WIP Voting Reward

Discussion
1

For example:

  • 2% Wing incentive distribution will be distributed to WIP voting participants: 2592*2%*30=1555 Wing every month
  • Total Wing voting power casted for:
    Wip1st month 30k
    2nd in month 40k
    3rd in month 50k
  • If you participate in all voting with 10k voting power (3 WIPs)
  • Reward in the end of month for each voting power =1555/(30k+40k+50k)/3=0.03888 Wing
  • Your reward = 10k3/30.3888=388.8 wing (about 46% apr)
  • Voting reward APR should be capped at 30-40% (if there is any remaining Wing its will be burn or reserve for next month distribution)
  • Wing team will handle the distribution everymonth or use the contract to claim the reward
  • At the end of every month will have a WIP voting about the the distribution (yes or not). This WIP counted for your reward also
  • The more participant the lower APR but keep the APR at about 15-20% by deduct Wing incentive
    *Expand WIP Voting to otherchain (Disscussing)
2

Where are you suggesting the funds for rewards come from? i like the idea as it gives more incentive to wing holders and would fare better than a sort of retroactive distribution.

3

Deduct from Wing Incentive distribution

4

As you said, encouraging users to participate in voting can market Wing and attract more people to participate in Wing. I agree with this point of view.

But I think that rewards should not be come from WING distribution, since it requires development and requires contract activation. The contract will be more complicated and user gas fees will be higher.

I think campaign is the fastest method, and campaign rewards can be adjusted freely. We can try campaign first to see the effect. After the method is mature, we will then consider whether to add this part of the reward to the contract.

Do you think so?

5

I think campaigns have there place, but what we want to encourage is sustained involvement.

Reward incentives are part of this, and I totally agree with the opening post.

I also think working towards reducing the barrier to entry for proposals. This could include the ability to ‘pool’ WING in order to make a proposal.

I’d love to see us working towards governance 2.0 - which is less reliant on holding large amounts of WING

6

Its also a way to marketing about WING Holder/Voting benefit every week/month while just doing a normal thing daily without spending any WING from marketing fund and create more contents. Two target in One

7

Campaigns can be long-term, we can engage in events every time we vote.

Setting the threshold is also to stop some troublemakers, i think it is still necessary. In addition, there is no threshold for posting in the forum to make suggestions. If there are more than 10 replies and more than 100 page views, users can also ask the project operator to submit a proposal, so this threshold does not actually affect.

8

Great Ideal to bring Wing close to DAO 2.0. I agree and want it to become a usecase of Wing

9

That is amazing way to make Wing Holder activate and contribute our family better. I’m agree with this and will cast my vote with Wing token

10

Can @Yuki have some annoucement about this topic in telegram channel? Seem not much Wing users know about this

11

All WING tokens in the Insurance pool can vote which already have rewards. Double rewards won’t be necessary.
We’ll have some rewards for those who participates in community call/forum discussion recently.

12

The Wing Loyal NFT reward event was live! It partly achieves the goal of expecting more people to participate in the community.
Here is the details: https://twitter.com/Wing_Finance/status/1479423822591930370

As @BlueBird said, the rewatds should not be from WING distribution, it makes the contract more complicated and requires more gas fee.

In addition, I think the reward method is limited and it damages the motivation of Wing participants since of the incentives reduction. According to the history data, what is attracting users to participate is the content of voting. For example, when voting the launch of Flash Pool (BSC) , many people participate in voting.

13

This topic seems ‘hot’ enough to warrant further discussion and potentially fleshing out into a proposal we can all agree on.

2 questions we need to address, for those that are pro-rewards

  1. Voting should be rewarded - but how much?
  2. Where do the WING come from and how will they be distributed?
14

Reward should be capped at 30% APR
Now it can be come from campaign fund. Later if community agree to keep it as a part of Wing ecosystem then we can deduct from Wing incentive by smartcontract

15

If you’re looking for 30% APR, you can just put WING in insurance pool and vote

16

It double earn. Insure APR+Voting Reward APR

17

I think the effect of this incentive vote is not very durable. Do you think 30% will attract a lot of users to participate?

18

In my opinion. Rewards are better given in another way. As mentioned in Roadmap, the dynamic interest rate model can be changed to a fixed distribution model. The WING distribution ratio of each asset can be determined by users’ votes, which will improve user participation.

19

Really want to stress this point to @CedricD and @Yuki: You can not put the insurance forward as a reward mechanism for voting. Insurance carries risk, and voting should never carry risk. The reward for insurance, is because you are taking on that risk. The reward for voting is for taking part in governance. For me, shouldn’t even be a discussion.

By all mean, oppose rewarding voting. But, it’s simply incorrect to suggest that insurance already rewards participation.

20

You got my point. Reward for taking part in GOV by your voting power and personal ideal should be separate with insurance. We should improve our DAO with better active from community