1RC: Raise Snapshot Quroum

2.1 General Proposals
1

Author: [@Bobby_StableLab_ _@Kene_StableLab](/1inch/account/0xbCDF87209E368ba3a7Cb8A77CD5ECBCbc573C18e)

Summary

1IP-XX aims to raise the Snapshot quorum from 10,000,000 to 14,000,000

Abstract

Quorum enables a wide range of people to voice their opinion, but in the current state, these voices are void since StableLab (ourselves) can reach quorum by ourself.

1IP-XX will raise the Snapshot quorum to ensure that more voices will be heard and represented in making decisions for 1INCH DAO.

Motivation

In its current form, the quorum is rendered useless due to voting power held by certain active voters. This puts the protocol at risk.

1inch governance should raise the quorum to a more suitable level for its security.

Specification

Using the consistent voters, there are around 6 active large votes (>90k).

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Looking at the most recent votes, hitting 10,000,000 has not been a problem. Increasing it to 14,000,000 will prevent StableLab from reaching quorum on our own too. We will continue to be active delegates for the foreseeable future, therefore the quorum should be adjusted.

Rationale

StableLab will not be able to reach quorum on its own anymore. We should still be able to reach the new quorum even with this increase. Recently, proposals have been accumulating around 18,000,000 votes.

Considerations

Quorum is already reliant on StableLab voting, but this will ensure that a few more voices are heard.

Next Steps

  1. Temperature check on the forum
  2. Move to a Snapshot Poll
  3. Yes: Increase quorum
  4. No: Do not increase quorum.
  5. Abstain:
2 Likes
2

Thank you for this proposal StableLab. We, as DAOplomats are in favor of this proposal.

3

Hey @Bobby_StableLab, Thank you for proposing this and considering how to make this more process more decentralised, and @DAOplomats.eth are generally in favour such changes.

unfortunately IMO this proposal isn’t timely due to the following reasons

  1. Raising the quorum will not have a huge impact on the decentralisation of the DAO, as you are still the largest delegate and which is 4x more than the second largest, and about 66% of all votes cast on proposals 1 and 2,
    1. We had the problem of not reaching the quorum for quite a while.

eg: 1 2 3 4 5. so having a higher quorum could put us back into the same position as before
3. the newly proposed quorum considered all the top 3 members to vote, and none Abstain from voting. This puts the second and third delegates to passive Abstaision instead of not voting NO on proposals. i.e. Negate the function [1IP-15]
4. Furthermore, we haven’t fully understood the new tokenomics changes and their implications in governance.

I would wait for a little to move this proposal further and take it back to phase 2 to include community feedback.

4

We are putting a pause on this proposal to gather insights into data behind st1inch and the tokenomics changes before this goes further.

2 Likes
5

1&3/ These are both incorrect. The new quorum only requires StableLab & someone else from the top 3(excl stablelab) to reach quroum. This prevents stablelab from solely passing.

2/ You have referenced proposals from July 2021, August 2021, March 2022, Nov 2022 and Nov 2022. With the last 2 being the most relevant, however, there has been a major shift in voting power since December, hence the initiation of this proposal.

4/ As you were aware earlier today before your comment, we pushed it back and paused it due to a lack of information surrounding tokenomics.

6

Yeah, thank you for putting a pause to this. i got the info after forming up the other comment. Before changing the quorum, there is a lot to consider, and I don’t want to be in pre-December, where it’s hard to get a quorum if the top delegates decide not to vote.

And not sure how my arguments are technically incorrect. A higher quorum will put second and thirds delegate to abstain from voting to fail a proposal on which the Stablelabs have voted Yes since your voting power is 2x more than both Jordan and @DAOplomats.eth combined. In other words, Stablelabs has 66% of all votes cast in the proposals I have mentioned above. Even if 34% voted no, your vote can swing it in any direction, so the strategy here would be not allowing the proposal to reach a quorum.

7

We can continue this discussion once we have more info surrounding the tokenomic changes and whether it suffices a quorum change.