Voting Privileges

As it is my understanding, Pickle voting power on governance issues are only available to those who have staked PICKLE-ETH UNI-V2 LP Tokens in the Pickle Pool. I don’t think this is fair to the whole community.

As someone who has money staked in pJar0 and who is holding PICKLE in their wallet, this current voting system gives me no incentive to hold my PICKLE. I am not being rewarded as a contributing LP to the protocol even though I am providing the service of liquidity. I am also holding PICKLE as mentioned in my wallet, which is not rewarded, thus giving me no reason to HOLD. Not immediately selling my PICKLE is a benefit to the Pickle ecosystem and should be rewarded with voting privileges.

Interested in sparking a discussion around this topic.

  • Dr. Eggplant

Seems logical to me that the quadratic voting rights should reasonably extend to those accounts with Pickle stored in wallet - certainly it provides an incentive to hodl those pickles and affords hodlers the incentive of contributing to the governance and the potential benefits therein…

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For some additional background, I recall that voting power was granted to staked PICKLE-ETH UNI-V2 LP tokens to give voting power to those with more “skin in the game” prior to the launch of the pJars and to dis-incentivize immediate dumping from the ETH / stable coin farms at launch.

I do personally agree that rewarding users of the Pickle protocols with voting powers without having to expose themselves to greater risk (IL that may occur in the PICKLE-ETH pool) may encourage “better” governance in the future (that is, the protocol is governed by those that use it). Participants may be encouraged to hold onto their pickles for voting power as opposed to just selling them because they don’t want to take on the burden of additional risk. It is also possible that few participants will care about governance regardless, and would still dump their pickles. Nonetheless, I feel that granting governance powers to those that utilize the ever growing Pickle protocol is a right step in encouraging governance that is positive for its continued growth.

Unfortunately I have no clue on the best way to move forward from the current system, but I’m definitely eager to hear ideas.

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…its an interesting point in the life cycle of this thing in that those willing to stake and or hodl are motivated at present by the retention of value in PICKLE and the prospect of governance decisions that promote hodling capital within the PICKLE ecosystem based on the prospect of a return on that capital…from what I have been observing to date, and with quite a large chunk of capital staked - confidence seems to be with the PICKLE at this point…should near term values beyond the halving hodl up then governance and its value will mean more to those currently participating and locking up their crypto with PICKLE…adding in the possibility of voting rights even if not utilized adds value imo…a really interesting project …

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I think the current solution is pretty good (and I speak in the hope that Sybil resistance will be in place).

Giving the right to vote to the holders is very risky.
A whale could easily multiply its wallets and take control of the protocol. It is harder, riskier and more expensive to do the same thing with PICKLE-ETH UNI-V2 LP.
Many token holders are just hoping for a quick return of the token, so they have no long term vision of the protocol.

For those who put their tokens in pJAR etc… I will be more mixed, but they have less skin in the game. Maybe another voting ratio could be applied. That would complicate smart contracts, but…

janFi No

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Voting privileges should be applied to participants who are interested in the long term interest of the protocol. Holding PICKLE, in itself is not an indicator that someone is interested in the protocol and could be people who would vote for short term benefit to profit quickly by dumping PICKLE.

However, we can separate out voting rights vs proposal rights, if voting rights could be applied on a risk basis, to reduce the impact of short term profit seeking individuals, then that would alleviate short-termism. In this respect, UNI LP - PICKLE-ETH is representative of risk. Likewise if there was a lock mechanism (or some other mechanism that represents long term interest in PICKLE) they should have voting rights too.

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Seems like the consensus is to retain the current model? I agree that it is the best approach, I love the quadratic voting approach that means someone with 1 Pickle-ETH LP token gets 1 vote, someone with 1,000 gets 32 votes. Looking over snapshot the larger holders tend to have ~30 votes … out of ~600 possible total, that means only 5% influence at max for one voter.

If Pickle Staking comes in … I would like to see consideration of that to have voting rights too, if it’s feasible.

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I agree with you! :slight_smile:

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Agree and I can’t keep my mind off this topic.

I am proposing we retain the voting rights to the holders / liquidity providers in the PICKLE:ETH pool only. My arguments being:

a) The PICKLE:ETH LP has the most skin in the game. Also the quadratic voting implemented will more or less deter whales from trying to game the votes.

b) Pickle holders’ in exchanges should not be allowed to vote or voted on behalf of. We want to prevent the exchanges from utilizing the Pickle holders’ tokens for their own interest.

@BigBrainBriner for the core team consideration, please.

I don’t necessarily agree that the Lp provider has to most skin in the game. Yes, you could lose your ETH. But single holders of pickle are way more exposed to price swings thus even more motivated to good governance, especially when you combine it with a lock-up period.

Voting and lock-up should be going hand in hand regardless who has the voting power. Given the sole voting right to a group that’s very liquid is risky, even tho the quadratic voting mitigates a lot.

I don’t think pickle holders should get a vote. I think pickle STAKERS should (which I assume would only be possible on pickle.finance at least short term), alongside Pickle-Eth stakers.

Someone mentioned that it could be weighted and I agree, eg:

8 Pickle 1 Eth in the LP pool
16 Pickle STAKED directly

Give the same voting rights. Including quadratic model.

IF such a thing is possible!

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