In case you missed it, with the latest update to LEO Dex, there is now an inbuilt tribe vote multiplier. This might not seem like a big deal to many, but in this post I thought I'd put together a "vote multiplying for dummies" type guide to show the how and why of this tool.
First - WHY?
Simple, most of us have tokens in multiple tribes. Setting up multiple alt accounts and curating from each became a common way to ensure tribe holding tokens are fully utilized. However this process becomes messy, and time consuming to manage. Much simpler is this vote multiplier. Basically, for each tribe token you have staked, you can set a multiplier to apply to votes you make.
Benefits:
- Curate across multiple tribes while only using minimal HIVE voting power.
- Ability to trail a curation account, again with low VP usage and increase impact.
- Increases you vote impact for your favorite content creators through higher token rewards in the content creators preferred tokens.
- More efficient and less messy than multiple alt accounts.
Give me an example.
Joe is a regular HIVE user. He holds 1000 HP which he uses in a mix of active curation and some passive auto-votes. Joe holds staked tokens in LEO, CTP, SPORTS, NEOXIAN, LOTUS and CCC.
Joe has seen what @leofinance is doing and likes to support the tribe, but isn't really interested in financial content. Joe has heard that @spinvest-leo is using all its VP to support a broad range of LEO content creators. Joe rarely votes on finance related posts, but wants to utilize his LEO voting power, without hurting his HIVE VP noticeably. Joe sets his account to trail vote @spinvest-leo with a 5% weighting. This means he is using around 5% of his total HIVE voting power on LEO (not much really). Joe then goes onto LEO DEX, and sets a vote weight multiplier of 20 for his LEO power. This means that he is using effectively his entire LEO voting power at the cost of only 5% of his HIVE VP.
Joe's favorite content on HIVE relates to Natural Medicine. He realises he uses around 50% of his votes on content in this area, containing the lotus tag. He boosts his impact on the Lotus up-votes by setting a multiplier of 2 for LOTUS, ensuring he is using all his LOTUS VP efficiently.
Joe also enjoys art, and creative posts, and uses his up-votes regularly on CCC taged posts. He sets a multiplier of 3 on these votes, so his CCC stake has maximum impact.
Once a week, Joe check on the voting power being used for each of these tribes. He can do this simply on the LEO DEX, and fine tune the multipliers as needed.
OK - show me how:
First, log on to the new version of LEO DEX for HIVE - Leo DEX link
Next, click on the "Rewards" tab at the top of the page.
On this page, you will see all the tribe tokens you hold, any pending rewards, and the voting power for each token.
Click through on the link and you will get a pop-up to set the multiplier for that token. Change as desired and submit.
And that's it, change each token, let it run for a few days, then come back and check the VP and adjust accordingly. After a week or so (maybe a bit longer to fine tune it) you should see an increase in your tribe token earnings from curation as your more effectively managing your VP for each.
I just want to shout out @khaleelkazi and the @leofinance team for adding this in to the new version of LEO DEX. The LEO DEX adds an awesome alternative experience
Cheers,
JK.
P.S. Have you noticed that LEO DEX has also added a direct link to token rich-lists. To find them, simply click on your wallet or the tokens page.
Click the little people icon and you will get a rich list for that token - simple.