Governance and solutions
Hello everyone! Katamosu here this is my first ever post on our forum!
$MIN Boosting and voting safeguards
I would like to explain some of my details on how we can implement safe guards and tools for future governance. In case of our supply being completely bought or total supply being slashed and there for making $MIN scarce. We need safe guards and tools to help protect the smaller voices in our community to help keep Minswap decentralized and community driven. Many of us who are deep into the Minswap ecosystem holds a pretty good amount of $MIN and feel comfortable our voting power for when proposals are announced.
But there are some of us that are not so fortunate to have as much $MIN as others and therefore many of their voices are not heard in proposals due to others having more $MIN. I would like to propose to add boosted governance as a method to help amplify those voices! In turn this gives our smaller friends to help decide the choices in our protocol along with the whole community. By boosted governance the methods of voting would slightly change as there would be a lock up period for those seeking extra voting power.
For example lets say Tabby wants to vote but they only have 100 $MIN but they decide to lock up their $MIN for 3 months then they would have the right to 3x the voting power compared to before. Which in turn means they have 300 $MIN worth of voting power at the cost of locking their $MIN. Preventing them from being able to use their $MIN and abuse the boosted vote, but we would need to put caps on who can use the boost to prevent others from exploiting the boost in voting power. As a whale can easily exploit this and abuse the system by locking up said $MIN and gaining an advantage against others.
Boosted Rates by duration
3 months = 3x voting power
6 months = 6x voting power
9 months = 9x voting power
We would need to put in caps for those with higher amounts of $MIN we would need to cap it at between 1000 $MIN to the max of 5000 $MIN to receive voting boost as it would help smaller voices be more amplified. But also some may move their $MIN to other wallets and lock theirs up to gain boosting rewards therefore abuse the system regardless. But if we put in a lock in period for new wallets holding $MIN it can help deter that issue. By also making it epoch based it would also help us keep track of those new wallets, for a new wallet to vote it would need to wait 24 epochs to earn the right to vote in any proposal. “Why do we need to wait 24 epochs?” Waiting 24 epochs equals 4 months and therefore it is a lock in period for those are truly dedicated in that specific wallet. It helps prevent those who would make multiple wallets to abuse the boosted rates and helps keep governance clean and healthy for real members of the community. if someone has multiple wallets and constantly moves $MIN through said wallets they could also give some in their $MIN in a special pool to help reduce their wait time by 8 epochs.
This is not without flaws as I am a flawed being and I am always looking for more knowledge to better improve myself. If anyone sees any flaws please let me know and if you have any solutions or improvements to my ideas above. I would greatly appreciate any feedback as long as it remains respectful and actually helps improve this discussion. Thank you for reading all of this and I hope you call have a lovely day.
-From Katamosu