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Showing posts from February, 2019

Why Voting Tokens Are F**king Horrible, And 4 Ways to Fix Them

When I first read this tweet thread about the Aragon governance proposals voting on a rainy afternoon walk a month ago, my first reaction was blurting out "I'm sorry, but what the actual fuck?" Were I not in public, I would've bursted out laughing. Aragon is one of the most promising governance projects in the space, with more than 20k token holders, 70k Twitter followers, and a $14M token market cap. Guess how many people voted in their first round of proposals.

45.

Forty-fucking-five.

Let that sink in.

I respect the good work the Aragon teams are doing, but honestly this is just pathetic. The token holder participation rate is only about 0.23%, and it's likely even less than that if a holder used more than one address to vote. The space is still young, blablabla, yes I know that, but this evidence does not bode well for the underlying assumption of Aragon and many more systems, that the interests of voting-token holders are aligned with that of the token's p…