Proposal to Modify Staking Interest Rates Based on Participation Rate in Voting and Rename Staking, Along with Incentivizing Voting
Ended 1y 4mos ago
closed
Description

Within Interlay, staking serves as a means of participating in governance activities. Consequently, the current term "Staking" is not entirely fitting, and I propose a change to expressions like "Vote" or "Voting" to better reflect its purpose. Similar discussions are also ongoing within the Astar Network.

Furthermore, the current state of governance voting is characterized by decisions being made based on a very small number of votes. Individuals who engage in staking merely for the purpose of earning interest are benefiting from the "wise" decisions of those participating in governance. However, this situation is unhealthy and warrants the introduction of incentives for active participation in voting.

To address this, it's advisable to initiate efforts targeting those who have been participating in voting from the early stages. This could involve providing them with initial incentives through airdrops or applying additional incentive interest rates on top of the regular staking rates. Such interventions would encourage individuals who are currently staking but not participating in governance to become more engaged. As the number of active participants in the project grows, I believe it will lead to lively discussions and an overall increase in the network's value.

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Information
Snapshot
Assets(1)
INTR
x1
Timestamp
Created
Aug 22 2023 16:39
Start date
Aug 22 2023 15:00
End date
Aug 24 2023 15:00
Results
Voted
496.71K INTR
Voters
4
balance-of
YES
444.66K INTR
 
NO
52.05K INTR
 
quadratic-balance-of
YES
1.08K INTR
 
NO
228.15 INTR
 
biased-voting
YES
444.66K INTR
NO
52.05K INTR
Turnout
496.71K INTR
Electorate
1,000M INTR
StatusSuperMajorityApprove
#1 Failed
StatusSuperMajorityAgainst
#1 Passed
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