As with many DAOs the majority of votes have a low turnout and fail to reach quorum. As the project is very early there are probably many speculators wanting a quick return on tokens and there is a very low incentive to vote. A healthy community debating proposals in a reasoned manner leading to democratic votes is of high value to the project. Adding a small incentive to casting a vote - perhaps returning the gas fee with interest or a minimal amount of YFI would help build a community and engagement.
Adding a voting incentive would help to grow engagement, promote debate and voting. This would lead to a healthy community.
As the project is early it would be better to ignore short term investors solely interested in token appreciation. Engagement is likely to increase as the project shows value and this will naturally balance engagement without the need for incentivisation.
The majority of proposals fail through lack of engagement.
Incentivising voting in some way is a good idea
Thanks for bringing this up @shapeshed. In favour of incentivizing voting by boosting early votes, not via distribution of monetary rewards (e.g. YFI). By boosting early votes, it incentivizes voting as your votes count for more earlier.
This is an interesting idea. Ie. Early vote weighting bonus. Not sure how that work tbh but an interesting idea.
I am not for incentivising from a monetary perspective though.
Hi @iTo , I referenced it here in some of my thoughts around governance. Request for Comment. Proposal for government restructuring
I actually learnt this from the Ethfinex/Deversifi approach (so credit to them), as it was something we had considered during the Ethfinex Governance forum. The approach goes something like this:
- Assume there is a 4-week period for voting.
- Traditionally, 1 voting token is entitled to 1 vote.
- During week 1, any votes cast by a voting token receives 2.5x voting power.
- During week 2, any votes cast by a voting token receives 2.0x voting power.
- During week 3, any votes cast by a voting token receives 1.5x voting power.
- During week 4, any votes cast by a voting token receives 1.0x voting power (no boost).
This incentivizes people to vote early rather than late. Otherwise a lot of ppl may leave the voting till late (apart from quorum risks, this also introduces last-minute gaming of votes).
While people are incentivized to vote early, there is no monetary loss to the system. No YFI rewards are given out.
Thanks for explaining that. I think that’s worth exploring in the designs too.
4 weeks is a long time though. Or maybe all the real time action in crypto has made me impatient.