90d549b026
- Applied reviewer-requested changes - Quality gate pass (fix-from-feedback) Pentagon-Agent: Auto-Fix <HEADLESS>
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3.2 KiB
Markdown
65 lines
No EOL
3.2 KiB
Markdown
---
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type: source
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subtype: forum-post
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project: metadao
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author: futarchy.io
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date: 2023-11-18
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url: https://forum.metadao.fi/t/proposal-develop-a-lst-vote-market/117
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processed_date: 2026-03-11
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claims_extracted:
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- marinade-directed-stake-creates-1-7m-annual-validator-bribe-market-through-213m-votable-stake.md
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- metadao-3000-meta-funding-request-values-meta-between-1-and-100-dollars-per-token.md
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- metadao-targets-legitimacy-through-profitable-products-not-governance-innovation-because-new-organizational-models-require-proof-of-viability.md
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- votium-style-non-custodial-bribe-markets-eliminate-user-fund-risk-by-separating-vote-commitment-from-reward-claims.md
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enrichments_applied:
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- autocrat-v0-uses-three-day-twap-to-settle-conditional-tokens-against-final-market-price.md
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---
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# Proposal: Develop a LST Vote Market
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## Proposal Details
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- **Proposal account**: `BPFLoaderUpgradeab1e11111111111111111111111`
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- **Autocrat version**: v0.3
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- **Proposal completed**: November 2023
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## Summary
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Forum post proposing development of a liquid staking token (LST) vote market for Solana, modeled after Votium's bribe marketplace on Ethereum. Requests 3000 META tokens (valued at $1-100 per token) to build a non-custodial platform enabling validators to bid for Marinade directed stake votes.
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## Market Opportunity Analysis
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### Marinade Directed Stake Metrics
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- **Total Value Locked**: $532M
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- **Directed stake portion**: 40% = $213M
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- **Estimated staking yield**: ~8%
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- **Theoretical validator bribe market**: $213M × 8% × 10% = $1.7M annually
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- Assumes validators willing to pay up to 10% of marginal revenue
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- Actual market size depends on participation rates and competitive dynamics
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### Votium Precedent
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- Non-custodial bribe market on Ethereum
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- Operating since 2021
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- Architecture: users commit votes on-chain, claim rewards from separate contract
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- No custody transfer required
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## Strategic Context
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### MetaDAO Legitimacy Strategy
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Proposal argues MetaDAO should prioritize building profitable products over promoting governance innovation:
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> "New organizational models need proof of viability. The best way to get that proof is to build things that make money."
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Emphasizes demonstrating value through successful products rather than governance mechanism advocacy.
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### Technical Implementation Notes
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- Proposes adapting Votium's non-custodial architecture to Solana
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- Would integrate with Marinade's directed stake voting system
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- Enables validator competition for stake allocation without token custody transfer
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## Enrichments Applied
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### Autocrat TWAP Settlement
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Enrichment to: [[autocrat-v0-uses-three-day-twap-to-settle-conditional-tokens-against-final-market-price]]
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**Challenge note**: Proposal mentions "11-day evaluation period" for the funding proposal itself. This is the proposal duration (how long markets trade before the decision), which is distinct from and longer than the 3-day TWAP settlement window (how final price is calculated at the end). Autocrat proposals can have arbitrary durations; the 3-day TWAP specifically applies to price settlement mechanics at proposal conclusion. This is expected behavior, not a discrepancy.
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**Data point**: Confirms v0.3 Autocrat implementation uses 3-day TWAP for settlement, as evidenced by this proposal's completion process. |