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- Title: [DRAFT] Allow #hashgang to use their HFT LP tokens to vote
- Author(s): @mib
- Related Discussions: none
- Submission Date: Nov 23, 2022
Simple Summary: Augment the governance voting process to count “deposited” HFT tokens equally to any other HFT so that we don’t disadvantage the most loyal #hashgang.
Abstract: This proposal will remove a (likely) unintended edge case in our voting structure which punishes loyal HFT holders who are LP-ing their HFT on Hashflow because it excludes them from voting unless they withdraw funds from Hashflow.
Motivation: The current voting process outlined in the governance post lets a proposal pass if the majority of HFT holders vote for it. This is great, as it allows governance proportional to how invested someone is in the protocol which rewards loyalty. However, there is one key flaw in this design. The most loyal #hashgang are staking their HFT in LP pools – which means they are both hodling AND providing liquidity for the protocol at the same time. Unfortunately, the current specification means that they can’t vote with their deposited HFT unless they withdraw them. This incentive is opposite of what we want – these ultra-loyal #hashgang should be rewarded, not punished.
Specification & Rationale: Therefore, I propose the following. We should modify the snapshot voting logic to look for “deposited HFT” and treat them like any other HFT. This way, the loyal #hashgangs can participate in voting on proposals without having to withdraw their tokens.
This could be implemented relatively simply by creating a snapshot voting strategy (see docs). This strategy would count a user’s HFT tokens AND their h-HFT tokens (the LP tokens minted when depositing). We’ll only have to make sure to weight them correctly so that they are 1:1.
- Ensures we don’t exclude loyal #hashgangs from the voting process
- Relatively easy to implement from a technical perspective
Downside (Cons): There might be concerns about transparency of the vote weighting. We should find a way to publish the code for this.
Voting: “yes” to count deposited HFT for votes on proposals, “no” to disregard them.