Voting is live: who has Serum onchain?

Hi everybody

While its not clear to me how many Serum have been issued, lets assume 1bn.

Lets also assume that 80% of those are locked up and offchain in a place like FTX

The rest of SRM circulating will be exchange wallets, and Srm user wallets, market makers and defi degens.

My point is this: with voting now going live I dont think the people with inventory onchain to vote are necessarily going to represent all SRM holders wishes, turning this into a little dao theatre but my main point is, we will get a series of proposals put forward by the people with the inventory to push these proposals through.

Does anyone have any thoughts on this

I agree with you, though I think it’s good to take an iterative approach. The governance program doesn’t currently support locked tokens or multi token voting (e.g. with MSRM)–though it will in the near future. In the mean time, I think it’d be productive for the community to start training its DAO muscle and begin coordinating around smaller scale proposals.

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was listening in to the last Twitter Space (I think you were there too MJP). sounded like this will be addressed in the near future?

Indeed they talked about creatinf tokens to represent locked tokens to allow people to vote. Will make dao voting morw organically useful