Been thinking about this for a while. First and foremost, I think it’s important that pickle stakers have voting rights. They’re essentially the equity holders in this protocol, and I’m really happy with PIP-15, it’s important pickle stakers receive residual profits. I’d take it one step further and also distribute the profits proportionally to pickle LP holders (based on their underlying pickles, not ETH holdings).
I think that regardless of whether someone is holding naked pickles, or in an LP, they should have proportional voting rights (ie. if someone owns 1 pickle, they have 1 vote).
Now with regards to quadratic, cubic voting etc, I’m struggling to see the benefits. On one hand you can argue it limits whale influence, but on the other hand, I would argue it disproportionately diminishes the influence of those who have significantly bought into the protocol. It’s also still entirely vulnerable to a sybil attack.
Also pointing to the equity markets (which have gone through countless iterations of trial and error with regards to voting rights), it’s notable that there aren’t any major markets which implement this form of voting structure. I appreciate we cannot mimic traditional equity markets- the high liquidity provided by pooling, combined with easy access to leverage, flash loans etc. makes it much easier to game crypto.
However all of these points relate to transactional speed, so why not simply put in a ‘time check’. Ie. to be eligible to vote, you have to have held the pickles for a two weeks, say. (The time held for eligibility will have to be longer than the maximum voting period on a proposal to be effective). This would:
a) Fairly represent the rights of all holders.
b) Prevent whales from gaming the system in the short term.
c) Promote longer term holding, whilst also not forcing holders to ‘lock up’ their pickles.
d) Should be fairly straightforward to implement, at least for naked pickle stakers.
I note the discussion about making voting power a function of time held, but I think this can get too complex, and difficult to justify (how do you judge the voting power of someone who has held pickles for a month vs someone who has held for 2 weeks). I think a binary decision is much cleaner/fairer.
Interested to hear your thoughts.