Participation and governance are core to the entire WSB DApp project. We’re actively expanding members’ voting powers beyond major features and modifications. With our voting system WSB DApp holders and ETP participants can directly influence the portfolios, farming and use of funds. It’s crucial when structuring such influence that all outcomes are considered in an effort to create a more fair and direct system.
TL;DR: there will be polling and voting to encourage maximum participation and community control over the project.
20th to 27th May Voting Launch Process:
- Poll is live! (Click here) Select 20 of the top 50 coins — Polling finishes midnight UTC 23rd May.
- Poll results data will be loaded into a governance forum on gov.WSBDApp.com — This page goes live once the Polling period finishes on the 23rd. Discuss ETP thesis/results until Midnight UTC 27th May.
- The Proposal is loaded up as a vote on Vote.WSBDApp.com — this page will be live once #2 above period finishes midnight UTC 27th.
- From midnight 27th UTC when vote.WSBDApp.com goes live — $WSB holders will have 72hrs to make their voices heard — casting their votes for or against the 1st ETP composition.
From there we have ourselves a community generated ETP Thesis and the ETP itself can launch soon afterwards.
To get things started some fluid polling is required to present multiple options to the community, this acts as a signal and will then be used to form proposals for voting on. Telegram only allows 10 choices in a poll, and we need at least 50, so a dedicated page on signal.wsbdapp.com is designed for this purpose.
To kick things off the YOLO ETP needs 20 assets to be selected from the 50 candidates. These polls will be open to members of the WallStreetBets telegram group, which is a pretty broad group with diverse opinions so the results should be interesting!
The YOLO20 ETP will be weighted by market cap, with a 20% cap, and a 0.20% swap fee.
Voting on proposals is intrinsically tied to the WSBDApp token and participation in the ETPs, Farming, & DAO operations. The dedicated page for voting will be vote.wsbdapp.com (WIP).
We’ll be utilizing Snapshot for DAO voting as it provides a no-fee voting system that allows multiple strategies. These strategies can reference not just token balances, but also ETP & Farming pool holdings, so you can keep your assets working while you vote.
Voting will additionally be weighted based on how users interact with the DApp. This can be amplified by increasing the weighting of ETP decisions and rebalancing based on the individual’s $WSB tokens combined with their share of the ETP. Users that stake $WSB and participate in liquidity pools can vote on changes to farming strategies and how the DAO allocates earnings. This is done to incentivize voting for the given investor’s participation in the DApp. Of course, members can vote to change the DApp’s processes and structures if the community believes there are better ways to handle voting and other functions.
We look forward to building an engaged user base that can truly and directly influence the platform. Unlike many other governance tokens, our product creates a hands-on, active voting DAO that places power in the hands of the token holders, with minimal and temporary control via the team multi-sig. This control will be fully handed over as soon as possible from a practical perspective.