DAO and proposal parameters

Hey everyone,

In order to launch the DAO successfully I think it would be great to discuss about the following:

  1. Max voting time
  2. Yes vote threshold
  3. Minimum tokens to create a proposal

I think these parameters need to be chosen in a way that maximises participation and engagement, this is why I suggest the following:

  1. Max voting time: 10 days
  2. Yes vote threshold: 70% of gFIDA supply
  3. Minimum tokens to create a proposal: 10,000 gFIDA
7 Likes

agree, we should also agree a sequence of events, aswell as a bare bones template of how to put information to a vote

1 Like

I think the template created by Serum is a really good starting point

You suggested well, but, i reckon the aim of web3 is decentralization at its core and involving as many community members as possible, 10,000 gFida is already placing a barrier where only miniWhales and Whales who have already made it big from other platforms to come in and make decisions (which may be biased) and drive Bonfida. Now for the progress of especially, solana domain name service, there should be a governance token which is new and not openly available except to domain name holders (or thereabout), this governance token should be airdropped and it will be used as a voting right for members to come on and place votes. This will ensure that those who believe in the project are rewarded and they all have that sense of participation, they will now each become a live marketing tool (this is organic marketing). We all can then decide on connecting our domain names to platforms like twitter, where twitter can verify owners of said domain names, this will grow Bonfida explosively and the Solana community at large.
My humble opinion as one who has been watching a lot of trends including ENS.

2 Likes

10,000 gFIDA means holding ~ 3,333 FIDA which is a low threshold for proposal submission as far as I know. I think it’s important for people who want to submit a proposal to show that they have some skin in the game and are involved in the ecosystem.

1 Like

That is about $10k, now persons like myself who dont even have $1k in crypto generally are excluded from the community voting even though we believed in it enough to buy our domains and follow up the project to community level. Not talking basically for myself because my domain is already mine and almost no one can take it way, but if everyone goes deep into thought, you’ll find out that youll only create the community voting for those few who have ‘skin in the game’ and this is another advanced form of centralization. Decentralization has to do with giving almost every serious community member a voice in the voting and keeping them loyal can be achieved by ensuring that only those who stake their possible $SNS tokens are allowed to vote within the community. This will encourage serious ones to stake and also serve as an invite for future adopters, anything too different will cause early adopters to move away and believe me, there is an emotional attachment humans have when they’ve been early to something and have a stake in it from day 1. That’s why projects like ENS can’t have a downturn anytime soon. Some of Those who got airdropped will remain die-hard fans even when they buy other domain names later

I think anyone can vote, this is just a requirement to create a proposal in the first place

Totally hear you, however the threshold is only for submitting proposals, there is no threshold for voting, anyone can vote.

Also, people who do not have enough for submitting the proposal themselves can submit the idea on the forum and the community can decide to submit the proposal on his behalf.

Okay, its clear now, i will definitely be putting in my widow’s mite in form of votes, i may not have the wallet power but i know i have been in crypto for a while and made mistakes as well as, sat on the sidewalk for a long time. Now, i’m hooking in fully, training as a Blockchain developer and observing some DAOs such as the GnosisDAO, so i can put in some words on what i think will be right. Voting is fine by me, and so far the community is here i can always push in my proposals from here. Thanks all, and i believe this will be quite unique out there

1 Like

For the 10000 gFida proposal threshold, I think it’s fair enough.
But the Yes Threshold 70% is a bit too high.
Consider the lack of incentive to vote. Even 50% threshold might be too much.
Maybe the voting quorum can start from 33%.

How about giving .sol holders voting rights (gFIDA) in proportion to the funds they’ve invested into .sol domains?

1 Like

agree 70% of supply quite high imo, 10k gFIDA fair. Eg on mango quorum is 2% of total supply (here is different because of multiplier but still)

I agree with your opinion, although I have no way to propose, but I can vote

A main difference with Mango is that they are using a token with a 10 billions supply. The supply of gFIDA is way smaller so I think it makes sense to have something relatively high.

70% is likely too high though as several people mentioned, I think 33% would make sense.

2 Likes

Hi @bonfida

I guess 33% is too low based on what we saw in the recent voting since most tokens are held by dev team

Probably a 51% vote would make better sense :slight_smile:

The majority is not held by the team. Team members are council members of the DAO so you can check their holdings on-chain and you will see they do not hold a majority of the governance tokens

1 Like