Why do I need to lock my MKR to vote?
Locking MKR into a voting contract allows you to keep your MKR stored in your cold wallet but make it available to vote with online. It also helps ensure only MKR holders are voting, and stops a MKR holder from voting and then immediately trading their MKR.
What is Locked MKR?
Locked MKR is MKR which you have transferred from your designated cold wallet into the voting contract. This locked MKR is then what is used to vote with using the designated hot wallet, without it leaving the secure voting contract. These are the only actions the “hot wallet” can perform. It cannot send the locked MKR anywhere else, nor can it withdraw the MKR to its own wallet.
How do I withdraw my Locked MKR?
To withdraw your locked MKR, you first need to go to the Voting Dashboard, and from the section below the header, click ‘Withdraw’. Select how much you wish to withdraw and then confirm the transaction on your wallet. Please note that any MKR that is currently being used to vote will be removed from the vote total if you withdraw it before the vote has ended. Locked MKR can only be withdrawn back to cold wallet.
Is it safe to lock my MKR?
We require users to lock MKR to minimize the time that MKR owners need to have their cold wallet online therefore minimizing the risk.