Botto

Summary

Please note that this Snapshot has a default 72 hour voting window.

BIP-51 proposes that:

1. All Voting Points (VP) are allocated once per round.
2. All Voting Points (VP) reset at the end of a round.
3. Any staked amount after the round begins generates a prorated amount of VP for the week.
4. Pipes and other VP generating collectibles do not generate VP mid-round.
5. Unstaking before the round ends disqualifies the user from any undistributed rewards, removes their votes of that given round, and removes remaining VP of that given round. They will still be able to claim rewards that were previously credited to their wallet but have not yet been claimed.
6. VP begins resetting at the beginning of the following period (meaning a Grace Period until end of Temporal Echoes, on June 11th 2024 at 22:00 CET, to honor those who have intentionally saved their VP).

This change reduces development and user complexity of the VP system, boosts weekly active participation and aligns directly with Botto’s training needs. No changes are proposed with regards to minimum 2000 BOTTO staked to be eligible for ETH rewards.

Rationale

1.1. VP Reset The current VP system allows dormant stakers to accumulate voting power, leading to inconsistent participation. Weekly VP reset will encourage regular engagement, aligning with Botto’s weekly cadence and preventing vote dumping. Metrics shared show fluctuating engagement, highlighting the need for more consistent participation.

1.2. Midround Generation, Unstaking Rewards Removal Collectibles should not generate VP mid-round to prevent sybil attacks. New access passes will credit VP upon minting, and secondary sales will credit VP the following round. Unstaking before the round ends disqualifies users from rewards, ensuring system integrity.

1.3. Grace Period A grace period until June 11th, 2024, allows users to spend VP freely while minimizing vote dumping by dormant accounts. This transition phase ensures a balanced shift to the new system, enhancing voting process effectiveness and fairness.

Proposal Specifications

1. All Voting Points (VP) are allocated once per round.
2. All Voting Points (VP) reset at the end of a round.
3. Any staked amount (Governance or Liquidity Mining) after the round begins generates a prorated amount of VP for the week, based on their regular VP generation amounts.
4. Pipes and other VP generating collectibles do not generate VP mid-round.
5. Unstaking before the round ends disqualifies the user from any undistributed rewards, removes their votes of that given round, and removes remaining VP of that given round. They will still be able to claim rewards that were previously credited to their wallet but have not yet been claimed.
6. VP begins resetting at the beginning of the following period (meaning a Grace Period until end of Temporal Echoes, on June 11th 2024 at 22:00 CET, to honor those who have intentionally saved their VP).

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For additional information on the points covered in this Snapshot, please refer to the Governance Forum thread that contains explanations of each line item above.

Explanations & Details: BIP-51 (V2): Voting Point Reset