For a proposal to be considered for voting, someone has to deposit at least 512 LUNA to the proposal. So minimum deposit represents the pre-vote stage whether the proposal is qualified or not. But, the low minimum deposit may increase frivolent governance proposals. As the cosmos hub’s minimum deposit is 512 ATOM, which is about 14 times bigger than the fiat value of Columbus-3 minimum deposit, we can say that our current minimum deposit is not enough to work as solid pre-vote stage.
Considering our current participation on governance proposal, we need to be selective on governance proposals. I propose to change the current minimum deposit(512 Luna) to 5120 Luna. By increasing minimum deposit for governance proposals, we can be more selective on governance proposals, and also forcing luna holder’s attention on proposals.
Would love to hear your thoughts or alternate proposal.
It seems odd that we would have something as important as a minimum deposit for a governance proposal be defined by a volatile currency such as Luna. Luna can go up and down for all sorts of speculative reasons. Why wouldn’t we instead base it on the SDR? (The assumption here is that speculation makes up a lot less of the volatility seen in the SDR basket of currencies).
Sticking a 0 at the end seems frivolous as well. Maybe we can define “non-frivolous” more quantitatively like the median monthly salary or median monthly grocery bill for all the currencies that make up the SDR plus an inflation adjustment that is possibly configurable.
Interesting approach. But I think still Luna should be a governance currency of Terra blockchain. What we can do is, after we define “non-frivolous” minimum deposit in terms of SDR or fiat currency, we can use oracle price to exchange SDT value in to Luna value.
Potential problem here is, in perspective of user experience, having non-fixed minimum deposit might not be comfortable.
Yeah, it makes sense to denominate in Luna but have it based upon an amount as I had described.
Another problem is that creation of a governance proposal is free, but only gets to voting once someone has paid the deposit. So people could still spam governance proposals and eventually wait for someone to pay the deposit.