Finance.vote, the governance layer for DeFi communities, is hosting a series of coverage in its FVT ticket to take on a new wave of users. Participants who claim their free tickets and use them to establish a voting identity can engage with the platform’s prediction markets, gaining a reputation and the power of voting for right calls.
The finance.vote platform uses a quadratic voting system, which, famously, has received significant attention from Vitalik Buterin, to support decentralized governance. This ensures that ticket holders can cast meaningful votes, whatever the size of their stake. In the finance.vote system, participants who make accurate predictions of the DeFi market will earn a share of the weekly reward fund.
Renaming Predictive Markets
Forecasting markets differ in many key ways from betting markets. Apart from the decentralized architecture of the former, as popularized by platforms like Augur and Gnosis, the emphasis with prediction markets is on accessing the wisdom of the crowd. Moreover, prediction markets motivate participants for extrinsic reasons and not just financial profit.
While finance.vote supports DeFi’s prediction markets, based on the performance of various ERC20 assets, the platform has broader aspirations. By finding the wisdom of the crowd, finance.vote aims to become a gateway for filling the knowledge gap for tickets and new projects. This will enable DeFi users to separate a signal from noise, identify potential scams, uncover new communities that match their interests, and make smarter trading decisions.
Finance.vote Free Identity Community Claims
On December 10, Finance.vote collected the ETH addresses of syllabic participants in its Telegram channel before issuing them 100 token FVT apps, with the intention of completing several other random comments in their Telegram group. Once an identity has been made using a web3 wallet such as MetaMask, ticket holders are able to start voting on prediction markets. The dashboard displays the user’s $ V power, which determines his voting power, based on the quadratic voting formula, and shows the time left to vote in the current window. They can also see the size of the reward fund, named FVT.
Because the decentralized finance industry is still small, in relative terms, and dispersed, knowledge black holes are inevitable. Few cryptocurrency holders have the time or tendency to scrutinize hundreds of emerging projects each week and stay in the loop for existing projects. Information asymmetry is endemic, with more knowledgeable traders able to profit at the expense of outsiders.
Finance.vote creates a more democratic system, where information providers are rewarded for their insights, while information seekers get the information edge they seek. The platform’s prediction marketplace is how finance.vote has gamified information sharing, giving participants who act on their alpha, by setting predictions, a chance to win prizes.
DAO as a Service
A secondary application for the finance.vote ecosystem is to support the creation of ‘miniDAOs.’ Linked to specific tokens and projects, they allow DeFi’s nascent projects to be guided by their community from an early age, leading to greater engagement, loyalty, and more egalitarian decision-making. Financing.vote also enables the establishment of private groups such as de facto DAOs, as well as the formation of micro-liquidity pools for ticket trading without trust. For example, a group of influential and well-connected traders could gather to share insights, while being rewarded directly for their input.
Whether it’s for the brawl rights or the cash rewards, DeFi users, who are familiar with them, have a way to put their wisdom to work. Meanwhile, those who are just starting out at DeFi can see the predictions of more experienced heads who have skin in the game. Join the funding.vote publishing channel to find out details of their future coverage.