Background:
Panda currently has no governance model for its holders, it is still fully controlled by the Bao community.
The deployment of the governance model has been delayed for a while and since there is support for BSC on Snapshot we should set this up for our community.
This proposal is split in two sections an accelerated proposal and a standard proposal.
Accelerated Proposal:
For Panda the accelerated section contains the following.
Having the DAO register an ENS name to be used for Snapshot, for example, pandavotes.eth
This is a necessity to get a Snapshot governance page for Panda up and running.
For the governance the following would be implemented.
- Strategy 1: Panda holders – 100%
- Strategy 2: Locked Panda – 125%
- Strategy 3: Panda/WBNB – 200%
This way we follow Bao governance but with some adjust percentage values.
The above voting strategies are already standard available on Snapshot.
Proposal:
When we look at the accelerated proposal, we don’t see any of our staking tokens. Which is why we will discuss this into more detail to decide if and how they will be used for governance and what their voting power would be.
Since there are only 5 strategies possible to be implemented, we need to take into consideration what we want to implement and how.
Subgraphs are still an issue on BSC due to their infrastructure lacking the proper resources. However, there are some updates coming to the Graph protocol which could be beneficial, and we have been experimenting with our own subgraph cluster.
But we are heavily dependent on external sources for the time being.
For our Panda platform we also have Bamboo and Rhino as tokens, and we would like to include these to be used for voting power.
Based on the options we have for Panda we propose the following setup for voting power, see the options below:
1 - Locked Panda on BSC
- Equal to Locked Bao on Mainnet but with an adjusted percentage 125% value.
- Locked Panda * 125% = voting power
- Our view is that locked Panda should be a higher weighted than the voting power of Panda holders because we have staking tokens and locked Panda means one is more committed to the long term future of the project.
2 - Panda holders on BSC
- Equal to Locked Bao on Mainnet but with an adjusted percentage 100% value.
- Panda * 100% = voting power
3 - LP holders of Panda/WBNB on PandaSwap
- Following the Mainnet calculation for the LP contribution with a 200% weighting.
- (Panda LP Share / User LP Share) * 200% = voting power
4 - Bamboo holders on BSC
- This needs to be converted to equivalent of Panda based on the Bamboo/Panda ratio and based on and accounts for 100% voting power.
- (Bamboo * ratio) * 100% = voting power
5 - LP holders of Bamboo/WBNB on PandaSwap
- Following the Mainnet calculation for the LP contribution with a higher weighting 200%
- (Bamboo LP Share / User LP Share) * 200% = voting power
6 - Rhino holders on BSC
- Rhino is a prestige staking token and accounts for 250% voting power.
- Rhino * 250% = voting power
7 - LP holders of Rhino/WBNB on PandaSwap
- Following the Mainnet calculation for the LP contribution with a higher weighting 1000% because it’s the prestige staking token.
- (Rhino LP Share / User LP Share) * 1000% = voting power
Expectation from the community:
- Discussion on the proposed tokens for voting.
- Discussion on the vote weightings.
Purpose:
To grant all contributors to the Panda platform including Bao a voice in our governance process.
Limitations:
The subgraphs for the Panda LP’s we still have to develop, if we run into any issues or discrepancies, we won’t implement them.
Since we can only implement 5 strategies, we should take a look on how we can combine certain voting powers per token. This is something we already do on the Mainnet with Bao as well with a custom token. But this should be achievable with a governance specific subgraph as well.
If the subgraphs work we can include all PandaLP’s instead of only Panda/WBNB.