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Proposal #7 - Improved Voting Logic
This proposal aims to improve Panther's Snapshot governance process and degree of decentralization.
It proposes the introduction of an improved voting logic at times where tokens staked are not sufficient for the community to be thoroughly represented. This change will come into play when the staking contract is not releasing rewards to users. The new logic will take into account user $ZKP balances instead of only staked tokens.
Currently, only around 8% of the total $ZKP supply is staked. This means that most users will not be able to vote on this and future governance proposal.
Moreover, in order a proposal to pass at least 4% of the $ZKP token total supply should cast votes, which may prevent obtaining the quorum when no active staking program is running.
The contents of this proposal are identical to those presented in Section #3 of PIP-6, which didn’t reach voting quorum, though it gathered an overwhelming majority of your votes (98%+). As such, this proposal presents Section #3 as a standalone vote, with the objective of introducing rules for wider community voting that will govern the DAO subsequently.
To cover the cases when the staking smart contract is not releasing rewards to users (a situation likely to happen in initial phases of the project), improved voting rules must be proposed and applied.
This proposal intends for the Panther DAO to define an alternate mechanism that considers users’ $ZKP balances together with their staked amounts in the staking contract on any supported network (currently the Mainnet and Polygon) as a secondary go-to in these cases. In these cases, the voting power of $ZKP tokens holders will be calculated as "one owned or staked token = one vote".
Whenever the smart contract releases rewards to users, the system will default back to the original mechanism (one staked token = one vote).
If this proposal passes, the admin of the Panther Protocol space on Snapshot.org will update the settings of the space so that the voting power for further voting will be computed according to the rule stated above.
Please vote to accept or reject the proposed actions detailed above.
As per the existing DAO governance structure, to participate in voting, you need to have staked $ZKP in Panther's staking contract on the Ethereum Mainnet or Polygon.