💎Meritocratic Governance

Challenges of Existing Voting Models

Upon meticulous examination of various voting systems, DeXe Protocol DAO has identified significant weaknesses in the current methodologies. The linear voting model, which parallels the standard direct democratic system, fails to recognize the expertise or knowledge levels of the participants. In this model, each vote is equal, regardless of the voter's competence and trust. It's a scenario where the vote of a random person holds the same weight as that of a Nobel laureate, provided they have an equal number of tokens. Moreover, linear voting does not safeguard against the risk of plutocracy, where power becomes concentrated in the hands of a few individuals with substantial resources.

Square root voting, offered as a potential remedy by notable figures, including Vitalik Buterin, has its own traps. In particular, using the square root function in quadratic voting can be manipulated. With this function, when √x > x (for values between 0 and 1), where x — is token balance, and y — is voting power, it allows for synergistic manipulation. Participants could split their large token holdings into numerous smaller wallets, exploiting this function to amplify their influence without incurring extra costs.

Therefore, both of these approaches exhibit significant limitations, inadequately addressing the expertise of participants, the risks of power concentration and manipulations. DeXe Protocol DAO is pursuing a more balanced and resilient system that diminishes these shortcomings and paves the way for broad parties engagement on equitable terms.