As a DAO, voter participation is absolutely crucial to the success and security of Bancor.
Unfortunately, due to high gas costs, voter participation is low. While a gasless solution will ultimately be our saving grace, such a solution is likely lower in the priority queue.
In the meantime, I wanted to drive some discussion pertaining to potentially incentivizing voting on our gas guzzling medium.
In its current state, we are typically seeing less than 5% of outstanding vbnt actually participate in the voting process
This is dangerous for the protocol. It’s quite cheap from a relative standpoint to secure enough voting power to push through things that could be ultimately damaging.
What if the act of voting was incentivized? Some form of quadratic / flat distribution of rewards to voters would help to make this fairer for all participants.
I believe that at least compensating for gas costs in the form of bnt… perhaps even a bit more than gas… would significantly increase voter participation.
By assigning a native yield to vBnt in this fashion, we give users multiple points of utility for their voting power.
They can earn a native yield… stake their vbnt for fees in the vbnt/bnt pool… or leverage their existing LP positions to chase additional yield elsewhere or on bancor.
Once again, this is NOT a proposal.
It’s a discussion. Would love to hear everyone’s thoughts on if this is a good idea / how we can make it work.