As we move through the process of progressive decentralization, we expect that we will be voting on more multi-choice proposals. For this reason, we propose to implement a quadratic voting strategy for all multi-choice votes on Snapshot. Implementing a quadratic voting system for multiple choice votes is expected to open the discussions to a wider audience by allowing voters to express how strongly they support the choices, by balancing the voting powers, and by allowing representation for all community members.
As we build a community-owned IP, we understand the need to empower all stakeholders to vote on DAO initiatives. We’ve taken the first few steps in launching our governance system in April 2022. With 5 CUIPs passed, now is the time to iterate and improve our governance system. We believe that it is important for all stakeholders to have access to a mechanism that will best signal their preferences and how strongly they feel about them. By applying the quadratic voting system, we hope to:
- Install a system that better represents individual stakeholder participation
- Introduce a mechanism that allows players to choose more than one option in proposals with multiple choices
- Give players access to a mechanism that allows them to express how strongly they feel about the choices they’re making
“Single Choice Voting” is the voting strategy used on Snapshot for proposals that gauge approval or disapproval on a subject. We are yet to establish a voting strategy for proposals with multiple choices. Prior to this, we held the governance council election. CUIP-004 specifically stated that council elections will follow a weighted voting strategy. With this proposal, we wish to formalize the usage of the "Quadratic Voting’’ strategy for all multi-choice Snapshot votes, with the inclusion of the governance council election moving forward.
This proposal comes at no cost to the DAO, and no specific manpower changes are required to implement it.
As a community-owned IP, we wish to further empower all stakeholders to contribute to what we’re building together. Shifting to quadratic voting allows the community to express their preference in proposals with multiple choices, such as the governance council election. In the context of the governance council election, given that the council is expected to represent the interests of the greater community, it is imperative that each and every stakeholder be given the opportunity to choose and signal their desired representatives. We ask that the community vote in support of this.