims to deliver accessible, secure, convenient and cost-effective mobile banking services designed to serve the global microeconomy — https://getbabb.com