YIP 12: Reducing the quorum for accepting proposal Source

Authorcp287
Discussions-Tohttps://gov.yearn.finance/t/yip-12-reducing-the-quorum-for-accepting-proposal/578
StatusImplemented
Created2020-07-24
Implementation https://etherscan.io/tx/0x64ff868305c1271c51b85a4f69f547f3137bebeae611eff1e0a2d86714469b77#

Simple Summary

At the moment, it is difficult for the yEarn governance mechanism to achieve a quorum of 33%. For the control system to function, the threshold must be lowered so that at least some decisions can be made.

Abstract

It is proposed to reduce the quorum threshold for accepting the proposal to 20%. At the moment, no changes to the on-chain are necessary, since the quorum check is currently being carried out off-chain. Thus, it is enough to simply make a decision by onchain voting.

Motivation

At the moment, it is difficult for the yEarn governance mechanism to achieve a quorum of 33%. We could observe this even with the important proposal 1, which could not reach the quorum. This is due to both:

  • general passivity and lack of motivation to participate in governance system;
  • negative motivation to participate (lock of funds).

Thus, yEarn protocol is under the threat of forever remaining as it is, since all proposals may not reach the required quorum (with a high probability, the activity in voting will only decrease over time).

There are many different solutions, which I will describe below, and I propose to start discussing them in the topic, but it is critical now to make a simple decision that will allow the protocol to evolve, and the community to make decisions on the development of the protocol. In my opinion, such a decision may be to reduce the quorum threshold to 20%, which I put up for voting.

Other ways to solve the quorum problem:

  • you get rewards for staking only if you vote;
  • delegation of votes (implementation will take some time);
  • quorum should be not for ALL tokens, but for only those “escrowed” to be voting;
  • should have a quorum schedule which after x amount of time with no proposal meeting quorum the threshold goes down 1%-2% for year1, 0.5%-1% for year 2, etc.

FOR: The threshold for accepting the proposal drops to 20%.

AGAINST: No change for threshold.

Metadata

Name Value
Proposed by 0x74630370197b4c4795bFEeF6645ee14F8cf8997D
Total for votes 5291919.8701 (66.22%)
Total against votes 2699427.0543 (33.77%)
Quorum 39.76% ✔
Start block 10522307
End block 10539587

Source: yieldfarming.info YFI Governance Information

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