As a result of the [1IP-26] Remove st1INCH(v1) Voting | Modify st1INCH(v2) and v1INCH Voting Weight Calculations, this proposal replaced the existing 20% weighted v1INCH strategy with a strategy that emulates the power decay of Unicorn Power, thereby changing how 1inch Governance Power is calculated.
By changing how 1inch Governance power is calculated, this proposal failed to account for the difficulty in reaching the quorum for 1inch proposals in view of the governance power decay.
Motivation
The 10M UP quorum was adequate under the previous way that 1inch Governance power was calculated, but with this new mode of calculation, whether a proposal reaches quorum or not would be determined by only a few voters.
Looking at the [1IP- 31] 1inch Community Builders Program, this proposal barely reached the quorum. By reducing the quorum, we ensure that 1inch Governance Process is not frustrated when a few voters become apathetic regarding voting.
Specification
This proposal suggests decreasing the 1inch Snapshot space quorum to 7M UP.
Next Steps
If this proposal is approved, the quorum will be lowered to 7M UP.
We are abstaining from this proposal to adjust the quorum to 7M UP. While we acknowledge the challenges in 1inch governance dynamics, I believe that such a significant change requires deeper analysis, a better understanding of the 7M UP rationale, and insight into historical voting trends, potential future scenarios, and how this change aligns with the overarching goals of the 1inch DAO is necessary. Until more comprehensive insights are available, abstention seems the most prudent course.
Can this forum post be assigned “1IP-38” to resemble the Snapshot proposal. Also, will there be another attempt to reduce quorum to a middle ground, if not 7M?
There was little feedback on the forum post but a strong NO against this proposal.
I added the 1IP-# and also moved it to the General Proposals category from the 1inch DAO category (all 1IPs should be in the General Proposals category).
There was little feedback on the forum post but a strong NO against this proposal.
There are no plans to try reducing the quorum again at this time. @Kene_StableLab and I have been working on a draft proposal that will incentivize people to delegate and directly vote on proposals though – so hopefully we tackle these quorum issues by just increasing voter turnout.