Been digging into Babylon Genesis governance today. Proposal #13 went live this week the one deciding whether BSN staking rewards get shared directly with $BABY stakers or burned via on-chain auction instead. Voting closes Mon Aug 11 @ 15:20 UTC, anyone can pull it up on the Genesis governance explorer right now.
What caught my attention wasn't the proposal itself, it's who's actually voting on it. Validators and staking services (Stakecito being one visible example) posted their "YES, we support Option 2" stance publicly within hours of the proposal going live before most individual holders had even weighed in. And structurally, that makes sense: BTC stakers, who provide the actual economic security and hold the largest dollar value in the system, don't get a governance vote at all. Only BABY holders and their delegated validators do.
So a protocol whose entire pitch is "Bitcoin becomes the security layer" is having its tokenomics decided by a comparatively small, BABY-denominated voting bloc, while the BTC side $5.6B+ worth just watches. Kind of an odd asymmetry I hadn't fully clocked until I saw the vote breakdown.
Not sure yet how quorum shakes out or whether retail BABY holders show up in meaningful numbers before the deadline. Does anyone know what turnout typically looks like on Genesis proposals compared to other Cosmos SDK chains?
@BabylonLabs_io $BABY #baby
What caught my attention wasn't the proposal itself, it's who's actually voting on it. Validators and staking services (Stakecito being one visible example) posted their "YES, we support Option 2" stance publicly within hours of the proposal going live before most individual holders had even weighed in. And structurally, that makes sense: BTC stakers, who provide the actual economic security and hold the largest dollar value in the system, don't get a governance vote at all. Only BABY holders and their delegated validators do.
So a protocol whose entire pitch is "Bitcoin becomes the security layer" is having its tokenomics decided by a comparatively small, BABY-denominated voting bloc, while the BTC side $5.6B+ worth just watches. Kind of an odd asymmetry I hadn't fully clocked until I saw the vote breakdown.
Not sure yet how quorum shakes out or whether retail BABY holders show up in meaningful numbers before the deadline. Does anyone know what turnout typically looks like on Genesis proposals compared to other Cosmos SDK chains?
@BabylonLabs_io $BABY #baby