Voting Power Simplified
Welcome to SlingShot DAO, an app where your gaming ideas can come to life, and your opinions matter. Let’s break down how the SlingShot app makes this possible and how you can make the most of your $SLING tokens.
Voting Power: Your Passport to Participation 🗳️
When using the SlingShot app, you can lock your $SLING tokens for a duration ranging from 30 days to 4 years, in exchange for Voting Power. The longer you lock your tokens, the more influence you have. You can add tokens or extend the lock period anytime, thus increasing your Voting Power. This Voting Power has two vital uses:
1. Powering Game Ideas 💡: You can (and should!) vote on the gaming ideas that you love the most, the ones that you think have the greatest chance of success and being enjoyed by the most gamers. When you vote on a gaming idea, you also become eligible for receiving rewards. Currently, for voting, you receive $SLING rewards. For more info check the Rewards Mechanism Article.
2. Influencing Governance 📚: As a member of the SlingShot DAO, you can use your Voting Power to make important decisions that shape the SlingShot DAO’s future direction.
Mechanics of Voting Power
The acquisition of Voting Power is linearly proportional to the lock duration of $SLING tokens. For instance, locking 100 tokens for 1 year yields 25 Voting Power; for 2 years, it’s 50 Voting Power; and a full 4-year lock generates 100 Voting Power. This unique setup allows a holder with fewer tokens but a longer lock duration to have comparable Voting Power to a ‘whale’ who has more tokens but opts for a shorter lock duration.
Voting Power Visualisation
Here’s a table to visualize the Voting Power one can receive based on various lock durations:
Here’s another table comparing the Voting Power across different token amounts and lock durations. Note how a user with 100 locked tokens for 4 years has more voting power than a user with 1,000 tokens locked for 3 months or less!
This clear illustration demonstrates the significance of lock duration in optimizing Voting Power. Moreover, voting doesn’t just shape the future of the gaming platform, but it also presents the opportunity to earn rewards for participation.
SlingShot DAO’s model democratizes decision-making and incentivizes active involvement. Looking ahead, it’s an exciting prospect to witness the community’s contributions to the future of open gaming!
Voters: Key Players of SlingShot 🙋♀️
Voters play a pivotal role at SlingShot. They lock their tokens in a voting escrow contract, thereby gaining Voting Power. By voting for their favorite ideas, voters help ensure treasury funds are utilized for the best, most promising projects. Moreover, voting also earns them rewards, thus providing a lucrative incentive for active participation.
Studios: Bringing Ideas to Life 🛠️
Once an idea wins, professional studios bid to actualize it. They get paid mostly in stablecoins and receive a $SLING token bonus after project completion, ensuring long-term commitment and attracting top talent.
In a nutshell, the SlingShot DAO platform leverages the power of your $SLING tokens to create an engaging, community-driven gaming universe where your ideas, votes, and governance decisions can make a significant impact.
If you need me, you can catch me on the SlingShot DAO discord server!
ChainScribe.
