After experiencing the poll function of Anchor, and comparing it to other protocols, there are some glaring shortcomings of what we have here at Anchor.
- The cost to start a poll is too high, therefore there are no suggestions being put forth.
This has been voted on and the poll failed to reach quorum. I feel terrible for whoever sponsored this, because it made a lot of sense to pursue, yet nobody gave a dam, if they didn’t agree with it, they could have voted no. But nobody voted.
The solution would be to revisit the idea of reducing the poll cost, perhaps 100 ANC might be too low, I was personally thinking 300 ANC would have been easier to swallow.
- Everyone benefits if a good idea is executed. but the sponsor of the poll has no direct benefit, yet has to risk loosing the ANC if there is a lack of quorum.
The poll sponsor should be rewarded for the undertaking the risk of starting a poll, possibly the doubling of poll stake, and have better measures for rejecting a poll, rather than just not reach quorum, of which 10% does seem rather high to be reached, especially if we have multiple polls that need to be run at the same time, and seeing that nobody is really incentivised to respond to polls these days, because ANC is constantly loosing value, nobody will want to hold onto ANC just to vote. See next problem…
- Sometimes Polls need more than one answer.
A binary outcome might not suit everyone who would like to vote and the only way they can participate is therefore to not participate.
Solution: Create the option for multi optioned polls (Maybe up to 3 choices?), create the option for yes, no, alternative choices, abstain and reject.
The abstain option will people to vote when they feel they aren’t informed enough to make a decision and will allow for participation even when you don’t agree with a possible binary outcome.
The reject option will be for people who want to protest truly terrible ideas being put forth, and this will be the measure if a poll is rejected and the poll’s staked ANC refunded to the poll sponsor. It should be applied that people who reject a poll, will receive their governance staking rewards, but will NOT receive the share of the poll stake, instead their share will be burnt or sent to the community pool/treasury. Poll sponsors who keep making useless polls with the hope that people will pass their poll and be rewarded will therefore be subject to this.
- Nobody bothers to vote and the rewards for participating in governance are terrible.
This one is easy, currently it’s terrible holding ANC because it’s deflationary, we should therefore compensate people for who actually help the governance process. ANC governance rewards should be therefore double just for being staked towards governance and tripled for the short time they are actually in use when voting. I would imagine having a 50-70% Apr for the couple of weeks there are things to vote on is actually should be the norm in the developing stages of the protocol. 25% APR is nowhere near enough for ANC holders to hold onto ANC in the face of the massive deflation that is occurring as a result of borrower incentives being sold into the LPs to cover their cost. (This is actually another massive reason why the sufficiently large volume LPs are actually strategically VERY important, so as to dampen the sell pressure of the borrower incentive ANC trading back into another currency)