Views on Current Format
We believe it is important to have some form of compensation for delegates to bring in and keep high-value delegates in the Euler DAO. However, this implementation method is centralized and will gatekeep current and future participants.
Having an election council could cause centralization issues and cause delegates to lobby the election committee to receive compensation instead of their work determining compensation.
This incentivizes people to simply be likable and not voice dissenting opinions out of fear that they will not be selected by the committee or not be voted into the position if their views don’t align with large token holders.
Finally, It appears from the spreadsheet, with the current requirements, only 3 delegates would qualify to be senior delegates. Due to this, 20 candidates could not be chosen. Therefore the election committee is not needed.
StableLab’s Proposed Delegate Compensation System
We propose that for the first quarter of this being implemented, any delegate that has over 600 EUL delegated for the entire quarter participates in 50% of proposal discussions and votes on 80% of votes get paid 600 EUL at the end of the quarter.
There could then be quarterly votes to change the requirements to be considered a Senior delegate to adjust the number of delegates that would be projected to receive compensation each quarter.
This way, there is no gatekeeping of who can achieve senior delegate status. This would also save the DAO from also having to compensate the election committee and could allow more funds to be redirected toward helpful delegates.
If the DAO is worried that a permissionless system could cause too many delegates to qualify for compensation and lead to too high a cost. In that case, another method could be having a set amount that is paid to delegates each quarter. For example, 200 EUL x 10 senior delegates x 3 months = 6000 EUL per quarter paid to delegates. At the end of each quarter, this 6000 EUL could be evenly distributed to all delegates that met the requirements to be considered senior delegates. Then at the end of each quarter, if this amount is getting spread between too few or too many delegates, requirements to qualify could be adjusted.