This post is requesting comments from the community for a challenge that exists for the K9 DAO.
Challenge: the K9 DAO operates with on-chain voting on Ethereum using a streamlined tool called Snapshot. An increasing number of KNINE tokens are represented on Shibarium (whether they are held, staked, or locked) & Snapshot does not support Shibarium. K9 DAO did have the foresight to represent staked / locked tokens on-chain to ensure that stakers & lockers could vote on DAO proposals, but K9 DAO does not have a non-manual / work-intensive way of including Shibarium tokens in upcoming DAO votes on Snapshot
General Options:
K9 DAO pays Snapshot (estimated $20k yearly expense) to support Shibarium
High cost
Beneficial to all Shibarium projects
Unclear timelines after payment
Low lift in terms of management council work required
K9 management council manually imports voter representation into Snapshot on Ethereum
Low cost, but very high lift in terms of the manual work required each month. This time could be used for high growth + value additive work
Only Ethereum KNINE tokens can vote in the DAO
Extremely disadvantageous to holders using the Bonecrusher product & Shibarium users & not preferred
Low lift for management council
The “wait and see” approach
There have been rumblings that Shibarium voting solutions are in development
Unclear on timelines
Would mean that the DAO would postpone votes until a viable solution is found
There are important votes coming up (budget renewals, expansion ideas, etc.) that would benefit from community voting input
K9 DAO builds a voting solution on Shibarium (or forks Snapshot to host it ourselves)
K9 DAO developers do not specialize in building voting solutions; although it is possible
There is an opportunity cost in taking time to build voting solutions instead of building out products that support the DAO’s core competencies (liquid staking & DeFi products)
The Shibarium community would benefit from being able to use this
There could be a revenue component built into the product that benefits the DAO in the long term
The time + opportunity cost of focusing resources on this solution may exceed the cost of paying the Snapshot fee
Perhaps there is a hybrid approach. But this forum post is a request for community comments with their thoughts so that we can move forward as a DAO with the best solution for proper voting representation amongst all token holders
#5 but only if we hire devs specific with this assignment to build, improve, and maintain the voting tool. I would also suggest collecting a subscription fee from Shibarium projects that want to use the tool to offset the costs we’d be incurring.
#4 since there’s already rumors of a Shibarium solution and Shy and Kaal are supposed to be “complete” with Ryoshi’s vision by year end '24. The Shiba State DAO must be functioning to move Shibarium forward.
#3 because it’s the hard truth and limitations of what we have to work with. If your vote is important to you, buy more KNINE on ETH, or unstake your Shibarium KNINE and bridge it back to ETH to vote. Otherwise, what’s more important to you is using the Bone Crusher product. Ain’t nothing wrong with that.
#2 this would just lead to us building a better process, which scope creeps us right into #5 anyways.
#1 and I don’t really want to flirt with this one.
Option #5 definitely is something K9 can consider as a byproduct, for every project in shibarium to use. although I dont know how much would it cost to develop the system, and whether its gonna be profitable for K9. However looking at bonecrusher, i believe K9 dev team know how to cook beautifully.
I support option 5, and it should be pursued as soon as possible.
Additional approaches could include:
Contacting Snapshot to negotiate a better deal or, if unsuccessful, developing the system ourselves.
Partnering with other Shibarium DAO projects by contributing resources (manpower or funding) to help build the solution, or arranging to pay a fee for usage later.
**However, in my opinion, option 5 is the most viable solution. If it were up to me, I’d move forward and explore how we can build this to benefit K9 DAO optimally.
I am inclined to go with option #5 as it seems to benefit the K9 DAO and holders the most. My only concern would be the time taken away from roadmap and timeline goals. It puts a lot of pressure on the team, and would only want it if they were willing to put in THAT much extra work onto an already intense work load.
Not sure if its possible but is there a way to take our staked k9finance and stake them on #Bonecrusher but in reverse to #ETH network and have a voting token on eth minted for voting only. Not sure if that falls on #5.
I do not trust any other vote portal, and the handling of votes being placed into anyone’s hands is something I strongly oppose.
I believe we should wait and see, and ultimately choose to keep snapshot unless shibarium can accept both eth and shibarium votes respectively and without fail; losing face value in the process.
Most businesses are started to address a need. It seems we have identified a need, why not build a business to address it.
Accordingly, I’m in favor of option 5.
Building one that is compatible with the Eth and Shibarium chain, and adaptable to other L2s could help recover the investment and end up being profitable for the project.
Different payment options could be offered.
The product could be offered to other projects to use for a one-time fee or on a pay per use basis. The fee generated could go towards token burns.
Projects could also be required to buy a certain number of K9 tokens and lock it for a period of time to use it. This will be helpful for projects on Shibarium as they can profit from their investment if the price of K9 appreciates during the lock period. It is beneficial to K9 as it keeps more tokens locked.
There are several blockchain voting protocols on GitHub if you do a google search. Should the team not want to be encumbered with building one themselves perhaps they could reach out to devs who have already built such a protocol, post a request for proposal, or even organize a hackathon for one to be built. This could potentially cut down on the time it will take to build one.
Thank you for outlining the challenges faced by the K9 DAO regarding the integration of Shibarium tokens into our voting process on Snapshot. I appreciate the thorough analysis of the options available to us.
After considering the various approaches, I would like to express my support for the (5)fifth option: building a voting solution on Shibarium or forking Snapshot to host it ourselves. Here are my reasons for this preference:
Long-Term Viability: Developing our own voting solution would create a sustainable framework for future DAO proposals, ensuring that all KNINE token holders, regardless of the chain, can participate in governance. As Shibarium continues to grow, having a dedicated voting mechanism would position us well for future engagements and decisions.
Empowerment of the Shibarium Community: By creating a voting solution tailored to Shibarium, we empower the community that is actively using and supporting this platform. This inclusivity can foster a stronger sense of belonging and commitment among Shibarium users, which is crucial for the long-term health of our ecosystem.
Potential Revenue Generation: A custom voting solution could potentially incorporate revenue-generating components. This could provide the DAO with additional funding for future initiatives, thus enhancing our financial sustainability and reducing reliance on external funding sources such as the Snapshot fee.
Alignment with Our Core Competencies: While it’s true that our developers may not specialize in building voting solutions, this challenge also presents an opportunity for growth. By venturing into the development of voting mechanisms, we can expand our team’s skill set and capabilities, which may lead to innovative solutions that align with our core competencies in liquid staking and DeFi products.
Opportunity for Collaboration: This initiative could attract collaboration from other projects in the Shibarium ecosystem, potentially leading to partnerships that could benefit the DAO in various ways. A collaborative approach may also reduce the burden on our development team while enhancing community engagement.
While I recognize that building a voting solution may require upfront investment in time and resources, I believe that the long-term benefits far outweigh these initial costs. It is essential that we invest in a solution that not only addresses our current needs but also positions the K9 DAO for future success.
Thank you for considering my thoughts on this matter. I look forward to the community’s input and am excited about the possibilities ahead!
I broadly support this suggestion, it will provide more visibility for Shibarium.
A Hackathon with rewards in $Knine locked on Bonecrusher for the winner of the hackathon.
In the meantime, we continue with Snapshot.