PoolTogether

[META-VOTE] POOL pool gasless voting setup

What is the POOL pool?

The POOL pool acts as a gasless voting mechanism for POOL holders.
It also drips additional POOL rewards to depositors.

How does gasless voting work?

  1. All POOL that are held in the POOL pool (pPOOL) automatically delegate their voting power to a multisig.
  2. When a PTIP is posted on-chain, the same vote is also posted to the pPOOL Snapshot. pPOOL depositors can vote on the snapshot without paying for gas.
  3. If the Snapshot reaches Quorum (20% of all pPOOL have voted), then the multisig votes on-chain the same way as the majority of the pPOOL. Due to technical limitations, the multisig must always vote with its full voting power. E.g. if 20% of pPOOL vote yes on something, 100% of pPOOL votes will go to yes.

Multisig signers

As the multisig is a point of centralization that holds large amounts of voting power, it is important that the signers are trusted. They could theoretically vote against the will of the snapshot vote if they collude to do so.

The current multisig setup is a 2-of-4 Gnosis safe, meaning 2 signers need to agree to vote.
I propose increasing the threshold and instead making it a 3-of-6 multisig.

The multisig members would be:

  1. @Leighton (current)
  2. @Torgin (current)
  3. @nahbur (current)
  4. @rliriano (current)
  5. @AndyKaufman (new)
  6. @Tjark (new)

As this is a meta-vote with no on-chain footprint, a PTIP is not necessary.
Instead, I suggest ratifying the voting multisig members using a Snapshot vote.

The current multisig members have been operating faithfully for over 6 months now but have never been formally chosen for the position by the community, so I think it’s good we ratify the full list officially now.

Since we have never had such a meta-vote in the past, I propose that it passes if Quorum of 20% is hit and >50% agree OR if Quorum is not hit and >99% agree.

We have had trouble hitting Snapshot Quorums in the past on non-contentious issues.

GO VOTE!

Official snapshot vote (pPOOL + POOL): Snapshot

7 Likes

I’m obviously in favor of this as I’m one of the potential new members of the multi-sig. My reasoning is having more signers is better for both filling in for people who might not be available when a vote needs to be sent & to expand security. I’m usually pretty easy to reach on discord anyways!

For context Tjark & I did not approach the team to be added, instead there was a message asking if anyone was interested in being added and we simply volunteered.

3 Likes

I cannot say anything abot the proposed percentages for passing a proposal given that I do not have experience on previous voting processes (I never vote because I don’t use Ethereum network due to gas fees).

However, regarding the fact of adding AndyKaufman and Tjark, you have my full support there. Both of them are trusted members and I know that they will always look for the best interests of the community. Also, given the fact that we may enable gasless vote through snapshot on other chains in the future, it is important that more people are in chage of the multisig.

4 Likes

idk these are some pretty sketch people…

I think a couple key things to point out here which makes me all for this:

  1. 1/3 of the people are PT Inc. (of which 1 got into PT Inc. through strong community action)
    • So it’s decentralized away from PT Inc.
  2. These are all very active community members in their own right and spread across time zones (if I can deduce rough hemisphere location appropriately)
  • Feasibly in a pinch at least half of them should be awake and capable of taking action
3 Likes

Update: The Snapshot vote passed with 99.47% in favor, so Andy and Tjark will be added to the multisig.