Limit maximum voting power
maaft
As some users staked big amounts they will have disproportional voting power for future decisions.
For proper democratization of voting power, I suggest to cap the maximum voting power at some number that has to be determined. Please make suitable suggestions.
The ICAP income will not be affected.
Victoria van Heerden
Thank you for this suggestion, as well as the proposed solutions. When developing our governance module, we will take every consideration to create a fair voting scheme.
A
Agape
Implementing this would also (future-)proof the governance against flash loan governance manipulation attacks.
I suggest any odd fraction of total voting power: 1/3, 1/5, 1/7 etc.
The square root idea would preserve the order of voters, and not have effect on takeover situations where the DAO is divided in a hostile way. It would however boost the relative importance of small voters. Maybe consider both proposals ie. implementing a ceiling, and a transformative voting power function like the square root.
Herr Rossi
My proposal: Voting power = sqrt(staked NAV)
Nicolás el Calamari
Herr Rossi: Do I understand you correctly? Voting Power not determined by how much ICAP tokens you have but by how much Assets you have staked?
Good approach. Maybe even better when factoring in for how long the assets have been staked to prevent short-term high-volume staking just to get temporary high voting power.
Maybe voting tickets should be issued over time based on staked NAV (just like ICAP but non tradeable) and the ticket counter resets after each community vote so you can not accumulate "old voting power" for new votes.
That playing field would be as even as it gets.
Herr Rossi
Nicolás el Calamari: No, I thought of the value of your assets. Take the square root to get the voting power. If your assets are worth say $1, you get a voting power of 1. With $4 you get 2. with $9 you get 3. Just to limit the voting power of whales a bit.
Nicolás el Calamari
Herr Rossi: What prevents a whale from:
- aquiring a huge amount of IC assets
- stake them for supershort time
- earn huge voting power on their NAV
- influence the outcome of a community vote to their strategy
- back out again
?
This has pump n dump potential.
Please try to re-evaluate my idea of voting tickets again. This could be applied to your method and adds the factor of "staking duration" to everything.
M
Matthew Kriel
Nicolás el Calamari: Hi there,
I will likely be handling the ICAP governance moving forward. I have been reading the comments and I would suggest we set a minimum amount of time that a user needs to hold the ICAP for it to become illegible for a vote. So for example, your voting power may be square rooted (as suggested in the thread) but only for the ICAP you have had for more than 6 or 12 months. What do you think?
Herr Rossi
Matthew Kriel: Great idea!