What utility we can create for TORN?

Now governance is a neat start, but it’s best used to add some utility to the token.
If a token is used JUST for governance, interest is usually not huge.
If we add utility to it in a way that the token accrues value related to the protocol success (and tornado is already quite successful) price will raise long term which will allow to fund any improvement of the protocol easily.

here a couple ideas to get the discussion started

• require relayers to stake some TORN. That will create demand for TORN since relayers make quite a bit money and also incentivize them to behave, because they will lose their stake otherwise.
• use part of the relayers fees to buy TORN (less gas intensive) or to distribute it among TORN holders (more gas cost, but more direct incentive for people to hold TORN)

Your idea?

Staking for relayers has been discussed. It really doesn’t add any benefit as there is no way to actually misbehave as a relayer (so there is nothing to incentivize with slashings). It would just create an artificial barrier to becoming a relayer that is only reserved for TORN whales

Using a portion of relayer fees to buy + distribute TORN is a good idea. We’ve also discussed opening a cDAI tornado pool, which earns lending yield to mixers and earns COMP yield to governance. Then using yielded COMP to buy + distribute TORN back to governance

I especially think the latter style of utility will have a chance at successfully passing if it’s designed well

I had the idea of making it possible to pay for relayer fees in advance using TORN. This enables withdrawing to a fresh address without having to wait for AP to accumulate. On top of that, AP mining is bound to diminish/disappear over time. That would mean withdrawing to a fresh address would become impossible!

Use of TORN in governance is utility. We just need to reward those that lock up TORN in governance and vote.

Propose using a portion of the TORN treasury as rewards for governance staking (in the short-medium term). In the long term TORN stakers could earn a % of fees generated by the protocol. As stewards of the protocol TORN hodlers would be incentivised to make and review proposals to improve the protocol.

I think incentivizing voting rather then locking is a better idea, otherwise people will lock but avoid votes to save on fees.

We need to do this. I just voted for the last proposal yesterday, but we need to be incentivized, I don’t want to pay fees for every votes, that could be huge @poma !

Quite interesting, as paying with TORN token as a fee, it adds some utility on our token. I do think that it’s too soon for locking rewards, we should start with voting rewards

Every projects do it as people do not want to pay for every vote. I hope voting reward will be retroactive.