Pandayield 101 — Launch a proposal
One key aspect of Pandayield, and other yield farming platforms is that the users can govern them.
What’s the meaning of governing a platform?
It means that every user of a platform is also responsible for its development and should participate. The idea is to onboard the users in developing the product through proposals, suggestions, and votes.
Essentially, the users can launch proposals and/or vote to implement the suggestion (or not).
Why is it important?
We can all agree that collective intelligence is more efficient than an individual one. The belief wants that deciding horizontally and collaboratively will produce a better result, so a better product. (Of course, there are conditions for that system to work, see below)
Poll system
The proposals are launched in a poll format, meaning any user can launch a poll for a suggestion, and the community will decide on the result.
Pros of the poll system:
- Efficient and convenient
- Fast learning curve
- Avoid wasting time with the never-ending debate
- The result is clear and transparent
- The proposal launcher writes down all the information to take into consideration for the vote, so each voter gets the same information
- Fair result and decision process
At Pandayield, we chose Snapshot as the governing/poll system.
Snapshot — a step by step guide
Head to https://vote.pandayield.com/#/
You will see all the proposals made up to now (either closed or active).
For the completed proposals, you will be able to see the result.
For the active proposals, you can see the current results and also cast your vote.
Launch a proposal
- Click on the button “New proposal”
2. Enter your question. It should be a very clear and explicit question. You shouldn’t add too many details on that part as it could confuse the users. It should go straight to the point.
3. Add the details of the proposal in the “what is your proposal” section. In this part, you should give as much information as possible to guide the reader to make the best choice. Basically, this section is used to explain your point of view, provide essential information, and how it could impact the platform’s health.
4. Choices. You have two choices set, but you can add more. Try not to make the users lean towards any options as it should be a partial decision. Each choice should have the same weight.
Bad example:
1.Agree because this is the best decision
2.Disagree
5.Select start date. Be extra careful because the date is correct, but the start time may not, so you should adjust it.
6.Select end date. Don’t just put random poll length. Try to think of the necessary time for other users to read, understand, ask questions about the poll.
7.Hit publish, and you are done.
Remember: the idea of the platform’s governance is to lean on the collective intelligence to improve the product and make the best one. In order to do that, the proposal launcher should not be biased towards any choices and should disclose and expose all the information that will help the user in voting.
Pandayield 101 is a series of educative articles produced by Pandayield.com to guide newcomers into DeFi and Yield Farming universe.
Join a dynamic community on the official Telegram!
Earn BBOO today on Pandayield.com!
