Governance PandaSwap - BSC

UPDATE 29-10-2021

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.

Proposal:

Registration
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.

Weights voting power
For the governance the following would be implemented.

Holders:

  • Panda holders – 25%
  • Bamboo holders – 25%
  • Rhino holders – 250%

Locked:

  • Locked Panda – 33%

LP providers

  • Panda/WBNB – 100%
  • Bamboo/WBNB – 100%
  • Rhino/WBNB - 1000%

This way we follow Bao governance, however there are some adjustments in the voting power weights (check the percentages).

Strategy
The strategy to determine the voting power will be erc20-balance-of based on a special contract similar to Bao and the Polly Finance governance. This strategy is already standard available on Snapshot.

Estimated deployment
For Polly Finance we now have deployed a working option without the help of our maintainer and smart contract galaxies. Meaning no time has been consumed from them, so they can focus on their work.

Since all tokens are on chain we don’t need to be dependent on external sources, this is what I initially thought. We will deploy this proposal to the BSC over the weekend of 30/31 of October.

Expectation from the community:

In case you don’t agree with the above proposal we expect you to voice your thoughts by having:

  • Discussion on the proposed tokens for voting.
  • Discussion on the vote weightings.
  • Anything else that comes to mind

Purpose:

To grant all contributors to the Panda platform including Bao a voice in our governance process.

Limitations:
None! We removed the limitation based on subgraphs, by using a special contract similar to Bao instead.

9 Likes

as it is written, I think the phrase “ETH” should be replaced with “mainnet” for clarity’s sake, for example:

  • Equal to Locked Bao on ETH but with an adjusted percentage 100% value.

should read:

  • Equal to Locked Bao on Mainnet but with an adjusted percentage 100% value.

It took me several attempts to read at the end of my workday

1 Like

You’ve listed 7 strategies, but mentioned limitations that only 5 can be implemented. Are we going to vote for the preference/order?

Can Bamboo / Rhino / PNDA be combined? eg. RHINO = 2.5 x PNDA or will they need to be separate strategies? Not sure if this can be calculated on the flly.

Can we get a better synopsis for the the final decision? We have a limit of 5 strategies. Can all of the above options be included with a custom token? Am I understanding that right? Or do we have to figure out which 5 we will use?

1 Like

The idea is to have all included by using a custom token like on main net or by using a subgraph specific for panda governance.

If we are unable to get that to work we will have to fall back on only picking 5 out of the 7 strategies.

1 Like

Hopefully we are able to include all 7 categories through a custom token!
I like the governance proposals you laid out.
Thanks for the write up @fabiaZ84

1 Like

One discussion I had with @baoman was to consider currently that PNDA in circulation is either

  1. Locked
  2. In liquidity pool
  3. Through other staking mechanisms (BAMBOO, RHINO)

As there not a lot who are accumulating PNDA, we may want to lower the weight of PNDA holding. 33% could help in that favor and it would encourage users who wants to partake in governance to move those panda in LP pools or other staking mechanisms

2 Likes

I had hoped this would have come from another community member besides you and BaoMan.
But yes I do agree with lowering the PNDA holders and I would even opt for removing it completely and only keep Bamboo and Rhino holders for voting power.

4 Likes

I wouldn’t be so opposed to reduce panda holder’s weight.
I’m indifferent whether we reduce or remove the % it weights. It should encourage holders to allocate in different areas of usage within the ecosystem.

See the update in the OP!

1 Like

I really like it! Thanks for the updates.