What is delegation and how does it work?
Delegation is a mechanism through which veBAL holders can entrust their voting power in snapshot to one or more chosen delegates. This is done through snapshot’s UI. These delegates can then vote using the veBAL power delegated to them. This voting power is only usable on snapshot - delegates cannot vote in the gauges. This is a permissonless system so anyone can delegate voting power to anyone else and they can end that delegation at any time.
Why Delegation?
Token Participation
Sometimes token holders don’t want to vote themselves, or think their vote will not “change the game” because they don’t have enough tokens. Delegation allows them to participate and have their voice heard.
Right now, ballers and people who actually make the work to achieve the goals of BalancerDAO, have not much voting power. Delegation can solve this issue.
Improved Efficiency, Transparency and Direction
Delegation helps to reduce the communication and direction barriers that arise in the governance of a big decentralized protocol.
When you have known delegates, with a known voting power, you can allow better coordination & communication between the ones who actually formulate proposals and the big voters.
This should help to better shape the desired goals & direction - both long-term and short-term - and achieve them in a faster and more efficient way.
What it means to be a delegate
In an effort to encourage a more transparent dialogue between large holders of veBAL and those making governance proposals we are creating a forum to connect prospective delegates with large veBAL holders. Being a delegate is open to any individual or organization and represents a commitment to engage actively in Balancer’s governance process.
Some of the expectations of a delegate include:
- Read, understand, and provide feedback if necessary on governance forum posts
- Actively vote on governance proposals and explain the thinking behind each vote
- Have a strong understanding of Balancer’s key metrics and ecosystem
Delegates will not initially be compensated but this could change in the future.
Snapshot recently improved their delegation features by adding user profiles. If you’re interested in being a delegate, please make sure to set up your profile!
Publishing your Delegate Pitch
Each prospective delegate will create a thread in this section of the forum. The first post should be your pitch to veBAL holders about why you would be a good delegate. Following that you are expected to update your thread each time you cast a vote and include the reasons why you voted that way. This allows a track record to be built which veBAL holders can assess.
The following is an example template but you have the freedom to be creative if you desire.
Name:
Snapshot profile:
Discord username/TG username:
I have read and understood the Delegate process:
I understand that becoming a delegate is a significant commitment:
My reasons for wanting to be a delegate:
My view on Fernando’s vision for Balancer:
My web3 interests:
Languages I speak/write:
My skills and areas of expertise:
Other web3 projects I’m involved in: