eIP-XX aims to increase the Snapshot quorum to a more suitable level since a few individual voters can reach quorum on their own.
Quorum enables a wide range of people to voice their opinion, but in the current state, these voices can be unheard since a few active voters can automatically reach quorum on their own.
eIP-XX will raise the Snapshot quorum to ensure that more voices will be heard and represented in making decisions for Euler DAO.
In its current form, the quorum is useless since it is too low. As Euler governance requires a minimum quorum and a majority vote (51%), the protocol can be at risk of malicious attacks.
Euler governance is fortunate to have an active governance community, but to decrease the risk of attack, the quorum should be raised to a more suitable level.
Using the consistent voters, there are around four active voters with > 9k voting power, totaling 63,000.
Looking at the most recent votes, hitting at least 50k has not been a problem. Increasing to 50k might be a more suitable number for now.
Lemniscap and other individuals have >50k, but we aren’t aware of their governance activity and whether they will continue to vote. For now, we will be excluding them since there are always a few whales, and we shouldn’t use these outliers to base the minimum quorum since they might stop participating.
This would require Euler Labs to adjust the Snapshot quorum, and all future votes will now require a minimum of 50k Euler Voting power & majority to pass.
[Yes]: Raise the Snapshot quorum to 50k
[No]: Do not make any changes to the snapshot quorum