Some of us have talked about a replacement for the current 50 vote threshold limit from time to time. We call agree the forums are not exactly active, and whipping up the votes is at best a chore and at worst an exhausting and disheartening process – 50 votes is also largely irreverent when we have 3,709 govs at this point, 99% of who don’t frequent the forums.
- One of the simplest is to for the moment, simply cut the voting threshold from 50 to say 25. A vote still has to win approval, and win a majority of yes vote from our govs. And imo this should happen regardless as the next idea would likely take more thought and time to implement:
The other idea is to look towards Algorand’s xGov system:
- A new voting token, via a tiny derivative and a separate vaulting system for it, specifically the token would be for voting up or down proposals – however this would also require an investment in front-end changes, audits, etc, likely so to be clear, this is a “future” idea, even if moved to the Gov Proposal category, passed, and passed by a full vote, I’m in no way suggesting this be done now, next week, next month, or even next year.
We could also nominate and vote on members to form a council system. These members would work with Tinyman to vote up an down on proposals. The council would be term-based and at the end of said term a full governance vote would be held to serve a new term. The system would start with a small team, then expand as warranted to be more inclusive and decentralized as needed.
This could evolve as resources permit into an xGov system for Tinyman, as it would require far less of an upfront expense for the platform imo.
This is strictly a:
How do we make our system more robust, more responsive, and specifically more committed for long-term holders. How do we make governance be more active.
- Rewards for locking
I don’t think this token would need to be rewarded directly, after all the major reward is tiny rising in price. This would be enough I would hope from a more committed section of govs. However it is novel to consider if this was a separate token (say xTiny), that you could effectively use it as a LST of sorts. You could even pair it with tiny in an LP to give us a stable pairing to farm akin to that of algo/talgo and encouraging more locking/use of a LST by voting for rewards to the tiny/xtiny LP which would just give us another option to earn on our tiny – and also increase the TVL vs depositing it to lend.
Just a thought.
Along with an update to that system, we should also consider raising the minimum yes vote to pass proposals in the on-chain vote. A minimum of 2.25M Tiny yes needed to pass is… not very reflective of this stage of our governance platform. For one it is a relatively easy bar to clear atm,even if most govs didn’t bother to vote at all a fair amount of us could pass votes just by our own voting strength backing it. Or just a handful of us together.
Example: 12 govs total hold enough tiny power alone to pass a measure just by no one opposing them.
We have: 3,709 govs:
Top 10 hold 41.31% of voting power.
Top 20 hold 53.82% of voting power.
Top 30 hold 61.28%
Top 40: hold 66.86%
1.07% hold 66.86% of power.
Now of course there’s nothing we can do from stopping someone with deep pockets from buying up tiny, however I think we can all agree that we also don’t want a handful of accounts to be able to just push through measures regardless of what a majority of gov wants.
**Finally: **
Overtime if an xgov system was implemented I would hope the group would eventually evolve to helping tiny admins out with things if needed. The point imo of an xgov system is to have a more “committed” group who’s main reward would be the value of the tiny they already hold in the ecosystem rising in price. It does not need a reward in and of itself to function.
Anyway this is the discussion forum so I’m open to thoughts, ideas, considerations before formalizing an actual vote over on the governance-proposals catagory. I figured we should start while we have momentum building from our pending vote on deploying tiny into Folks Finance.