Based on just what I am seeing in Caleb’s daily email, only 4 out of 17 POIs have been voted on that have been challenged with the minimum of 50 tokens at stake. I realize that the voting periods for these are all ongoing, but it seems like there might be a trend here.
A rational cartographer would be wise to not vote on these (at least with a standard gas price) because the cost of the voting transaction fee is often higher than the potential voting reward at this price of FOAM token (~$.03). I know I have intentionally not voted on some of these for this reason. Here’s a list of transaction fees over the last week for interacting with the voting contract at “standard” gas prices (equal to or greater than 4 Gwei):
TX Hash - Gas Price - TX Fee
0xa615039a997c44783e48d02c11c484125f0f4cb4c86c15936749ab7713088f3a - 10 Gwei - $0.32
0x1b79f0cfc220e8298a8eeae8254a2fcc58524225dd456e08dc529ed8618652e2 - 4 Gwei - $0.14
0xc7881669cb18afaf7ac95dd90735beea66e18ec26b0abae82f8ba04ade5849f6 - 10 Gwei - $0.32
0x76ddf854bfe5b1baae122cc89a33bd745faf7fb260348ab95d2af5eda7e0001d - 5 Gwei - $0.16
0x680956eb33ec46ecfea70329eaccfc8f200902c16463b79a0e9738bddec4a218 - 10 Gwei - $0.33
0x58d7be1a23efe47198658d4e639de485f0f9317f1357991e7014b764cf2dfa9c - 4 Gwei - $0.13
0x156f07d630d6df02974c56a2b83e0955bc830aeb6d4c5e0938437077fd52cd6b - 5 Gwei - $0.16
0x07886dc44438a7ab3bd391b342b540e762e64077b7c7e265aef844efcee362df - 4 Gwei - $0.13
When you consider that the voting reward pool is 20 FOAM worth approximately $0.60 at current price, with an average transaction fee of $0.15, it only takes 4 voters to make this transaction unprofitable. We would not want to encourage as few as 4 votes per POI, anyways, would we? That doesn’t seem like an optimized amount of input.
If this continues, should we consider raising the minimum staking threshold?