At the time of this post there's just over 15 hours left to sign up for Algorand's first governance cycle. Currently ~64,000 accounts have signed up and committed ~1.3B ALGO.
At this rate the total rewards is estimated to be roughly 27% (21% governance + 6% participation). This will likely drop as people continue to add more up to the deadline, but regardless all ALGO holders should sign up! The process for doing so is very simple, took me about 5 minutes.
Note that the reward rate is annualized, so you won't get 27% for 3 months, but rather ~27/4 = 6.75% for this cycle.
The only things you need to do to get this reward is (1) sign up and commit X algo, (2) maintain X algo in your wallet throughout the duration of the period, and (3) vote on 1 proposal