Heat Check: Gas-less GAS Staking

A main goal of Gas DAO is to attract the most active users of the Ethereum network and to have those users participate in the DAO through on and off-chain voting. We are proposing an innovative, gas-free way that allows GAS holders to “stake” their tokens and earn GAS based on the Ethereum gas they spend while their tokens are “staked”.

The staking mechanism works as follows. All you need to do to “stake” is to delegate your tokens (eg via https://www.withtally.com/governance/gasdao) to yourself or someone else. By delegating, you will both be participating in GAS governance and also effectively “staking” your GAS tokens.

The Gas DAO will compute on a rolling basis the amount of Ethereum gas you use, weighted by your median GAS tokens delegated over the past 40000 blocks (2 weeks), and propose another GAS airdrop proportional to this amount for everyone who “staked”, with the airdrop occurring roughly two months from now. The earlier you delegate and the more gas you use, the more GAS tokens you will earn. Also, a reminder that when you transfer your tokens to another address, you lose out on the staking rewards and your on and off-chain voting rights. The funds for the airdrop will come from the DAO treasury. One potential amount is 10% of the DAO treasury, or 30B gas tokens. With the staking airdrop, .

We believe that this innovative gas-less staking mechanism both distributes GAS to the most essential voices in the Ethereum and encourages GAS holders to participate in governance and serves two of our three core mission values. Another benefit is that users can still vote on Snapshot votes and maintain your on-chain voting power while their tokens are staked (not true with other protocols).