Finance.vote, the governance layer for DeFi communities, is running a series of airdrops of its FVT token to get a new wave of users on board. Participants who claim their free tokens and use them for strike a voting identity can engage with the platform’s prediction markets, earning reputation and voting rights for correct calls.
The finance.vote platform uses a quadratic voting system, which has become famous a lot of attention from Vitalik Buterin, in support of decentralized governance. This ensures that token holders can cast meaningful votes regardless of the size of their stake. In the finance.vote system, participants who make correct DeFi market predictions earn a share of the weekly reward pool.
Reshaping forecasting markets
Prediction markets differ from betting markets in several important ways. Aside from the decentralized architecture of the former, as popularized by platforms such as Augur and Gnosis, the emphasis in prediction markets is on finding the wisdom of the crowd. In addition, prediction markets stimulate participants for extrinsic reasons, not just financial gain.
While finances. voice supports DeFi prediction markets, based on the performance of various ERC20 assets, the platform has broader ambitions. Using the wisdom of the masses, finance.vote aims to become a portal for filling the knowledge gap for new tokens and projects. This allows DeFi users to separate signal from noise, identify potential scams, discover new communities that align with their interests, and make smarter trading decisions.
Finance.vote Community claims its free identity
On December 10, finance.vote collected the ETH addresses of airdrop participants in its Telegram channel before releasing 100 FVT tokens each, with a view to completing several more random airdrops in their Telegram group. After the striking of an identity Using a web3 wallet such as MetaMask, token holders can start voting in prediction markets. The dashboard shows the user’s $ V power, which determines their voting power, based on the quadratic voting formula, and displays the time remaining to vote in the current window. They can also view the size of the reward pool, expressed in FVT.
Because the decentralized financial sector is still relatively small and scattered, information blackholes are inevitable. Few cryptocurrency holders have the time or inclination to scrutinize hundreds of emerging projects every week and stay on top of existing ones. Information asymmetry is endemic, with more knowledgeable traders able to profit at the expense of outsiders.
Finance.vote creates a more democratic system in which knowledge providers are rewarded for their insights, while knowledge seekers get the informational benefit they seek. The platform’s prediction market is how finance.vote has gamified knowledge sharing, giving participants who trade on their alpha, by making predictions, the opportunity to earn rewards.
DAO as a service
A secondary use for the finance.vote ecosystem is to support the creation of ‘miniDAOs’. They are tied to specific tokens and projects and allow emerging DeFi projects to be led by their community from an early stage, resulting in increased engagement, loyalty and more egalitarian decision-making. finance.vote also allows for the creation of private groups as de facto DAOs, complete with the formation of micro-liquidity pools for reliable token trading. For example, a group of well-connected and influential traders could get together to share insights, while being instantly rewarded for their input.
Whether it’s the bragging rights or the monetary rewards, well-known DeFi users now have a way to put their wisdom to work. Those just getting started in DeFi, meanwhile, can check out the predictions of more experienced, skinned heads in the game. Join the finances. voice announcement channel to discover details of their future airdrops.