Taking reference to @Leighton’s proposal on changing the POOL rewards. There we touched upon the sad fact that the numbers in terms of voting right delegation and number of delegates reaching the 10,000 threshold does not mirror the active and inspiring community that has started to form in particular since the POOL token launch.
All four holders of more than 10,000 votes are only representing themselves (which isnt bad) but still I think that there should also be a representative of several voices. The largest number of votes representing several wallets so far is @0xSiam with 4 token holders represented and only 4,121 votes. I do observe very active governance participants and contribution of really good ideas, so do I notice honest interest and commitment from many people. Therefore, I would propose to implement an extraordinary airdrop, rewarding delegates and users who were willing to take the 20$ gas cost to support PoolTogether governance. This would support reaching the 10,000 voting threshold because the recipients will likely not dump their POOL tokens but hold and further allocate to their trusted delegate. In order to prevent dumping, I propose a timelock of at least 1 month. A gradual drop is perhaps an overkill in light of the numbers and in the same time locking for too long isnt helping getting the numbers in governance up. Ultimately this airdrop will land in safe hands with people who already showed strong commitment by delegating their votes despite high gas costs.
As a number I would propose 255 POOL, representing the daily rewards of the UNI/COMP pools. In connection with the proposed reduction of POOL rewards for liquidity mining, this airdrop would by no means have an inflationary impact nor rob the treasury. At current gas costs I dont expect abuse of this in retrospect and propose that everyone is eligible who is a delegate or did delegate up to and including 2nd March (this is the day the proposal to change POOL award dynamics arose and the airdrop should in any case be “retrospective” but there have been some people who made use of delegating as seen on discord since the gas fees dropped on 2nd March). Maybe someone can dig the number of eligible wallets out but I dont think the number should be very high.
Edit as of 3. March 08:15 CET:
This proposal is a branch of @Leighton’s mentioned in the header. I had it in mind when writing and hence didnt think of readers who lack of this context. Therefore I would like to add more color directly here.
The purpose of this airdrop is not to inflate POOL holdings but to tie into the proposal to reduce daily POOL rewards for liquidity mining and add a component that rewards users who do not mine to dump, not mine to hodl but mine to PARTICIPATE. There was a huge burden with gas fees to do so and still many people accepted it without getting anything in return. In the same time, whales mine and dump POOL on the market, obviously having little interest in the long-term development of the protocol.
This is what we discussed in the Governance discord channel and made us shake our heads:
I haven’t yet been able to do detailed analysis on where the claimed POOL from deposit rewards are giong but based on anecdotal evidence whales are simply mining and selling the POOL, such as this whale which [sold ~5,000 POOL tokens for $83,000] (Ethereum Transaction Hash (Txhash) Details | Etherscan ). This is definitely not the intention of the POOL distribution.
Gas fees started to come down on March 1st and this indeed did cause several users to proactively delegate and these should also be captured. Therefore my proposal to take a snapshot end of 2nd March, which is when the idea started and it should in any case not allow for front-running nor abuse. In retrospect, there is little abuse to be expected and the airdrop will certainly land in safu hands.
@Leighton proposes to reduce liquidity mining by 4,080 POOL per day. On Sybil we see less than 250 addresses. Assuming the airdrop is 255 POOL to 250 addresses, thats a total drop of 63,750 POOL. This will support more delegates to reach the 10,000 vote threshold. And this only represents less than 16 days of the current liquidity mining scheme reduction! 16 days of reallocation from dumping whales to active participants. I think this is fair.
). I would literally have to sell half my POOL tokens to cover my obligations, so I haven’t even claimed them yet. Governance farming + vote proposal I disagree with is forcing me to make capital inefficient and risky decisions. I am certainly not alone in this. Why can’t we just have a quiet period where people can make decisions without the rules changing 