Author
Derp Twerks (Matt / Finance.vote)
Motivation
Idle DAO is committed to the vision of a globally available decentralized capital pool, administrated by a community of token holders. finance.vote is a decentralised organisation with a DeGov dApp “influence.vote” that can make Idle’s goal of community administration a reality.
The DeFi industry standard for governance is 1 coin, 1 vote “token-weighted voting”. However, this leads to plutocracy, meaning whales make all the decisions (think Uniswap). The quadratic voting technologies built into influence are designed to reduce the impact of whales. Ultimately, it transfers power from the few to the many.
​​​​​​​Implementation
influence.vote is a customisable decision-making dApp that uses quadratic voting and vote justification to help communities find signal in the noise.
By integrating influence.vote, Idle can carry out token gated - any user holding $IDLE - quadratic votes with an open-ended number of holders creating consensus and collecting dialogue on IIPs via nuanced voting. Influence also allows a range of alternative strategies including token-weighted voting to build bespoke governance designs.
The native use of the influence.vote system is for each user to receive 100 voice credits per proposal. These voice credits may be spent (quadratically) on the different options on the ballot. Alternative voice credit strategies are also possible to give some users more say than others.​​​​​​​​​​​​​​
We will use the list of IDLE token holders to whitelist every $IDLE community member in the voting contract. This means that all holders will be eligible to vote at zero cost.
Users will be able to mint a special Idle NFT that will be numbered (in order of minting) and connected to their voting rights. This means the voting rights can be transferred (or sold) at a later date. Custom art for the NFTs is available for a price. See details below.
Program outlines
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finance.vote integrates a custom influence.vote “nation” for Idle (24 Hours)​​​​​​​
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finance.vote pre-loads the nation with a few example proposals
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Idle defines voting parameters and their first serious proposal
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Idle defines NFT implementation. Three options:
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Elementary: A clean and functional “Voter ID Card” NFT with the Idle logo that identifies Idle and the NFT
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Generative: Autogenerated art that follows your brand
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Commissioned: Why not make the next token-weighted vote “Which NFT artist shall Idle DAO commission for our NFT ID’s?” A bonus effect of custom art is the interest generated for the protocol via the buzz and resale opportunities in the secondary NFT art market.
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finance.vote deploys a merkle root for the NFT issuance. The users can then choose to mint these at a small cost to be negotiated (24 Hours)
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Idle token holders will be able to vote for free on any token-weighted IIP’s
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Idle NFT holders will able to vote for free on any NFT-gated IIP’s
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Idle IIP’s are passed through the Influence “nation” where voting is conducted
Next steps:
Please feel free to ask any questions. Myself and the team will be available on here and in Discord to answer any questions. Thanks!