Understand the voting system (and your 30% APR…)
Focus on the voting system
That’s it: Cardashift launchpad is releasing in a few days!
During the last two weeks, we have written articles about how to get & use a compatible Cardano wallet, how to buy CLAP, how you will be able to register through the Launchpad, how you will get the power…
And it misses the final puzzle piece: How the voting system is working?
To get involved in the voting process, make sure you have been registered. Here is our complete tutorial on how to register into Cardashift Launchpad.
Remind the earlier you register, the higher voting tickets you will get.
After a three-week period, users will get their number of tickets defined by this process :
As soon as the voters are registered, a snapshot of their wallet balance will be taken every day until the end of the voting period. The average amount of CLAP held on your wallet between your registration and the beginning of the voting phase will define a reference CLAP value.
The square root of this value will determine the number of tickets a voter will get.
(Remind that 10 free tickets will be airdropped for each registration!)
Example: If you registered at launch (next Wednesday), with 10,000 CLAP in your wallet, and you kept it during the whole process — around 3 weeks — you will have :
√10,000 = 100 voting tickets + 10 free voting tickets given at registration = 110 voting tickets!
During the voting session, CLAP holders will be able to assign these tickets to the projects they prefer.
The voting process has rules which need to be respected :
-A true involvement is necessary: Users need to spend, at least, 10% of their total tickets when they vote for a project.
-Precision is key: Community members will have to vote by increments of 10%. They will be able to see the absolute value of tickets granted.
-Choose to renounce: They won’t be able to vote for more than 4 projects during a voting session.
Let’s quickly sum up :
- Launchpad is releasing on Wednesday, 11th May.
- At launch, registration will be open for three weeks and will define the number of voting tickets you will have.
- After these three weeks, the voting system starts: during a week, registered users will be able to vote for their favorite project.
And after this week of voting… what happens?
The selected projects are determined by two necessary conditions:
- projects must have at least 10% of the total votes
- projects must have at least 10% of the total voters.
From the selected projects you voted for, we will tally the results to elect only 2 projects that will go to an IDO.
Our voting system is based on Game Theory, we are planning to have only 2 projects selected by the community but we can’t be sure of that. That’s why we must prepare a tallying phase to decide, according to the votes, which ones will be funded.
Some Advantages for the Voters?
What are the benefits for community members to get involved in the selection process?
- Promoting a democratic framework is an end in itself. It is what every system and actor should look for. Giving a voice to those who were silenced is a step forward in the technology and investment sectors.
- Involving the community within the voting system maximizes Cardashift efficiency. Indeed, with community approval, we will limit human errors and select the best-in-class projects.
- Getting involved in the selection process will give some community members the opportunity to take part in the project’s IDO…
What about whitelist slots for the private sale of a project?
Getting involved in the project’s private sale is a huge privilege for community members. To limit its access but to allow every dedicated member to have a chance, we imagined two possibilities:
➝ Those who voted for the winning project during the first 48 hours of voting will be automatically whitelisted for the private sale.
➝ Then, we will pick a lottery to fulfill the whitelist slots. Every voting ticket used (even on a losing project) is a lottery ticket!
What about the lottery (2)➝ A lottery will be planned to complete the whitelist:
- It incentivizes the voting process: the more you allocate your tickets (even on losing projects) the more chances you have to win.
- It encourages project investigation: all the tickets you allocated (after 48 hours) to the winning project will be double up during the lottery
Enjoy 30% APR!
By registering, users will enjoy a 30% Annual Percentage Rate (APR) in CLAP during the registration + voting period, (three weeks of registration and one week of voting)
As a reminder, The sooner you register, the more rewards you get!
It is an automatic mechanism, you don’t need to do anything else (except from registering).
Incentive campaign rewards will be airdropped at the end of the registration period!
Nota Bene: at the end of the voting process, users will be rewarded for being part of the Cardashift community. The average amount of CLAP held between your registration and the end of the voting phase defines the reference value for the reward.
Our investment focuses on early-stage startups that could drastically benefit from our support and mentoring. To this end, we develop a robust pre-selection process to determine and identify high-potential impact projects to propose to the community.
Once this pre-selection stage is over, the projects are presented to the community through the Launchpad. The community members will review these projects and vote for their favorite. At the end of this process, an IDO will be performed on the selected projects.
Follow us on Discord & share your opinion! 🔥
Written by Benjamin FACCIN, Anais BOUCHET, Estelle GRAGLIA.