[BIP-9] Update Snapshot Parameters

Governance General Proposal
1

Motivation

As we near the start of vlAURA voting the possibility of using a single snapshot space has been discussed. This would simplify things significantly compared to Aura running their own snapshot then transferring the results into Balancer’s. The Aura team has graciously designed the necessary strategy so all that is left is to add this strategy to Balancer’s snapshot. This will allow vlAURA holders to vote with weight proportional to the veBAL held by Aura.

In combination with this and the expected increase in veBAL supply coinciding with Aura’s launch I also propose raising the quorum from 100k veBAL to 200k veBAL. This number may need to be increased even further and should be reassessed after a new baseline is established over the next couple of months. Additionally, we have implemented a new policy of only passing transactions to the DAO Multisig for signatures once a week on Tuesday. This is intended to reduce the frequency of signing requests. Given the three day voting window, we will now aim to bundle proposals together for simultaneous vote once a week on Thursdays. Any successful proposals that require DAO Multisig execution would be initiated for signing that Tuesday.

Finally, control over the balancer.eth ENS will also be passed to the DAO Multisig. Before that is done, snapshot admin will be set to the Emergency subDAO Multisig 0xA29F61256e948F3FB707b4b3B138C5cCb9EF9888. After this proposal any future updates to snapshot would be handled by the Emergency subDAO.

Risks

  • Time sensitive proposals like BIP-6 where user funds are involved could be needlessly delayed. Thus, there is an exception for any proposal considered time sensitive or emergency in nature - these proposals may go to a vote on any day of the week and be passed to the DAO Multisig immediately upon a successful vote.
  • We may fail to hit the new quorum in the next few votes. This risk must be considered by the community against the value of a higher quorum. Aura causing a big increase in veBAL supply may not translate into vlAURA holders actively participating in governance.

Specification

If approved, the following will be in effect:

  • The Balancer team will add the strategy created by the Aura team to Balancer’s snapshot. Then snapshot admin will be set to the Emergency subDAO Multisig 0xA29F61256e948F3FB707b4b3B138C5cCb9EF9888
  • Ownership of Balancer.eth ENS will be given to the DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f
  • The quorum on snapshot will be increased to 200,000 veBAL
  • Most proposals will only be eligible to go to a vote on Thursdays
  • Most proposals requiring execution by the DAO Multisig will only be initiated on Tuesdays
4 Likes
2

I welcome these changes. They result in

  • bundling of voting power
  • reasonable quorum thresholds
  • more structured multi-sig execution

Concerning quorum: here I see the only risk for the initial votes as you stated above. Therefore, it is important that people delegate their votes as much as possible if they are not that active themselves.

1 Like
3

This type of consolidation makes sense to me. It will remove unnecessary steps in the voting process. The overall goal is to bring the two ecosystems closer together so I don’t see why we wouldn’t do this.

I think raising quorum is a good idea as more and more voting power is distributed. As mentioned there could be some growing pains, but the value can be adjusted if necessary. I think any major vote would still meet quorum.

1 Like
4

Very much in favor of raising the governance threshold. Addition of Aura to Snapshot streamlines things. :+1:

1 Like
5

https://snapshot.org/#/balancer.eth/proposal/0xadf449239a3df9e6981c84c1dd726ab7571ba6fd715ba404c824fff3ff1f17f7

6

As an update here, the changes outlined in the proposal are set to go into effect later today. Tomorrow (June 23rd) some votes will go to the Governance Council to be approved for snapshot voting.

Get ready to vote with your vlAURA!

1 Like