There had been several discussions with regards to the unbonding period of staking Zilliqa tokens. This forum serves as a rightful discussion and poll to go ahead with the official proposal on Snapshot on the options observed.
The proposed change comes in 4 options which the MAJORITY of the vote percentage will enact the proposal. Criteria of 20% quorum and the majority of the vote to pass the proposal.
*In the event of an equal voting percentage, a new proposal between the equal majority percentages is proposed until there is a final decision.
No change (status quo)
Removal of the unbonding period (1-3 working days to change)
Amend from 14 to 7 days unbonding period (1-3 working days to change)
14 days unbonding remains but with an instant withdrawal option with a 10% penalty fee allocated to #GZIL holders based on tokens they hold (3-6 months to change)
The current 14 days came from the community choosing between a vote (Link: https://twitter.com/maqstik/status/1414629849822646281) with 39% voting for 1 month and 36% voted for no lock-up. So, an in-between was set up when staking was introduced.
With the recent price movement, it had been observed that staking lock-ups does not play a major role in the sell pressures. Some communities would prefer having to access their hard-earned invested tokens at their convenience or shorten the time frame. They believed that it will attract new investors in the long run. They may vote for option 2 or 3. Proof of poll: (Link: https://twitter.com/zillinkPower/status/1414590109823823881 )
Another group of the community prefers having a longer unbonding period as they are long-term investors and believe that the bonding period is necessary to reward them stakers. They may vote for option 1. This option will be status quo on the unbonding period for unstaking Zilliqa.
The last group of the community is the #Gzil holders who felt that the governance token of Zilliqa could have more utility and incentives long-term believers to have a say in the community. This also creates awareness of the importance of the governance token. This will also provide an option for stakers to instant unstake and reward the Gzil holders at the same time. This would be the 4th option.
The penalty percentages and unbonding period days may be contended or discussed after this vote had been confirmed while the Zilliqa core team takes 3-6 months to develop. If not, 10% instant withdrawal penalty and 14 days unbonding period will remain as it is once the Zilliqa core team gives the confirmation the development of the numbers cannot be changed unless another set of ZIP is required or proposed.
Once the proposal is confirmed, the ultimate poll result will give a view of what the majority of the community wants and is looking forward to regarding Zilliqa token staking. The ultimate result will be the will of the most dedicated believers of this project! Implementation is stated based on the options time frame and executed by the Zilliqa Core DEVs.