Governance costs are a recurring topic on the discord. I’ve compiled all historic tx costs so the community can consider reimbursing governance participants. This includes the governor alpha and bravo contracts.
A total of 11.3 ETH has been spent on governance transactions with 53% of that cost being votes cast.
For reference the treasury currently has 117.4 przETH.
681 unique addresses have participated in onchain governance
659 unique voters (6.06 ETH tx cost)
364 voted more than once (4.95 ETH tx cost)
I propose we reimburse ALL historical governance VOTING. Reimbursement can be custodied in total to L2 and distributed to recipients as vault tokens. We can use this discussion to find consensus to move forward or not and flesh out the exact implementation if POOL holders decide to proceed.
Poll to gauge sentiment
Reimburse ALL voters (6.06 ETH total)
Reimburse only voters who voted more than once (4.95 ETH)
Full support, thx for doing the work and compiling the tx costs!
A possible idea regarding the exact implementation could be to make it claimable to avoid sending funds to lost wallet addresses or to people that do not use L2 if we distribute on L2.
The downsides of this would be that people might not know about it and do not claim funds that should go to them. I don’t have a strong opinion about it and would be fine with both (sending it to them or claim).
I agree with just reimbursing voters btw. , the propose/queue/execute has been done mostly by already compensated team members I think and/or included in proposals like the recent POOL incentives one with the $1k there. Doing it now again would make it double.
Good question, and I had not considered it. Would you be able to scrape the addresses and amounts to add for consideration? I think that should be included and don’t think it would amount to a lot of cost.
Not sure if that is included, just wanna mention/add it here that people with over 10 POOL are eligible for a free delegation through Tally, that campaign runs for some time already, not sure how many actually used it. Tally | PoolTogether . Other delegations are probably mostly from the very early days and people haven’t changed their delegation since, also some are from the same people like Leighton delegating I think 20x20k single delegations to single people. Nevertheless I’m fine with reimbursing those people too and agree with underethsea that it probably wouldn’t amount to too much costs. Helping compile those addresses would be great if you got any good scraping idea
At current ETH price, we are talking about $15k in compensation.
How much will it cost to scrape all the necessary data and then either airdrop it to governance participants or create a staking contract?
It doesn’t seem worth it to be honest. Lot of work for not a lot of value added.
I don’t agree with this, underethsea already did all the work by gathering all the addresses and amounts. (More work would only be needed if we wanna include delegations).
What is the goal?
I would say doing the right thing and reimbursing people for their gov participation related costs. Other DAOs like UMA and Nexus Mutual are doing similar things.
I know with Gov being at a very low point and talks of it being totally ended, this proposal may seem out of place, but I think it comes to a good time actually, honoring the ways things used to be and thanking people that have taken on the costs of voting. (Kind of similiar to free food people give at real voting places as a thank you for people that show up to participate)
The goal is to reimburse those who have participated in governance for their ETH costs.
I’ve already scraped the data, see the spreadsheet in my original post.
The PoolTime team volunteers to distribute the tokens if this proposal were to have support. That’s not a big deal. No cost. Not a lot of work. Lots of support for those who have engaged in governance over the years.
Regardless of total value I think this is something meaningful to set precedent for.
As to “all voters” vs “only voters who voted more than once”, while I might instinctively prefer the latter, reinbursing 81% more people for 22% more cost seems worth it.
I’d only add one caveat; having some simple methodology - even if imperfect - to at least determine if the wallet doesn’t seem dead would maybe help avoid burning tokens unnecessarily.
PS: Would you mind sharing how you compiled this data? It’d be useful for others to be able to verify it when choosing to vote for or against this proposal.
I think this makes a lot of sense to make things as right as we can with the current trajectory of governance. With the target being to nullify governance and many former voters disheartened by the current actions. This is a nice way to thank those people for their effort and time they put into governance; the reviewing, the understanding, the conversations, the votes.
I fetched all the POOL token DelegateChanged events from etherscan and the total is 8.8524 ETH. I excluded the ones done from this address that seems to be from the sponsored delegations: 0x34107A2367fee166fEcb3890bf616830894aC653
The contract requires that voters set their delegate address in order to for their votes to count even if they are delegating to themselves so everyone who has voted or delegated to another voter had to do this first.
Thank you!! 1466 events wow. I’m guessing a lot of this was with the airdrop claim? I have not seen much voting powered by delegation over the years. What do you think about cross-referencing this to make sure that the delegate actually made at least one governance transaction? We would need the toDelegate from these events and can use the alpha and bravo history in the spreadsheet to confirm at least 1 tx was made on the gov contracts from the delegate.
I used etherscan export to CSV on both governance contracts and combined in the spreadsheet linked above. Because the history is under 5k tx I think it works. Spreadsheet aint pretty but the data is there. I encourage anyone to do it themselves to verify. I’ll see about scraping the event history with a node script. Are there other tools these days?
There is concern about wasting value (unclaimed). I don’t think we should put a threshold and agree it’s better to reimburse all participants. Some possibilities -
We send out to everyone and what’s done is done
We can make it a claim on L2 and after some amount of time the contract could have a permissionless function to automatically contribute the remaining WETH on behalf of the POOL vault?
We make przWETH or przUSDC tokens that are claimable and the contract can be blocked from winning using a prize hook thus making the unclaimed forever sponsorship.
Looks like those who have spent the last few years milking the treasury, while delivering negligible value in exchange for their compensation, and largely driving PoolTogether to the point of irrelevancy. Want to make sure they squeeze the last few drops out.
The voting body of PoolTogether and those that having “milking the treasury” aren’t necessarily parts of the same faction. There’s likely quite a large number of voters from 2 years ago that don’t know about what PT has become. That is an interesting lens though.
As a former frequent voter I truly believed that passing the budgets for some of the teams was worthwhile to build the community and tools around PoolTogether. It became trial when the budgets were maintaining astronomical pricing with little TVL impact, that’s also when things starting passing without community consent. So I view this initiative more as giving back to the community now that governance has become a one-man voting system instead of the will of the masses it once was.
I understand that point of view. And I was probably overly harsh, there’s certainly been some good work done over the years. That said, given the barbed conversations in the discord a day or two before, coupled with an equally barbed twitter post (by the OP), I feel like this proposal may have come from a place of malice (though could be wrong). That’s a significant part of the remaining treasury being whisked away right there, that could be used to further PT in some manner. Though do what you all need to do, if you feel like these reparations are well-deserved.
Counter-proposal if possible: Deposit that money into a PT vault, issue an NFT that those who partook in governance can claim, and prize-link those NFTs to that particular vault. Distributing the prizes among them.
Pooltogether would benefit, you all would benefit, depositors would benefit, POOL holders would benefit, and we’d finally have a PT prize-linked NFT collection to show off the potential of. I wouldn’t personally know how to set that up - but it has long been my understanding that such a thing is possible(?).
