Enhancing ApeCoin DAO's Voting System

[ali3n]

Tldr

Revamp ApeCoin DAO’s voting: Fairness, transparency & community trust via dynamic algorithm new formula !!!

Description

I am Chinmay | MrAnonymous | 4li3n.eth | lostali3n all of it. In a Twitter Space yesterday, a fusion of prop house and Tankape. Halina discussed Ape DAO’s voting hurdles, which ignited my mind. Told about many problems in Voting Power, ppl are creating wallets and adding balance to vote, and those who initially had more token was getting more voting power.

so I have come up with an Idea: Let’s deep inside it;

1) Abstract:

Introducing a novel solution to address the current voting system challenges within ApeCoin DAO. The proposal entails implementing a dynamic voting power algorithm that incentivizes long-term commitment, discourages last-minute participation, and ensures fairness in decision-making.

2) Benefit to ApeCoin Ecosystem:

Dynamic voting power algorithm that revolutionizes ApeCoin DAO’s governance structure:

Fairness: The algorithm considers various factors, rewarding long-term holders and discouraging manipulative behavior, ensuring a level playing field.

Transparency: Genuine contributors gain higher voting power, fostering informed decisions and minimizing undue influence.

Community Trust: A more credible voting system attracts authentic participants, driving community engagement and growth.

3) How it Works:

buy_value = APE’s bought on that transaction
age = how many days old transaction

so let’s take an example:

transactions->

1st transacton: (buy)
buy_value * 10% of age
=> 100 10% 10
=> 100 value…

2nd transaction: (buy)
buy_value * 10% of age
=> 50 10% 8
=>40

prev_value + this_value
100 + 40 = 140 value…

3rd transaction: (sell)
sell_value * 10% of age
=> 50 10% 6
=> 30

prev_value - this_value
140 - 30 = 110 value…

4th transaction: (buy)
buy_value * 10% of age
=> 10 10% 3
=> 3

prev_value + this_value
110 - 3 = 107 value…

5th transaction: (sell)
sell_value * 10% of age
=> 60 10% 2
=> 12

prev_value - this_value
107 - 12 = 95 value…

Balance = 100+50-50+10-60 => 50

Voting Power = value / balance;

Voting Power = 95 / 50 = 1.9 approx( 2 )…

thus his voting power is 2. Fair enough na…

4) Visualization: Demo

website : ApeDAO.chinmay.io

Visit the site and check your voting power:

{Website} visit

• Currently, transactions are tracked for up to 100 transfers due to Etherscan’s limit; with funding, we’ll expand this.

6) Call to Action:

I invite the ApeCoin community to support this initiative:

Vote: Please consider voting for this project to enhance the voting system’s fairness and credibility.

Collaboration: Contributions and engagement are welcomed, as they’ll facilitate the project’s expansion and refinement.

Thank you for your consideration. Let’s work together to create a more equitable and robust voting system for ApeCoin DAO.

Enjoyed my creations? Connect with me on Twitter for a chat!

• To show your appreciation, consider supporting me with a donation on Debank

• Exciting updates are on the horizon – stay tuned!

Vote Here: Prop House

Twitter: twitter.com/LostAli3n

DeBank: 0xb7d4369abfa74aed05d7db358dc3373d787b8997

[Chris.Admin]

Hello @ali3n,

Thank you for your participation. Your post has the feel of an AIP Idea… would you prefer to have it categorized from General to AIP Idea? This way, the community will have seven days to discuss it, and then if you feel enough feedback has been received, you could then make your post into an AIP Draft.

The choice is yours, thanks again for your contribution to the discussion. Let us know if you have any questions.

Kind regards,
-@Facilitators

[SmartAPE]

As I mentioned in my voting reform AIP thread, this idea is brilliant - and covers a lot of bases. Thanks for posting it here from your original Prop House listing.

Unfortunately, from what I know of Snapshot, there’s no feasible way to implement this. So, to implement something like this would likely require a custom voting frontend. And for that, going by the DAO’s original mandate which specifically cites the use of Snapshot for voting, I’m not sure if the Ape Foundation would - through admin review - allow an AIP that seeks to make such a fundamental change to the voting tool.

[ali3n]

Yeah, I can modify the Algorithm according to the needs of APE’s. I can add a snapshot block also, This is just a proposal. If I can vote and the team considers this, I can work more on this>

As I am a developer. Likes to build many interesting things>>

[ali3n]

Sir can you help me with this>
as i change , I see error

" An error occurred: You cannot move this topic to a category where you do not have permission to create new topics. "

[Chris.Admin]

Yes, I can help move it from “General” to “AIP Idea.” Would you like for me to do so?

[ali3n]

Yes please>> help me to change it.

[Chris.Admin]

Hi @ali3n,

The requested change has been made. Your post will now be up for community discussion for seven days. We’ll be reaching out to you within 24 hours of it closing with next steps.

Best,
-Chris

[SmartAPE]

@ali3n

Yeah, I can modify the Algorithm according to the needs of APE’s. I can add a snapshot block also, This is just a proposal. If I can vote and the team considers this, I can work more on this>

As I am a developer. Likes to build many interesting things>>

But how are you going to implement those changes into the Snapshot strategy (the settings used for voting)?

[ali3n]

Thanku Sir seeing a 1st community where works are going so fast and smooth>> My respect to you Admin…

[ali3n]

Y it’s very simple. I will give an API key to Ape, or I can host my website inside them,

In my code, there are options for, block range, day range, no_ of transactions, limit, everything, according to need we put value.

for more clarity or anything connect with me in Twitter: https://twitter.com/Lost_Ali3n_

[SmartAPE]

Yes - but you still need to connect it to Snapshot. The only way to do that is via the Snapshot code base.

Discusions about AIPs are best here instead out of on Twitter and other places.

[ali3n]

Ya apecoin need to talk with snapshot and tell them that, this is our new method to calculate the power. Use this formula for voting…

[SmartAPE]

It’s not that simple because it would require a change to the Snapshot code. It’s not setup to accept such a formula in their strategy templates.

[ali3n]

Then ape coin use in their own voting platform>>

[SmartAPE]

They can’t because Snapshot is the official voting platform. And it makes no sense to build a new voting platform.

[Chris.Admin]

Hi @ali3n,

Your topic will be moving to the AIP Draft phase in less than 24 hours. Are you content with the feedback received or do you wish to extend community discussion for another 7 days?

If we do not hear from you within 48 hours after your topic closes, your topic will be moved straight to the AIP Draft process.

We look forward to hearing from you.

-@Facilitators

[ali3n]

But this system will be more fair for all the users. They can be used for any other voting purpose. This is just my idea. This algorithm or the formula is not suitable for Apes I guess. Maybe we can use it in another system.
more advance features may come in snapshot in the future. We can use this thing in competitions like prop house and other things. Where the rules of voting are made by Ape developers…

[Chris.Admin]

Hi @ali3n,

Thank you for your ideas [and the ApeCoin DAO community for the insightful discussions]. A moderator will reach out to the author to finalize the AIP Draft using the appropriate template. In accordance with DAO-approved guidelines, if the author doesn’t respond within 30 days, the proposal will be automatically transferred to the Withdrawn category, and the author can re-submit the idea. Once the AIP is Drafted and meets all DAO-approved guidelines, it will be published on Snapshot for the official live voting phase at: Snapshot.

Follow this Topic as further updates will be posted here in the comments. @ali3n please see your messages for the next steps.

-@Facilitators