$WRITE RACE has been very popular. Over the past few months, we've spoken with many projects that want to use a similar tool for their communities. We kept hearing this again and again, so we decided to build a standalone tool that anyone on Mirror could use. Today we'd like to introduce: Token Race.
We’ve spent a lot of time building, ideating, and iterating on Web3 economic protocols to support projects and creators. As our suite of economic tools has grown and matured and we’ve had communities form around them, we feel that now is the right time to start investing in governance tools to support these communities.
A token race is a great way for individuals and DAOs to get their community involved in decision-making. You can use a token race in various ways, such as:
Check out this example below for a token race I created to figure out what we should do with all this spare $WRITE. Anyone with spare $WRITE tokens in their wallet can vote once the voting period opens.
To create a token race, a user specifies the address of the ERC20 token contract to use, uploads a list of proposals that they’d like their community to vote on, and specifies the minimum number of tokens members need to hold to be eligible to vote. We take a snapshot of balances, and once the voting opens members get to vote on the various proposals proportional to their wallet balance at the block height of the snapshot. Once the voting period ends, winners are selected based on the highest number of votes. All data is backed up on the Filecoin network and accessible via IPFS (h/t estuary.tech) so even if Mirror goes under, your token races are preserved in the annals of the metaverse.
This is just the first of many governance tools we plan to introduce, and we’re so excited to be able to share this one with you. We’re also working on adding more options and parameters to improve Token Race, such as quadratic voting, ERC721 based voting, delegation, and much more.
As usual, hit us up for any feedback, feature requests, or even if you want to build on top of Token Race.
We’ve also created a handy quickstart guide in your Mirror dashboard so you can get started right away.
We can’t wait to see what you come up with! ❤️