Description

The question of attaching Voting Power (VP) to wearables is an important issue to members of the Decentraland community. To date, there have been at least four (4) proposals surrounding this topic. All of those that passed were approved before the introduction of the three-stage binding governance proposal process. The hope is that the solution proposed herein meets the demands of wearable stakeholders, and is both accepted by other stakeholders and viewed as technically feasible due to its limited application to only the six (6) first and official Decentraland wearables collections. Previously passed proposals include: - On June 14, 2022, a non-binding poll to “Get voting power for your current L1 wearables and strengthen the wider community DAO participation” passed with 1,442,355 VP (76%/52 votes) in favor; 437,946 VP (24%/10 votes) against. This poll established initial community support for attaching VP to L1 wearables, without detailing specific implementation pathways or a detailed impact assessment. It additionally called for a subsequent proposal to determine a tiered VP allocation system based on the rarity category of items. - On June 26, 2022, a subsequent non-binding poll for “L1 Ethereum Wearables Voting Power Allocation Proposal” passed, with 2,920,657 VP (96%/55 votes) in favor; 146,49 VP (4%/9 votes) against. This poll did not contain any specific information on implementation pathways or impact assessment, however, it built on the previous poll, calling for distribution of VP to L1 wearables based on rarity level along the following parameters: Mythic: 1000 VP Legendary: 100 VP Epic: 10 VP Rare: 5 VP Uncommon: 1 VP The argument against attaching VP to L1 wearables has been primarily technical, with both the DAO Committee and other knowledgeable community members pointing to three primary challenges: First, the broad technical scale of attaching VP to wearables that are distributed across X# collections, all of which are held on separate contracts. Second, is the arbitrary distinction between L1 and L2 wearables, particularly given future conflicts that could arise due to emerging technologies that reduce L1 transaction fees (i.e. zK roll-ups and sidechains) or enable easy bridging of assets between L1 and L2. Third, is the fact that L1 wearables outside of the collections officially sold by DCL involved p2p transactions in which no MANA was burned from the ecosystem, and would effectively be creating double VP for these transactions. This proposal aims to account for all of these critiques. After conducting an in depth analysis of L1 wearables, total/active voting power, and other VP-allocating assets - including LAND, MANA and Names - we have determined that while a blanket application of VP to all L1 wearables is impractical and difficult to justify, limiting the application to the OG6 official collections is justifiable quantitatively - accounting for nearly 70% of all L1 wearables; technically - being limited to only six (6) wearable collections; and qualitatively - linking VP to official DCL collections, with the amount of VP reasonably comparable to the amount of MANA spent/burned to purchase the one OG collection (Halloween 2019) that was officially sold (rather than given away) to the community.