- Valuation Model
- Expert Interviews
- Founders, funding
Will FWB voting power be enshrined legally and treated as equivalent to shareholder voting?
Raihan Anwar
Co-founder at Friends with Benefits
Raihan: I'll be honest. I don't think we see ourselves spinning out another "round of shares" for investors. If you're buying in, you're buying tokens. Everyone who has a token, whether you're .05 FWB or more, can vote on these Snapshots.
The way a Snapshot vote works is that, at the time the Snapshot vote is created, there is a literal export of all token holders and addresses: Who are you, and how much FWB do you have? What's your voting power? If someone decides they want to buy a bunch of FWB for the sake of gaining a vote, the Snapshot mechanism precludes that from happening. That’s one mitigation against bad actors.
The other one is if you want to be in the Discord to build policy, you can. If you just want to speculate and vote, you don't need to be in there. You can just go in and vote. Over time, is it possible that someone can buy up FWB weeks in advance of a vote? Yeah, that could happen. But what I've seen in a lot of other DAOs is your whales -- your large investors -- are often regulated by a swarm of smaller investors who are far more interested in the overall health of the community.
Colby: You've got to think about the ROI on this. In order for someone to have a deciding vote on something like the VC token purchase, they would have had to have spent millions of dollars on FWB tokens just to vote "no" on it, and then what? If they're not in the community, they don't have any stake in the process. The community could easily watch that and say, "Okay. Well, let's create a different proposal that most people will agree with that prevents this kind of thing from happening."
They don't have a voice in the community itself, the actual steering of what's happening. That's where a lot of the power comes from -- building consensus from within the team, from within the Discord. For someone to spend millions of dollars to buy up FWB, they wouldn't be able to do much with it other than vote. You can always build a proposal that precludes that from being a problem if the community agrees that's what needs to happen.
