(OGP9)-Introduce Dual Token Governance (OVL+PCD)

This is a governance proposal to introduce a dual token governance voting model

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As of today, more than 14,000 OVL are in circulation. Even if the number is so small, compared to the total supply, OVL staying out from governance decisions is becoming unacceptable.

On the other hand, PlanckCat DAO is and should always be a significant element of the governance. Therefore, the proposal is offering to give different weights to PlanckCat DAO NFTs and OVL tokens, in terms of voting power.

Since Overlay Protocol is now in a sandboxed environment and the circulating supply of OVL is significantly low level, the voting power weights should be considered very carefully. Prior to full launch, the voting power of PCD NFTs should be increased to a much higher level, to protect the governance power of PlanckCat DAO.

1 OVL = 1 Voting Power, 1 PCD = 100 Voting Power

This proposal offers 1 OVL to have 1 Voting Power and 1 PCD to have 100 Voting Power for the beginning of this dual token governance system.

The weigh of the voting power of PCD can be increased/decreased over time with further governance proposals.

ex: 1 OVL = 1 Voting Power 164 OVL = 164 Voting Power

1 PCD = 100 Voting Power 2 PCD = 200 Voting Power

55 OVL + 1 PCD = 155 Voting Power 200 OVL + 2 PCD = 400 Voting Power . . .

The weigh will be calculated as follows: erc20-balance-of-weighted $OVL (Ethereum) { "symbol": "OVL", "weight": 1, "address": "0xdc77acc82cce1cc095cba197474cc06824ade6f7", "decimals": 18 } erc721-with-multiplier $PCD (Arbitrum) { "symbol": "PCD", "address": "0xc9b28946144e3a0e02fcc119a622e30565916784", "multiplier": 100 }

Final

All in all, it’s unarguable that the Overlay governance needs the participation of OVL holders, too. The proposal offers different voting rights weights for OVL and PCD.

These are two options that are offered on this Snapshot: 1) Accept the proposed voting rights 2) Refuse the proposed voting rights