Over the past 18 months since the launch of veBAL, there have been a number of turbulent votes within the DAO, accompanied by gradual changes in voter composition. During this time a number of measures have been implemented to maintain balance of votes and voter integrity.
Whilst the reality of voting is quite nuanced, as Aura approaches 50% of the veBAL share it is becoming a concern that the distribution of votes is again becoming imbalanced and that action needs to be taken.
This BIP seeks to begin to address those concerns by putting a cap on the individual voter weight on Snapshot to 45%, meaning that Aura’s voting power (and any individual voter) would be capped at 45% of the total supply of veBAL.
Update the settings in the Balancer Snapshot space to use the following strategy:
This BIP changes the snapshot strategy which is a significant factor, although has been tested by both the author and by Snapshot developers. It can also be replaced if it does not function as expected.
If approved, the DAO Multisig (which is set as admin of the snapshot space) will load the configuration delegation-with-cap and set capPercentage to 45 in the Settings menu via the snapshot gnosis safe app.
if my understanding is correct, not ony will this implementation not have the right intention but it will also bork a lot of votes, since only 45% of aura’s vote weight will count towards the 2m quorum (3.5*.45=1.575).
@gosuto@Xeonus@0xMaha went to load this week but there was one uncertainty in the spec. Just to be 100% clear, the delegation-with-cap strategy should be added and the delegation strategy removed so it looks like this: