GokuMarket is a community-driven DAO platform and everything on the platform must be done at the virtue of keeping the community’s integrity intact. With GokuMarket DAO governance, users can vote and decide on the proposals. The idea is to not just vest control of our platform to our users, but also enable them to equally contribute to the growth of the platform.
Snapshot is a customizable voting mechanism with the function of maintaining off-chain votes. It uses digital signatures via wallets to cast votes based on a snapshot of token holders. A specific block is selected, and all token holders and/or stakers record their shares. This stops users from buying more tokens to influence open voting. This protects against manipulation of voting results. Keeping votes off-chain works well for multi-chain projects, and so it does in our ecosystem (Ethereum blockchain, Binance Smart Chain, and Polygon Network in future). One of the key advantages of the Snapshot methodology is the lack of transaction fees and the fact that the tokens involved in voting remain in the wallets of the people casting their vote. The Snapshot methodology has over 290 ready-to-use strategies (e.g. anti-Whale).
Any GMC Holder can vote on the proposal irrespective of being a GMC pledged DAO member. Voting on a proposal is free of cost and doesn't cost any GMC.
Users can vote on GokuMarket Improvement Proposals by using their decentralized wallet (MetaMask, TrustWallet, Brave and so on). Voting on GokuMarketDAO is free of cost. A user should have a minimum of 5 GMC wallet balance at the block when the time comes for the proposal they want to vote on starts, otherwise the wallet is not eligible for the voting. It is the proposal creation time, when the snapshot of the GMC blockchain is taken and all decentralized wallets with at least 5 GMC will qualify to be able to cast votes. Learn more about “How to Vote” here.
Snapshot will capture the wallet balance of all decentralized wallets with a minimum balance of 5 GMC at the block when the Proposal is created on the blockchain. Only those decentralized wallets with at least 5 GMC of balance will become eligible for voting on the GokuMarketDAO proposals. Any GMC added in the wallet after the proposal has already started and is live (start of voting) will not be eligible or considered for voting.
One user’s wallet address can vote only once on the same proposal.
Voting Power (VP) is defined as the number of votes that each user can cast when voting. Generally, the more GMC a wallet votes with, the more Voting Power they will have. However, to ensure that a few wallets with high amounts of GMC does not easily control a vote, an Anti-Whale Strategy has been implemented that reduces the impact of big wallets in the resulting value. It reduces the effect on the voting power as the token amount increases. Below is the formula used for Voting Power:
Voting Power = InflectionPoint * (GMC / InflectionPoint) ^ ExponentVoting Power = number of votes casted by a wallet GMC = number of GokuMarket Credit in a wallet InflectionPoint = 5 (constant set to 5) Exponent = 0.5 (constant set to 0.5)
InflectionPoint: Point at which output matches result. Results less than this increase output. Results greater than this decrease output. In Gokumarket DEX, we have taken it as 5.
Exponent: The exponent is responsible for the Anti-Whale effect. Must be less than one, or else it will have a pro-whale effect. Must be greater than zero, or else it will cause total voting power to trend to zero. In Gokumarket DEX, we have taken it as 0.5.
NO GMC will be deducted from the balance by GokuMarketDAO for voting as it is free of cost. Users only needs to maintain the GMC decentralized wallet balance to have voting power and to become eligible for voting on a proposal.