Introduction
The world of crypto is very dynamic with lots of events happening left, right and center. Its not easy to keep up with everything, but weekends provide a little more time to stick around big news. This weekend is no exception. So in this article, I want to highlight a big project happening on the Solana blockchain in less than two weeks from now
So the LPG team are ready to launch the next round of voting for new projects to be launched on Solana. The news comes with a few changes to try out new things. For example, each project that won in this round of voting would be launched on the blockchain. Before we go into details, here is a brief overview of the LPG launchpad on Solana.
LPG Background and third round voting with a difference
You know that the Solana blockchain implements a DAO which allow JUP token holders to participate in community governance. Apart from voting proposal for platform changes, holders of JUP can also vote for new tokens to be launched on the blockchain. The vehicle through which this voting is conducted is called Launchpad Governance Framework (LFG). It is managed by Jupiter DEX. Just as Binance a centralized crypto exchange has its launchpool for listing new tokens, the LFG is a launchpad through which new projects that wish to be listed on the Solana blockchain are voted for by the community.
The new teams wishing to launch their projects would go through the processes and steps outlined by the LFG. Then they would be presented and announced to the community for voting. The voting dates are announced ahead of time to enable community members to get ready. Projects that accumulate the highest number of votes across the voting rounds are then listed on Solana blockchain.
So this upcoming third round of voting has been announced by the JUP DEX through LPG launchpad. The set date for voting to begin is on 22nd May, 2024. On that date, the community would be introduced to the projects that have applied to be listed. Then, anyone that has staked JUP would be free to participate in the 3 days voting event. This particular voting round comes with a few changes to enhance the overall voting and listing processes.
Below are some of the changes to expect:
- Winners to be chosen from each round: Previously, the LPG votes are collated across two or more voting sections before the eventual winners are picked. But starting from this third round, that will change. Winners will now be picked from each round. They call this new method 1 Vote, 1 Winner. So at the ending of an particular voting round, the projects that accumulated the highest number of votes would have their token listed on the Solana blockchain.
The 1 Vote, 1 Winner strategy has a sole aim which has been explained by the LPG team below. Here is what they explained was the reason behind the new method:
This is a big change, but ultimately allows for closer intimacy and collaboration between the winner and the Jupiter team and community, which is a key ingredient for a successful launch. source
There are still further changes apart from this one.
- Voting results to be revealed at the end: As a DAO, the LPG team continues to experiment various approaches to voting and also observes community behavior during the process. Previously, voting results are displayed in real-time in the Jupiter DEX interface. As such, everyone is able to see which project is leading which what number of votes. The Jupiter team has noted time that leading projects continue to accumulate more votes and eventually cement their top position. That simply means that community sentiments are influenced based on real-time voting figures. Now that is about to change.
So in this current third round voting, the team want to try a new approach called blind voting. The new approach is to reveal the results of voting only at the end of the voting period. As the results stay out of community sight, it allows the voting to go on without being influenced by live voting figures. Basically, everyone should be able to vote on the projects based on merit and not based on what others are voting on. This the team hopes, will remove the bias that is caused voters seeing the numbers and being influenced by them.
These changes are the ones that we will see when the third round of voting resumes on 22nd, May 2024. The team also announced that there are many other changes to the LPG voting process that are aimed at making the entire process transparent, more effective and community-driven. They have prepared two documents where a detailed presentation of the changes have been made. You could check them out below:
Conclusion
If you a fan of Solana and you have some JUP staked, you are invited to join this third round of voting. Do not take any information in this article as financial advice. Always DYOR before committing to any financial investment.
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Note: Thumbnail is mine!