We are excited to announce the launch of our first community voting campaign on Staking Rewards.
After the success of our very first community voting on telegram with over 6,000 people taking part, we have decided to integrate this feature natively in our website.
You’ll now see a Vote tab in the user dashboard where we’ll be hosting the voting campaigns.
We are excited to include the community into our operations and especially the listing process. For the first time, users can now vote for their favourite tokens to get listed on the website.
We’ve applied a form of quadratic voting to equalise the playing field with new comers and HEARTS horders. This form of whale protection is in place to make voting fairer for everyone. Regardless of how many tokens you have in your account, you can still play a role in getting new assets listed on Staking Rewards.
How much does my vote count?
The mechanism works by adjusting a users HEARTS balance by a 1.5 square root function.
If we take 2 users, one has 1,000 HEARTS and the other has 10 HEARTS. If voting was linear, then the user with 1,000 HEARTS would have 100x the voting power. By taking the 1.5 root, one user now has 100 and the other has approximately 5 voting power, so the user with 100x more HEARTS only has about 20x the voting power.
This means users with lots of HEARTS still get more voting power than those with less but at least those with fewer HEARTS can still have a voice.
This is one of our first use cases for HEARTS, in the upcoming weeks we’ll be launching more features to drive the utility of the tokens and increase the experience for our community. Stay tuned for more ways HEARTS will be used across the site.
You can read more about the design rationale behind HEARTS here. Note that HEARTS is not a native crypto token… yet.
Which projects will be up for vote?
The first selected assets are:
- Crypto.com Coin
- Pancake Bunny
- The Graph
- Berry Data
- Free TON
- Harvest Finance
The first voting campaign will run until 03rd of June 12:00 UTC.
We will then consecutively announce a new campaign every month.
What does it mean to get listed on Staking Rewards?
Listing on Staking Rewards means that our research team will work closely together with the team to integrate real-time blockchain and staking data onto the website. We will create our own formulas and calculations to make it easy for users to estimate their staking returns for all available reward options.
Furthermore we will create some educational content such as FAQs, Staking Tutorial and so on. We strive to make staking opportunities more accessible and easy to enter, while being aware of all potential incentives, risks, lock-ups and so on.
How do we determine the 10 candidates for the community voting?
We are determining the 10 candidates based on community feedback in our Twitter and Telegram. If you don’t see your favourite project, just head over to our telegram channel or ping us directly on Twitter while tagging your favourite project.
So what are you waiting for? Head over to https://www.stakingrewards.com/account/vote and get your favourite asset listed on Staking Rewards.