Title: [RFC]Increase Snapshot Quorum
Author: @Matt_StableLab, @Bobbay_StableLab
Related Discussions: eIP 50
Submission Date: 02/24/23
Simple Summary
This proposal aims to increase the Snapshot quorum to a more suitable level since a lot of new voting power has recently become active in Euler DAO and a few individual voters can reach quorum on their own.
Abstract
A quorum ensures a wide range of people voice their opinion, but in the current state, these voices can be unheard since a few active voters can reach quorum on their own.
This proposal will raise the Snapshot quorum to ensure more voters participate and more voices will be heard and represented in making decisions for Euler DAO.
Motivation
Since the latest quorum increase, there has been an increase in voting power and active participation. In its current form, the quorum is useless since it is too low.
9 of the last 10 votes could have been decided by a single voter. This is not healthy for the DAO as it prevents many voices from being heard.
Specification
Since the last quorum increase, there have been 3 large increases in voting power used. Until recently only one voter had enough to meet the quorum on their own. Now with new members and added voting power, there are 3 voters that could reach quorum on their own.
There are 2 active voters (voted in more than 70% of the last 10 votes) and 1 not as active voter with at least 100k EUL voting power totaling 1.22 Million votes.
Address | Voting frequency | Voting power | Voting power change since last quorum update |
---|---|---|---|
lemniscap.eth | Consistent | 682k | +390K EUL |
0x389618BD93f077E1e526d3B1a03a4C5C64aE800d | Inconsistent | 437k | +437K EUL |
franklindao.eth | Consistent | 100k | +100K EUL |
There were also two recent medium sized increases in voting power that bring two additional delegates close to reaching the current 50k quorum on their own.
Address | Voting frequency | Voting power | Voting power change since last quorum update |
---|---|---|---|
0xbE91513e66073237cDcc60e2154b5bb250da506d | Inconsistent | 38k | +38K EUL |
Stablelab.eth | Consistent | 35k | +35K EUL |
Looking at the most recent votes, hitting at least 200k has not been a problem as it has hit in each of the last 10 votes. Increasing quorum to 200k would be a more suitable number for now. Even if top 2 addresses with who have voted were to stop voting, reaching the new quorum would still be possible.
Next steps
This would require Euler Labs to adjust the Snapshot quorum, and all future votes will now require a minimum of 200k Euler Voting power & majority to pass.
Relevant Links:
eIP 50
Most recent vote
eIP 52
eIP 53
Pros and Cons of This Proposal
Pros
- Forces more votes to be used which increases the safety of the DAO
- Could cause large token holders to either start to vote or delegate their voting power
Cons
- Some proposals could fail to meet quorum
- Could delay governance process in quorum fails
- Yes, in favor of the proposal
- No, against the proposal
- Modify the proposal
0 voters