Let’s start with a warm thank you for all that participated in the Snapshots this past weekend! Here is an overview of the Snapshot votes that ended on July 12th, as well as a proposal to adjust the Snapshot voting parameters.
Snapshot is a utility that allows projects to create votes or signals for their communities, the files are kept in IPFS and what makes this really attractive is there are no gas costs to vote. Snapshot is fast and just requires a signature from the wallet, unlike our on-chain votes which can modify the underlying contracts and requires gas to vote.
Currently the Instadapp Snapshot is being utilized to make minor changes that do not affect the underlying contract architecture and safety, for example enabling a connector on the DSL or allocating resources.
I would propose using a unified numbering for both on/off-chain votes. That would make the two passing proposals combined - IGP#2 - Liquidity Integration and Community Fund
For this first Snapshot we mirrored the on-chain parameters as these were the only established governance parameters. These requirements are quite high for minor changes compared with current circulating supply, INST tokens in staking pools, and the amount of INST tokens in the Treasury.
Currently quorum requires 4% of the total supply, this constitutes 22% of the current circulating supply (~18M) and this does not take into account tokens that are staked or for other reasons inaccessible.
Proposed Snapshot Requirements:
-50K to submit a snapshot (No Change)
-250K to achieve Quorum
-Simple Majority decides
Under the proposed changes, the Liquidity Mining Rewards would have passed along with the other two proposals. Lowering the snapshot will make governance more dynamic, easier to access, and separate out the higher governance requirements for major code changes.
- Agree to the proposed Snapshot Changes
- Agree to change but disagree with the proposed changes
- No Change