From my knowledge xMars is a second protocol on terra to use non-locked liquid staking token, the first is Prism protocol. Currently, Prism Protocol doesn’t have governance, meaning it is up to use to design first governance. One of the things I suggest is: If we use xMars for voting, why is making a proposal in Mars Governance in MARS. I suggest using xMars for proposal making, bcs then people who make bad polls or try to lie, lose much more money.
Currently, governance post on Anchor requires 1,000 ANC, on Mirror 1,000 Mir, on Spectrum protocol 2,500 SPEC and White Whale requires 5,000 WHALE, when adjusted for the price that is respectively, 2,700$, 1,600$, 6,900$ and 620$, while Mars governance requires 100,000 MARS tokens which are currently 78,000$, that is 125 times higher than White Whale and 11 times higher than spectrum protocol.
I suggest for this to be around 5000 xMars.
Although I agree that requiring 100,000 $MARS to make a proposal sounds too much, I think looking at the value in dollars might be a bit misleading. Instead, I propose we looking at it from percentage of total supply.
For example with the same example, you can see that deposit requirement for a proposal in different protocols
- Anchor – deposit 1,000 $ANC out of 1,000,000,000 (0.0001%)
- Mirror – deposit 1,000 $MIR out of 370,575,000 (0.000265%)
- Spectrum – deposit 2,500 $SPEC out of 40,000,000 (0.00625%)
- White Whale – deposit 5,000 $WHALE out of 1,000,000,000 (0.0005%)
- Mars Protocol – deposit 100,000 $MARS out of 1,000,000,000 (0.01%)
We could still see that the 100,000 $MARS requirement is a significant larger deposit that other protocols.
*Note that this uses total token supply, which not taken into account to the locked tokens for VCs and the not yet distributed tokens for each protocols.
I agree with you.
I think it is necessary to promote participation in the proposal.
While I somewhat agree with you to look at supply cap, I think that TVL in protocol matters more, and actual formula for governance post should be mix of price and TVL, but with top cap.