Voting Power

MagApe’s final battle will be transitioning to a full DAO model. As such, we want to place the voting power in the hands of different factions. These factions include Active Early Joiners, Hall of Famers (High Leaderboard Ranking), and Top 5 NFT Minters.

We trust that the true believers of MagApe will work in the collective interests of our community while facilitating a transparent and fair XIP. Voting powers are something of importance and it is essential for a proposal to consider 3 different points of view: Community, Sustainable Economy, and most of all, still a fun platform for everyone!

The top 5 NFT minters are determined by the number of NFTs owned by each address. NFTs can be acquired through minting on our official site, transfers between addresses, or purchases from NFT marketplaces. Whenever a transfer occurs—whether through minting, peer-to-peer exchange, or marketplace transaction—the top 5 positions are recalculated.

Illustrating with an example: Upon activation of a new subnode, there are initially no top 5 positions. Any address minting or receiving a new token automatically enters the top 5. For instance, in subnode 1, addresses A and B each hold 1 NFT, placing them both in the top 5. Similarly, addresses C, D, and E, each holding 1 NFT, join the top 5.

However, if address F mints a new NFT and the existing top 5 holders all have the same number of tokens, address F cannot enter the top 5 unless it surpasses the count of the lowest-ranking holder. If address F mints an additional token, it replaces the lowest holder (e.g., E) in the top 5. This dynamic process continues, ensuring that the top 5 positions remain fluid and reflective of the current token distribution.

As token holdings evolve, the top 5 composition adjusts accordingly. For instance, if A holds 20 NFTs, B holds 18, C holds 16, D holds 14, and E holds 12, a sale on the marketplace where E sells one NFT to F (who holds 11) would result in an immediate swap of positions between E and F.

If E has already participated in an open vote, but subsequently loses its top 5 positions to F, F is eligible to vote again. E, now outside the top 5, cannot cast additional votes until it reclaims a top 5 position. This mechanism ensures equitable representation and prevents double voting by addresses no longer in the top 5.