Signal Proposal: Fixed Voting Power for Wearables

As AavegotchiDAO progresses and more community involvement is achieved, deficiencies in capturing the “true will of the people” have been observed via reduced voting power after participation by core users in the ecosystem.

While there are separate proposal(s) for granting gotchies with voting power, this SigProp is related exclusively to the topic of granting wearables with fixed voting power values.

There is no need to standardize value or voting power for each wearable in this process, as the work was already done when establishing base values for wearables.

We hereby propose to grant voting power moving forward for all wearables owned by an individual wallet address under the same ratios as base shop prices:

Rarity Type Maall/Shop Value Voting Power Granted
Common 5 GHST +5 GHST
Uncommon 10 GHST +10 GHST
Rare 100 GHST +100 GHST
Legendary 300 GHST +300 GHST
Mythical 2000 GHST +2000 GHST
Godlike 10000 GHST +10000 GHST

Implementation of this proposal would facilitate the passing of signal and core proposals, while fostering a sense of community involvement for core users.

16 Likes

Definitely support this. I’m probably not the only player who spent almost all of his GHST for wearables and is now left with very little voting power.

4 Likes

That’ll be great to have some voting power from my gotchis and wearable!! Love it!

2 Likes

We asked @letsgobankless to tally up the additional voting power this would inject into the system. Here are the results:

About 5.36M GHST worth of voting power would be added, which would raise the current total amount of voting power on Polygon to roughly 21M. This number will also increase by 1.4M throughout the duration of Rarity Farming.

I support this proposal because it gives a voice to those who have spent their GHST on wearables, or staked GHST and won wearables via the Raffle.

It will be interesting to see how the nogotchi bloc votes on this proposal though!

@JG1 So the options will be A) Implement Fixed Voting Power for Wearables and B) Leave it as is, correct?

9 Likes

@coderdan Thank you for providing the data! Wow, it would really help raise our overall voting power significantly!

And yeah, the SigProp is already live with only 2 options, granting based on maall prices or not granting at all:

https://snapshot.org/#/aavegotchi.eth/proposal/QmPpRh1RwU1FJpjXUUK4jjFsT6EnJihR6bK6d4h9BJiqaL

4 Likes

KEK proposal starts => Stronker votes => Stronker XP rewards for stronk votepoower hodlers? OR Stronker XP rewards for gotchis with sets? OR Sets givings a XP earnings bonuses? => KEK proposal ends.
Fin.

On-topic, absolutely like the idea. Cuz I’m voiceless by now.

2 Likes

I am just going to play devils advocate here because as a holder of many wearables, sure I want more voting power.

However, users are receiving utility (gotchi appearance) and economic incentive (rarity farming) by purchasing wearables. You are receiving clear benefit for the exchange of your GHST token. The token is no longer liquid, and I think this muddies the waters of how weighted voting rights should work.

If you purchase $100K of Tesla stock, but then you sell the stock to buy a Model X, should you still get the share voting rights of the stock because you bought Tesla’s product with the proceeds of the stock sale?

Am I thinking about this wrong? Anyone want to change my mind?

3 Likes

Your point isn’t off at all. Since you ask where your thinking might be wrong though, my answer would be that it isn’t accurate to compare wearables to TSLA stock. TSLA is a centralized corporation and the Model X is an end/depreciable product - apples vs. oranges. This is a DAO, contrary to a centralized corporation, and we aren’t asking for voting power out of entitlement or seeking extra perks to our purchase. The point of granting voting power to wearables, and where it benefits the DAO, is in creating voting power that captures the will of most users, as it turns out a lot of them have spent their GHST on wearables and their voice is currently underrepresented in the overall voting scheme.

6 Likes

OK! You changed my mind :slight_smile:

5 Likes

Just a reminder that this vote is currently live on Snapshot! Make sure to vote!

https://snapshot.org/#/aavegotchi.eth/proposal/QmPpRh1RwU1FJpjXUUK4jjFsT6EnJihR6bK6d4h9BJiqaL

6 Likes

I strongly support empowering wearables to vote. I also advocate and shill for quadratic voting wherein GHST tokens are weighted as the square root of total GHST holdings for DAO voting, so that 6, 7 and 8 figure GHST holders votes aren’t overweighted and they don’t become an automatic plutocracy. For me, in a quadratic weighted voting scheme, all GHST denominated voting power would be treated the same, including these wearables.

1 Like

I’ve looked at this thread and the thread suggesting Aavegotchi’s receive a fix amount of voting rights and I think this could work if we treat the voting rights received from wearables or the Aavegotchi itself like different classes of voting shares similar to different classes of common or preferred stock in a publicly traded company. The snapshot of the block will provide one class of votes while the wearables and Aavegotchi could be a second class of votes. This could also work with the idea of Haunt 1 being differentiated somehow from new Haunts that would increase the number of Aavegotchi’s in the ecosystem. Haunt 1 Aavegotchi’s receive a badge as suggested by @coderdan to show they are from haunt 1 (early adopters still enjoy higher rarity) and additional voting rights. I’m not a dev person so I am not sure how it could be accomplished but it might be worth considering. Any thoughts? :nerd_face:

1 Like

Curious if people would prefer wrapping a realistic update to higher end maall/ shop values within this proposal?

Something like this?

Legendary | 500 GHST | +500 GHST
Mythical | 5000 GHST | +5000 GHST
Godlike | 50000 GHST | +50000 GHST

  • Updates- let’s talk
  • No updates

0 voters

3 Likes

This is probably moot because future drops will be most likely a combination of GBM incentivized auction + Raffles. The FCFS model is bad for basically everyone involved, and we’ve been spending considerable effort thinking and planning about how to move away from it.

3 Likes

For voting power I think the current maall prices are quite adequate. Many people paid 0 GHST for their Godlikes (won via Raffle) so adding 50,000 GHST worth of voting power would lead to serious inflation of voting power.

4 Likes

Yeah, definitely agree there. Not seeing the kind of passion or response or increase in votes to merit the update. Even though quorum is quite far still… at least over 95% of votes are supporting the proposal in its simple and original form.

2 Likes

I’d have to disagree with the idea that items won in raffles were free. Tickets have an actual market value, so it’s more like reinvesting the staking yield into Aavegotchi. But I agree that we should keep things simple and stick to maall prices.

3 Likes

would be an option, if everybody has a fair chance to get Wearables. Like the first time with Haunt 1. but last sale was a disaster, almost only bots succeeded. So yes, if a fair sales is garantueed and no if not.

Amazing idea. Im 100% behind it as it rewards participation rather than just GHST holding.

1 Like