How To Multiply Your Tribe Token Vote Weight And Fees - Tutorial For New Users

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We're getting a lot of new users every day and I think it's appropriate to do tutorial posts for them, to share the knowledge and help them use the tools we have the best way. Today I'd like to show you how you can maximize your vote and a few words about fees.

Vote Weight Multiplier

Now that we have so many tribe tokens available on the Hive blockchain, curating has become more interesting and challenging as well. Balancing your voting power is not easy, especially if your stakes are of different size, which is the case for most of us who atarted early, when there were no tribe tokens, just STEEM/HIVE. So we started with STEEM/HIVE, accumulated, accumulated, then came the tribe tokens and that's what we have less.

For those who are really new and don't really understand how the voting system works, I'm going to use my example to show you what I mean.

Let's look at HIVE and LEO in this example. Right now I've got 34,740 HP powered up and 2,137 LEO, also powered up.

My 100% upvote in HIVE means $0.56 at the time of writing and 0.218 LEO. This is nice but unfortunately I can't give 100% upvote to everyone as it would drain my voting power (VP) pretty fast. A lower voting percentage also means less LEO.

Leofinance has created a good tool to help us balancing our voting weight, on LeoDEX.

LEO.jpg

At LeoDEX, you have REWARDS, where you have the vote weight multiplier.

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If the multiplier is set to 1, which is the default setting, my 10% vote means 0.02 LEO, 20% is 0.04 LEO and so on.

If I set the multiplier to 3, my vote value rises to 0.059 at 10% vote, 0.119 at 20% vote and so on.

I'm usually setting the multiplier to 8 or 10, to be able to give the max LEO vote value at 20% as well. Otherwise i would be wasting my LEO voting power.

This tool is working for every single tribe token. You can go over the list of tokens in your wallet and set the appropriate vote weight for each token the best way you see fit, in order to maximize curation rewards.

Please note, you may encounter problems using Hivesigner. I know a few months back the multiplier jumped back to default, the only way to set it was using Hive Keychain. It may work now, it's possible, I don't know as I'm only using Keychain.

Fees

We have Hive Engine (HE) and LeoDEX, where we can buy and sell tokens. Each platform has deposit and withdrawal fee.

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This is what you pay on HE, 1%!

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This is the fee what you pay on LeoDEX, 0.25%. Feel free to choose whichever is ok for you.

This is it for today, I hope it helps. Feel free to spread the word, let your friends know about these things as we have to help new users.

@cmplxty, I hope it helps.


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37 comments
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I had no idea this was possible. I was about to make a different account for each token, but this seems to solve the issue.

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No need for that, this tool saves you from the headache of managing so many accounts.

!ENGAGE 20

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Yeah, my alt accounts are a lot less useful now lol it's a good thing too because in order to properly auto-vote with an alt account it needs a minimum of 100 HP to work. Not a big deal but draining 600-900 HP from a main account is worth a few cents for votes!

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We're getting a lot of new users every day and I think it's appropriate to do tutorial posts for them

I've made a note to look at it tomorrow even though I'm not a new user. 😁 I've never gotten around to sorting this out so it's about time to work out how to do it.

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🤦 you gave no excuse now and your reaction confirms it was a good idea to do this post.

Good luck!😜

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Thank you for this, like you know the area I am so confused on...
Sometimes I found myself voting without knowing what it does and why it runs out.

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Yeah it's a bit of a challenge to get your head around some of this stuff!

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This is exactly what I needed, thank you! :) Appreciate it! I am glad that it was the Leo folks that did this, I thought it was another group but the Leo guys are really killing it with the innovation!

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You're welcome! I thought better do a post as many don't know about it.

You're right, the Leo Devs are amazing!

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I’ll have to write about my experience and strategy with it soon!

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Mehn this is helpful, I literally have no idea.my voting power is just fixed on 100%. Indeed there is a lot to learn

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Voting power needs to be used carefully, especially at the beginning when your stake in at the beginning.

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Wow, I'm not that new, and still, I had no idea about the multiplier thing! Very useful tool! Thaks for sharing

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Nice tips @erikah, I never got to understand Vote Weight Multiplier on Leo Dex. You have explained this in a simple way. Cheers!

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The vote multiplier is one of the best tools available since I only have one account. By mixing it up, I can kind of set the ones I don't use as often to a high % and make sure it doesn't overfill.

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It sure is as it saves you from a lot of trouble and allows you to use your voting power and stake the best way.

!ENGAGE 20

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Had a lot of problems using this tool when I earlier stumble upon it. Thanks for taking out time to explain how to properly make use of it in simple and clearer terms

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My pleasure, I hope you can use it now properly. Make sure you use keychain as hivesigner may not work.

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This will be very helpful for me who cosmi to have exactly these kinds of problems!

Thank you very much!

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Great and very useful post, @erikah.

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Thank you, I thought many could use the info. New users need guidance and as it turns out, old one too, some of them anyway.

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