Currently the quorum to pass a vote requires 2B, which is 10% of original Total Supply of BSL token. I would propose that this be reduced to 10% of only available supply, which is 15B, since the 2.5 burns allocated to each of the previous BNB and ETH tokens.
New quorum threshold would be 1.5B, reflecting the overall “availability” of the remaining 15B tokens “in circulation”.
I think this is great to go forward with. Personally it does not makes sense include burned supply.
I agree it should be reduced, but I think we need to make it based on the number of participants and the total supply in use vs total supply. If you want to participate in voting you have to opt in and it is based on only optted in users. You can also give someone else in the community your rights if you like possibly (aka proxy vote). This can be done by KYC in the app.
We should also make it fairer that everyone has a say and maybe base it on a formula of everyone getting one vote if you own a min threshold like 1000 BSL. And then there is also weighted voting based on a number of tokens the holder uses - maybe used as a small multiple to your single vote. There should be limits to - that if someone owns 10% of the supply they only have so much say in the vote - it is capped. Create a formula combining both of these methods that seems fair to the community both the whale and the new user that doesn’t own as much or can’t afford much. The voting also should be completely in the app where it is easy, simple, seamless and authenticated for the user since they are KYC.
I think I’m understanding it better, and I agree… voting should be based on the amount of tokens held by “people”. Quorum should be equal to an allowable “legally recognizable” amount, calculated against tokens not burned or held by dex. How to calculate this amount is where we might run into issues. Interested in getting this sorted though.
I’ve been part of enough orgs that cant change anything just because “quorum” couldnt be achieved. We dont need that happening with BSL.
I agree too with % of total supply held. But I think we should go with 20% or whatever is the highest/most stringent regulatory board requirement to avoid future regulatory problems.
I reread this - I agree with Michael - it can be 10% of available supply… since the supply not being counted towards quorum will never be in supply.
My last comments were about lowering below what we are currently which is 10%.
I will vote for this.
Not sure if this is a good idea. I think the top 5 or 6 wallets hold about 1.5B, whatever decision they make will be done and not necessarily good for the rest. Let’s not have 5 people speak for the rest of the people.
I see your concern, its certai ly valid, but I dont know that whoever has the top walleta would always agree and vote in the same manner… either way, this vote is more along the lines of ensuring that the DAO is able to even make decisions. The 2B threshold made sense back before the burns occurred, now, those tokens can never be in circulation to be used to vote.