📣 How to Calculate Voting Power & Vote on GokuMarket DAO Proposal?

Use GokuMarket Credit (GMC) to become eligible to vote on all proposals of the GokuMarket: DAO based DeFi, NFT & Metaverse — check it out! 💜

April 25th, 2022 — GokuMarket Credit (GMC) is the governance token of the GokuMarket DAO and is required for both creating and voting on proposals. This article is a step by step guide on how you can vote on a proposal and how Voting Power is calculated.

Please find excellent guides from the GokuMarket DAO Community on how to vote:
👉 MetaMask Voting on Mobile (Suggested, English)
👉 MetaMask Voting on Mobile (Polish)
👉Metamask Voting on Mobile (video) (Spanish)
👉 Metamask Voting on Web (Spanish)
👉 Metamask Voting on Web (French)
👉 Metamask Voting on Mobile (Thai)

Please also read this article in other languages such as Spanish / Español, French / Français, Polish / Polski, Thai / ภาษาไทย, Hindi (India) / हिन्दी, Czech / čeština & German / Deutsch.

📣 How is Voting Power Calculated?

Each GokuMarket DAO user and their unique wallet address has one vote per proposal. To qualify to participate in the GokuMarket DAO voting, each user’s decentralised wallet (e.g. MetaMask) must have a minimum balance of 5 GMC. When the proposal is issued, then the block and the GMC decentralised wallet balances on the Binance Smart Chain are recorded as a snapshot. All wallet addresses with a minimum balance of 5 GMC qualify for voting based on their Voting Power.

Voting Power (VP) is defined as the number of votes that each user can cast when voting. Generally, the more GMC a wallet votes with, the more Voting Power they will have. However, to ensure that a few wallets with high amounts of GMC do not easily control a vote, an Anti-Whale Strategy has been implemented that reduces the impact of big wallets in the resulting value. It reduces the effect on the Voting Power as the token amount increases. Below is the formula used for Voting Power:

Voting Power = InflectionPoint * (GMC / InflectionPoint) ^ Exponent

Voting Power = number of votes casted by a wallet
GMC = is the number of GokuMarket Credit in a wallet
InflectionPoint = 5 (constant set to 5)
Exponent = 0.5 (constant set to 0.5)

InflectionPoint: Point at which output matches result. Results less than this increase output. Results greater than this decrease output. In Gokumarket DEX, we have taken it as 5.

Exponent: The exponent is responsible for the Anti-Whale effect. Must be less than one, or else it will have a pro-whale effect. Must be greater than zero, or else it will cause total voting power to trend to zero. In Gokumarket DEX, we have taken it as 0.5.

Anti-Whale Strategy Impact Chart

Ex.(1): wallet 100 GMC has Voting Power of 22 = 5 * (100 / 5)^0.5
Ex.(2): wallet 25,000 GMC has Voting Power of 354 = 5 * (25,000 / 5)^0.5
Ex.(3): wallet 75,000 GMC has Voting Power of 612 = 5 * (75,000 / 5)^0.5

What Should a User Do?

As a GokuMarket user, to be eligible for voting on all the GokuMarketDAO Improvement Proposals (GIP), you should transfer your GMC Tokens from the centralised GokuMarket wallet to a decentralised wallet (say MetaMask, Trust Wallet or others).

📣 How to Use GMC to Vote on a Proposal (mobile)?

Step 1: Open your decentralised wallet (e.g. Metamask)
(Note: make sure the network at the top of your wallet shows “Binance Smart Chain” or learn about how to set up a Metamask here.)

Step 2: Press the hamburger looking button that will open the Metamask menu

Step 3: Select the “Browser” option.

Step 4: Copy/paste/type in the address of where the GokuMarketDAO has the proposals listed for voting: https://dex.gokumarket.com/voting

Step 5: Search and find the proposal and click to open it.

Step 6: Scroll down to the “Cast your vote” section and click “Connect Wallet”

Step 7: Select your wallet from the list (e.g. MetaMask) and click on it.

Step 8: Confirm your decision on the pop-up by clicking “Connect.”

Step 9: Finally, scroll down to the voting section and select Yes/No and click “Cast Vote.”

Step 10: Next a window will pop-up that shows the Voting Power. Click on the “Confirm Vote’’ button.

Step 11: Click on “Sign” in the MetaMask Wallet pop-up.

Congratulations! You have successfully voted on the Proposal.

📣 How to Use GMC to Vote on a Proposal (web)?

Step 1: Go to https://dex.gokumarket.com/

Step 2: Click on the “DAO” from header and then click on “Voting”

Step 3: Select the proposal on which you want to vote from the list of available proposals.

Step 4: On the proposal page, scroll down to the cast your vote section and click on “Connect Wallet”

Step 5: Click on and select the wallet in which you have added your GMC for voting. In this example we are connecting to the MetaMask wallet.

(Note: Ensure to select the right account with GMC balance if you have multiple accounts on your MetaMask).

Step 6: Select from the given proposal choices and click on “Cast Vote.”

Step 7: Next a window will pop-up that shows the Voting Power. Click on the “Confirm Vote’’ button.

Step 8: Click on “Sign” in the MetaMask Wallet pop-up.

Congratulations! You have successfully voted on the Proposal.

About GokuMarket

GokuMarket is a Decentralised Autonomous Organization (DAO) with governance and utility token GokuMarket Credit (GMC). All GokuMarketDAO members who pledge GMC receive a revenue share from GokuMarket’s decentralised products like Swap, Pool, Farm, Lottery, Prediction, NFT Marketplace and Metaverse Guild. Any GMC holder can pledge GMC to become a DAO member and start earning the revenue share from the Decentralised ecosystem. GokuMarket brings autonomous control for your digital assets, with a non-custodial approach.

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Vote for Your Favourite Proposals! 📈

Sincerely yours,
GokuMarketDAO Team 💜

GokuMarket DAO Official