The governance participation is really low. In some cases there have been only 5 votes, in others a low double-digit number at most. Even tough I follow the proposals with interest and staked my vBNT, I never voted so far since the gas cost is just too high. Given my small bag of vBNT, it is simply not worth it for me. I think many others feel the same way.
Please consider moving to gas-less snapshot votes as many other projects do. This would allow small fish like me to voice their opinion and boost the governance participation by a fair amount.
I completely agree with this. Participation is too low for such an important project as Bancor. There are newer DeFi projects, emerging ones, that have much more vibrant and participative discussion in the governance forums, and much higher participation in the snapshot votes.
When the number of vBNT you have is not high and you see in the current results that your vote will not mean anything nor make any difference, why waste the gas fees?
Governance only works if there is a broad participation from the community. We need to make that happen.
Having to spend around 5 - 15 usd just to vote is a bit steep.
Decreasing or nullyfing this cost would make it a whole lot attracting to place your vote!
Someone mentioned in Telegram before that we could maybe also have some sort of lockup period before someone could vote in the first place. This could prevent someone from buying into BNT just to vote against a proposal and then move out of BNT again.
Don’t know how much of a risk that is now, but just some food for thought.
We are making sure that there are no regulatory issues - as snapshot (for example) is highly centralized. So far so good, though. It seems likely that we will have a proposal for this in place shortly.
Gasless voting makes sense and is pretty easy to set up using Snapshot! Many other projects have been using it successfully. Another option to consider is to refund some of all of users’ gas fees from voting using BNT, although this does increase BNT emissions slightly.
this is something balancer is doing for trading in major pairs. we could actually run a campaign with a set maximum of cash value BNT like say 10k BNT for refunds like they did to increase in house trading rather than getting routed through an aggregator. this has proven to be extremely succesful for balancer, so much so that they’ve made it a permanent feature.
