Project Overview
Name of project: Improve Ocean DAO voting
Proposal Wallet Address: 0xa5a8c36e3f9C922BCfa56Cd05B5a4Ac6F8313827
The proposal in one sentence: I will build snapshot strategies that will allow almost all OCEAN holders to vote for Ocean DAO without withdrawing their OCEAN from other platforms (incl Ocean Market)
Which category best describes your project? Pick one or more.
[x] Build / improve applications or integrations to Ocean
[x] Outreach / community (grants don’t need to be technical in nature)
[ ] Unleash data
[ ] Build / improve core Ocean software
Project Overview
This project aims to empower and encourage OCEAN holders to participate in voting for Ocean DAO without withdrawing or shifting their OCEAN holdings from other platforms like exchanges and marketplaces.
Current scope for this proposal to enable voters with OCEAN holding in Uniswap, Sushiswap, Balancer and Ocean Market (and support for other platforms like Bancor, Binance, Kucoin, Cream etc is currently out of scope and will be added in later iterations)
Problem solved
Ocean DAO is growing at significant rate with no of proposals increasing at about 80%-100% with each round. But the no. of votes has decreased significantly with each round (Round 1= 3.25 mn OCEAN voting, Round 2 = 1.19 mn OCEAN voting). Though the voter turn out almost remained same (Round 1 = 77 voters, Round 2 = 82 voters). These voters also includes the proposal owners.
To truly grow the Ocean ecosystem and democratise selection of winning projects, Ocean Protocol needs better voter turn out. One of the main reasons for low voter engagement can be directly linked to unaccountable voting options for OCEAN holders in Ocean Market and other platforms like DEXs and CEXs. Once these holders are empowered to vote without asking them to withdraw or shift their OCEAN holdings (and make a probable financial loss in the process), voters turnout would improve significantly. And this will help to truly select interesting projects for the growth of Ocean ecosystem.
How does this project drive value to the Ocean ecosystem?
As explained above, this project aims to empower OCEAN holders to vote without asking them to withdraw or shift their OCEAN holdings (and make a probable financial loss in the process). This will lead to significant improvement in voters count. And this will help to truly select interesting projects for the growth of Ocean ecosystem.
ROI calculation
Since this project provides significant qualitative benefit to improve Ocean ecosystem growth, it is hard to put numbers to it. I will try my best attempt though.
It is reasonable to consider that more the voters, less influential whales can be. This improves selection of better projects of funding for OceanDAO. Even if better voting leads to selection of 4 projects that have chances for high success and avoid letting funds go to 4 bad projects, ROI is already 4.
So, Bang = ~40,000 OCEANs
Buck = 10,000 OCEAN
So ROI = bang / buck = 40,000 OCEAN / 10,000 OCEAN = 4
Proposer’s estimate of % chance of success = 80%
Final calculation of ROI : expected ROI = 0.8 * 4 = 3.2
Project Deliverable - Build / Integrate
Snapshot strategies for Uniswap, Balancer, Sushiswap and Ocean Market integrated in Snapshot-spaces repo.
Project Deliverables - Roadmap
Most likely by the end of March 2021. So that OCEAN holders can participate in voting in next DAO round.
Team members
It will be just me most likely, and maybe some minor help needed from Ocean team to merge PRs on Ocean’s snapshot-space.
Pokodev https://github.com/pokodev