Increasing voting rewards from 0.5 -> 0.7

As a fully decentralized protocol governed by the holders of the $MIR token, it’s crucial that all MIR stakers participate in important governance matters, such as parameter changes and contract migrations for the future of the protocol.

In this light, a new governance poll to update voters’ reward ratio from 50% to 70% will be made on Mirror’s Governance.

Under this proposal, inactive stakers receive less, and active participants are rewarded.

Quorum in Mirror Gov is relatively high right now at 18%, so further incentivizing those who participate in governance is important.

While the increase of voting quorum to 18% successfully prevented spamming attacks, it also made it harder for important polls to reach the voting quorum, making polls more difficult to pass than in the past.

Part of the reason why voting participation is not high enough to pass the poll’s quorum is due to 50% of the staking rewards being distributed to those who have staked MIR tokens but are not actively participating in Mirror governance.

This proposal suggests that the reward distribution be higher for those who are actively voting on Mirror governance, splitting the distribution to non-voters at 30% and to voters at 70%, respectively.

9 Likes

Poll has been submitted to Mirror Governance:
https://mirrorprotocol.app/#/gov/poll/272

Please participate in governance!

1 Like

Honestly the fact that SIMP:3 will fail again due to low quorum makes me sad given that stupid poll about lowering MCR of BTC or Google were successful.

Mirror cant be easily saved, thats my current conviction.

2 Likes

Definitely not, with that absurd quorum

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But why there were voters for Bitcoin or Microsoft MCR?

What if we shifted Mirror into a model where a DAO entity takes ownership of these decisions rather than decentralizing every decision that ever gets made. With the shift to this model, MIR governance would instead focus on decisions about how the DAO itself operates, management decisions, its use of funds, and initiatives/proposals that expand the user adoption and utility created by mirror?

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What is the DAO entity? Nothing stops you from buying 11M MIR tokens and do your own decisions about the protocol. Ah, you don’t have those money, then find some investors and call it DAO entity.

I’m curious why the Quorum for your proposal is 40%, whereas the Quorum for all the other proposals is only 18%. I looked thorough the Mirror Docs, and did not see anything spelled out. Any ideas?

1 Like

Whales flexing to vote on this one, wow!

1 Like