Extending Voting Period

Summary:
While we support changing snapshot requirements that InstadApp team proposed Modify Snapshot Voting Parameters, Stable Node also wants to propose to increase voting time from 3 day voting period to 7 day voting period to give more participants time to vote on the proposal.

Proposal:
Proposes to increase voting time from 3 day voting period to 7 day voting period. Ideally, it can go in as part of the voting parameters change proposal but if not can be a separate proposal.

Reason:
Each governance protocol has different time period for voting. For example, for MakerDAO, voting can last 14 days. For Compound, it’s 3 days, which is the same as the current InstadApp set up. However, considering the InstadApp governance is in early stage, we believe it’s better to have more time and participants to review each proposal.

  • Increase the voting time to 7 days
  • Maintain the current voting time of 3 days

0 voters

2 Likes

To add on this, we want to have as many people to have the chance to review the proposal while its on-going. Most governance participants have other tasks and work in full-time jobs. Increasing it to 7 days would ensure that people can check the forum on a weekly basis and not miss any on-going votes.

2 Likes

The proposal which goes to Snapshot is considerably less risky and the risky ones also has one more voting after the snapshot one on the main governance on-chain. Snapshot is mainly to check if the community is in support for it or not. Also, voting on snapshot doesn’t contain any gas that means there’s no need for voters to wait if gas is high so if they support the proposal they can simply vote on it.

Lastly, almost every proposal that goes on Snapshot first goes through discussion on this forum which gives enough time for everyone to go through the code & verify necessary details.

3 Likes

While I like the objective of the proposal (provide participants more time to review each proposal) I think extending the vote time will just prolong governance decisions in the short term. Maybe there’s a way to help get the word out to the majority of $INST holders (beyond discord and forum) so there’s ample time to review from the day it is put up for a vote.

1 Like

Ok, that makes sense. As the voting for 7 days vs 3 days is pretty close, we will listen to Instadapp team and withdraw the proposal.

1 Like

@CPix18 @Doo_StableNode currently a huge amount of INST are in INST pools and some are currently being distributed. I think once the 3 month period gets over there will more liquidity in the ecosystem to vote on. Also, we’re very soon going to delegate tokens to active community members so the delegators will soon also be able to vote on it.

I agree with increasing the delay overtime as the community gets wider and token are distributed much widely.

3 Likes