The voting process for the community
Initially voting is being done via polls in the community discord. The voting channels are being gatekept by verification and proof of ownership of at least one project asset. The goal of this phase of voting is primarily to help the community outline how they want to see the project move forward as we design the future of the project.
During the second evolution of voting we will move to an initial on chain voting. The anticipation is this will be a basic boilerplate DAO format as provided by WAXDAO. We expect this voting phase to be available some time in the first 4 months of 2023.
In the final planned voting evolution there will be a staking and voting weight mechanic added to voting. The intention of this is two fold in design. The first goal is to avoid people coming in last minute and "buying" a vote and then dumping off tokens. The second, and possibly more important, is to give people an option to improve their voting weight with extended lockups. This will add a more nuanced and thoughtful process to the voting. It will also give smaller token holders a mechanic to amplifying their vote for longer lock up periods. It is also designed to reward long term holders, who aren't looking to dump off voting tokens, for their commitment to the project.
Once implemented the standard voting weight will require a 1 week lockup. By locking up for 1 week you will get a 100% voting weight. Locking up for shorter periods will have a steep drop off of voting weight getting down to a minimum voting lockup of 3 day which will provide only 20% voting weight. Locking up for longer periods will provide a higher vote weight intended to reward those that are willing to forego some portion of upcoming votes by locking up their votes longer. The maximum lockup will be 6 weeks which will give you a 200% voting weight.
3 days - 20% 4 days - 40% 5 days - 60% 6 days - 80% 1 week = 100% 2 weeks - 120% 3 weeks - 140% 4 weeks -160% 5 weeks -180% 6 weeks - 200%