HOPR DAO v0.2 Phase 3: Vote
After a week of lively and productive discussion, it’s time to vote in our latest DAO experiment. The vote runs from 2pm CET on October 19th to 2pm CET on October 21st. Once the vote begins, visit the vote Snapshot page and connect your wallet to participate. All HOPR token holders are eligible to vote, provided your tokens are in your wallet (as HOPR, xHOPR, or wxHOPR) or in the HOPR staking program. Tokens in centralized exchanges or in liquidity pools unfortunately can’t be tracked by our Snapshot strategy.
For the past week, community members have been debating and discussing in the forum to create proposals to address our first DAO vote topic:
How should the 168,763 DAI and 485,355 HOPR tokens generated from the Balancer Liquidity Pool and the Uniswap v2 pool be used?
The topic was split into two parts, one for each currency. For the HOPR tokens, the HOPR Association crafted eight proposals to discuss and sign. For the DAI, the job of crafting proposals was left up to the community.
We had almost 250 active participants across the forum, with 16 valid proposals created for the DAI portion of the vote. Of these, seven received the necessary 15% signature support to proceed to the next stage. Of the original eight HOPR token proposals, five received sufficient support.
So it’s now time to vote!
Head to the HOPR DAO v0.2 snapshot page and connect your wallet. Make sure you’re connected to xDAI Chain.
You should see two votes, one relating to each of the two currencies. You can vote in each one separately (i.e., voting in one doesn’t affect your voting power in the other).
Weighted Voting
Unlike last experiment, where everyone had to just pick their favourite proposal, this time you can split your voting power among as many proposals as you like. You can see how it works in the example proposal below:
You’ll see the list of choices and a -/+ button next to each. Clicking a plus will assign vote share to a choice, while a — will take it away. You can adjust your vote between the different options as much as you like. As you click the buttons, you’ll see a percentage tally of how your vote will be split.
Once you’re happy with the distribution, click the Vote button. You’ll be asked to confirm your choice, and then you’ll be asked to sign with your wallet. The signing process is free, and has no gas cost, so this whole process won’t cost you anything.
Once you’ve signed, you should see the vote tallies on the right hand side update, and your vote will be logged in the list beneath the proposal.
Quadratic Voting
As an experiment, we’re calculating votes differently for the two votes. In the HOPR Token Vote, we’re using a simple one token, one vote approach. In the DAI vote, the results will be calculated quadratically. This means that each token you assign to support a proposal will be worth very slightly less than the previous one. This system is designed to balance out the voting power of large token holders. You can read more about it here. You can try an example to understand the maths here.
In general, it’s probably best not to overthink this and just assign your vote to your favourite proposal(s) as you see fit.
What Next?
The votes will run until October 21st at 2pm CET. We’ll then collate and publish the results. The four HOPR Token proposals which receive the most votes will be implemented as soon as feasible, with a budget split of 40/30/20/10.
The DAI proposals will require a more complex approach, including seeking legal advice to ensure everything is being implemented in a compliant fashion. Depending on the results, we may need to return to the DAO for further input.
We’ll be conducting a thorough analysis on the process and the results, to identify areas of improvement for next time, and the differences between quadratic vs weighted voting. We’re also looking into moving to a more streamlined platform for the discussion and referendum phases.
Incentives including DAO NFTs will be calculated and paid out over the next few weeks. Thanks to everyone who contributed to this process so far. We couldn’t be happier with how it’s gone. Governance is a huge part of the decentralized Web3 future, and your input into these experiments really helps to shape the future of HOPR and the crypto space as a whole.
Sebastian Bürgel.
HOPR Founder
Website: https://www.hoprnet.org
Twitter: https://twitter.com/hoprnet
Telegram: https://t.me/hoprnet
Discord: https://discord.gg/dEAWC4G
LinkedIn: https://www.linkedin.com/company/hoprnet
Forum: https://forum.hoprnet.org
