[1IP-14] Update 1inch DAO Voting Process to Include st1INCH(v2)

2.1 General Proposals
1

Simple Summary

This proposal seeks to modify the 1inch DAO governance process to allow st1INCH(v2) holders to vote on 1inch DAO Snapshot proposals.

Abstract

If passed, this proposal will allow st1INCH(v2) holders to participate in 1inch DAO Snapshot votes.

Legacy st1INCH and v1INCH will have unchanged voting weights.

Motivation

With the passing of [1IP-11] 1inch Staking Pods, and the subsequent launch of 1inch Fusion mode, st1INCH(v2) has become the primary utility token of 1inch Network. In recent weeks, st1INCH(v2) has overtaken legacy st1INCH in terms of supply.

This proposal will enfranchise st1INCH(v2) holders and should increase the number of active participants in the 1inch DAO.

Specification

The 1inch Network Snapshot space will be updated to account for st1INCH(v2) voting power. Meaning, st1INCH (v2) will be added as a new “strategy” with equal voting weight to legacy st1INCH – 1 Unicorn Power would count as one vote. Holders would then be able to use their respective voting weights when participating in votes on proposals.

Token Contracts

Rationale

V2 stakers have demonstrated commitment to the 1inch Network and deserve an equal say in how the protocol is governed. By introducing this class of voters, we can better reflect community sentiment while ensuring that those with vested interests remain incentivized towards long-term success of the network.

Legacy st1INCH will retain its voting power for the time being. It is expected that the DAO will vote to deprecate legacy st1INCH voting rights in the coming months as more of the stake migrates to the new contracts.

Considerations

There are no security implications with this proposal.

Once passed, the reality.eth proposal acceptance criteria will need to be updated to reflect the change.

2 Likes
2

I feel disappointed that I don’t have permission to vote for the proposal about modifying the Fusion delegator policy, provided that I have participated in the delegation and staking of my $1inch tokens to the resolver.

1 Like
3

Yeah, I understand how frustrating that must be. This proposal is aimed at solving this issue so hopefully, v2 stakers will be able to participate in governance votes shortly.

It looks like 1IP-13: Governance Process Improvements
 is going to pass, so I intend to kick off this temperature-check vote as soon as it does (since the vote will be shorter).

4

I have progressed this proposal to the 3-day phase-3 temperature-check vote (shortened from 5-days per 1IP-13).

1 Like
5

This is a necessary change to enable both holders to have voting power as the DAO transitions to solely v2.

1 Like
6

The temperature-check vote was a success. 7 votes in favor, 0 votes against.

1IP-14 Phase-4 Snapshot vote is now live!

7

The phase-4 Snapshot vote was successful – 19.72M votes in favor, and 2 votes against!

8

Implementation Update

This proposal has been fully implemented. st1INCH(v2) now has equal voting power in the 1inch Snapshot space.