Quadratic Weighted Senate (DRAFT)
Senates are elected every year, they secure the underlying code. Senate elections are one of the most important events that will happen in the Geode's future.
Currently, every Planet has 1 vote in these elections and Comets doesn't have any.
This doesn't seem fair.
We propose the implementation of weighted Senate Elections that uses the amount of staked tokens to give linear voting power to a Staking Pool's Maintainer.
We also propose to include a specific amount for Governance Fees that will be fixed within the period of the elected Senate.
Thus, we will be able to achieve 4 improvements:
Comets will now have a say in the Senate Elections
Planets can be made permissionless.
IDs can be used for market making.
Governance Fees can be negotiable.
This proposal also allows Senate-less implementations to be possible in the future.
"Senate" logic is still not decentralized enough.
Since we can achieve Permissionless Planets, now there are only 2 functionalities that will be secured by the Senate:
Contract upgrades
Node Operator Onboarding
both of these are not frequent events and can be handled directly by the Maintainer votes.
Last updated