I think if we don’t count the money somebody invested, only the time (so basically benefit the long term holders only), it will discourage people to invest in WL. I think the solution should be a balanced one: you get more voting power if you invested a lot of money, but we will benefit the long term holders, too.
1 Like
Excellent! Yeah i did programming once. Before i started a business i worked at a research lab programming research simulators.
If you don’t add in at least some sort of vesting time before the amount they purchased is available towards governance based on a percentage of the total voting power purchased. It will continue to be abused. Look at the pseudo code that I posted as a formula adding in those variables to the mix in one of the replies. I’m not opposed to adding the amount of time you have as a variable it just needs to be offset. So, whales just can’t buy in game the vote and small time owners that have staked their time for significant are rewarded and feel powerless.
My comment from the Frog index topic I linked above:
Frog index = Number of invested stablecoins * days of holding.
Wallet size doesn’t represent the amount a person invested.
Also, to promote long term holding: just like in real life you can’t vote until you are 18, here you shouldn’t be able to vote until you hold the tokens for at least a month.
Plus, we can heavily benefit the long term holders, if let’s say you hold more than 6 months, the formula would look like this:
Frog index = Number of invested stablecoins * days of holding * 1.1.
Of course by stablecoins I meant USD, EUR, JPY etc. or the crypto pegged to these: BUSD, USDC, USDT, etc.
Well that doesn’t make any sense because people that aren’t staked to time would be able to vote. On top of making it easy to just deposit more cash in your account to boost your voting power. The whole concept is to reduce the amount of power that whales have.
A person who invest 200k USD in TIME should have more voting power than a person who invest 2k. Otherwise what’s the point investing higher amount?
Does it matter if you stake or mint or whatever? The investment happening when you buy the TIME token…
The point in investing a larger amount is to get greater returns on their investment. Otherwise you just end up with the same problems that we have in our government. People are paying for the right to choose the way government is run. This is a fundamentally flawed concept has proven infective by the current state of affairs in politics. A DAO function is the same as that of a government. Do we want to repeat the same mistakes of the past? Do we not want a more representative form of government that cares about what the little guy thinks and get more to actually be interested in voting?
Put it in the RFC section, let’s see what others think.
Why not just have a weighted limited on voting power? People will always find loopholes. Make snapshots for voting power before proposal so you have to already be invested and the most voting power any single wallet can have set a limit.
Well, I wanted to put it into discussion before I might be the formal RFC. To get everyone’s ideas first.
This topic was automatically closed 7 days after the last reply. New replies are no longer allowed.