A lively discussion took place on Telegram regarding voter turnout because a number of pending proposals, particularly whitelisting, are well below quorum at this time. I lurked in several community telegrams that are up for approval and learned that they worry whether we’ll reach quorum for their proposal. If we consistently fail to meet quorum, not only do we limit potential revenue opportunities, but also we may cause reputational damage that could be difficult to repair.
Therefore, increasing voter turnout would be in the protocol’s best interest.
Several ideas were tossed around on telegram, and a final thought I had was to create a Voter incentive program similar to the Trader incentives discussion. In short, the idea would be to reward vBNT holders that participate by staking AND voting on proposals.
Therefore, I propose that we gamify voting through the creation of a Bancor Voting Competition (or Governance Race, etc.) and:
- create egalitarian scoring system where one (1) point would be awarded to each wallet for each vote cast, regardless of the amount of vBNT voted, which would motivate wallets of any size to vote on all proposals;
- display a scoreboard of wallets that have earned the most points month to date, quarter to date, year to date, etc., which would create a competitive environment for voting;
- authorize a certain amount of $BNT as a voting reward to be distributed evenly to the wallet(s) with the highest score(s) for each chosen time interval (e.g. monthly, quarterly, etc.) whereby the winner(s) of the longest time frame would receive a greater allocation of $BNT than the winner(s) of shorter time frames, in essence we reward voting consistency and a commitment to the future of the protocol.
The goal is not to incentivize Yea or Nay votes, but to encourage people to vote, period.
The gamification of voting may spur interest from traders who decide to buy up BNT, to stake and receive vBNT in order to participate in the voting competition. Given that we want to attract new traders, this would be an unintended bonus. If traders do become vBNT holders it may open up the protocol to entirely new trader-centric proposals for its future development and further decentralize our governance.