Simple Summary
This proposal winds down the gasless voting setup of the POOL pool Snapshot due to low engagement and potential future risk.
The proposal outlines specific steps to wind down the Snapshot, including removing delegation, restricting proposal creation, and removing pPOOL mentions from the PoolTogether platforms.
Motivation
Historically the POOL pool acted as a gasless voting mechanism for POOL holders. It also dripped additional POOL rewards to depositors in the past. Both of this is not true anymore.
The POOL pool Snapshot has very low engagement and creates unnecessary processes that complicates onchain governance.
Reasons for winding it down:
- The Snapshot hasn’t reached Quorum (20%) since March 2022
- There isn’t much demand for gasless voting as gas prices are reasonable
- It creates unnecessary friction for onchain governance
- It relies on humans to execute the vote
- The POOL pool rewards have ended and are unlikely to start again
- The pool has halved in deposits since its ATH (from 1.02m down to 519k POOL)
- A vote is easy to swing: Due to technical limitations, the multi-sig must always vote with its full voting power. If 20% of circulating pPOOL votes for on a proposal, the full 100% of pPOOL votes will for.
Specification
Overview
If the proposal succeeds the following steps will be taken in order to wind down the POOL pool Snapshot and its functionality, as well as to inform the community:
- Remove the POOL delegation from Stake Prize Pool to the POOL pool Multisig
- Set the Snapshot to only allow authors to create proposals (done)
- Remove all authors in the settings of the pPOOL Snapshot
- Remove pPOOL from the PoolTogether.eth snapshot
- Remove pPOOL mentions from Governance Documentation & Forum Posts
- Post announcement
- Remove the option to deposit into POOL pool from the app
Rationale
The proposal was discussed thoroughly on Discord and later brought as RFC to the governance forum.
The alternative to this proposal would be to fully embrace the gasless voting setup of the POOL pool, but with the mentioned dangers down the road it’s likely not feasible.
Objections were made that we should not cut off voters. Since the original POOL pool implementation lots of new opportunities in community governance arised. I encourage the community to propose new governance experiments that better suit our risk-tolerance once this proposal has passed.
Technical Specification
The proposal calls the compLikeDelegate function to re-delegate the voting power of the StakePrizePool to 0x00000000000000000000000000000000000000:
| # | Name | Type | Data |
| -------- | -------- | -------- | -------- |
| 0 | compLike | address | 0x0cEC1A9154Ff802e7934Fc916Ed7Ca50bDE6844e |
| 1 | to | address | 0x00000000000000000000000000000000000000 |
Function: compLikeDelegate(address compLike, address to)
MethodID: 0x2f7627e3
[0]: 0000000000000000000000000cec1a9154ff802e7934fc916ed7ca50bde6844e
[1]: 00000000000000000000000000000000000000000000000000000000000000
Status
The proposal is live onchain and on Snapshot