Dials are the set of contracts that can receive votes from the Emissions Controller
The Emissions Controller is a set of smart contracts that allows MTA stakers to vote on the destination of the MTA emissions (dials) - the stakers decide which contracts will receive MTA rewards. This is fully on-chain and does not require any proposal like in the past. MTA stakers are incentivised to allocate emissions towards the dials that generate the most protocol revenue because the governance fees are credited back to MTA stakers.
This also means that the MTA emissions are locked in for the next 6 years - 30 Million MTA is to be distributed on a weekly basis.
Vote & Delegation
Anyone that stakes MTA in the Staking V2 contract can visit the Dials page in the staking page and allocate their votes.
If you have votes delegated to you, then your voting power increases and your weight will reflect the increased amount accordingly.
If you have delegated, then you don't need to do anything, your delegatee will vote on your behalf. If you wish to vote yourself, however, you would first need to delegate the voting power back to yourself.
The vote remains valid throughout and stakers don’t have to vote each week unless they want to change the allocation
Dials & Epochs
Dials are smart contracts that can receive the votes from MTA Staker and distribute the resulting MTA via the Emissions Controller to various destinations.
Dials for the staking contracts are capped at 10% of the emissions.
Each epoch has a duration of one week and MTA stakers can vote at any time. An initial vote or a change of vote will start to take effect at the start of the next epoch, the current epoch cannot be affected anymore.
Adding and Removing dials
Generally, any smart contract can be added to the set of dials. This requires a proposal and snapshot voting by the MTA Governors. After the proposal is passed the new dial will be added via the ProtocolDAO multi-sig. The same applies for the removal of dials - a proposal and vote are required to remove a dial.