RFC: Wind down the POOL pool Snapshot

1

Introduction

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 an unnecessary processes that complicates onchain governance.

How does the gasless voting setup work?

The POOL pool’s voting power is delegated to a multi-sig whose signers are community members. The multi-sig votes according to the result of the POOL Pool Snapshot.

It works like this:

  • All POOL that is held in the POOL pool (pPOOL) automatically delegates its voting power to a multi-sig.
  • Whenever a PTIP is posted onchain, the proposer has to create a corresponding vote in the POOL pool Snapshot.
  • pPOOL depositors can vote on the snapshot without paying for gas.
  • If the Snapshot reaches Quorum (20% of all pPOOL have voted), the multi-sig submits the outcome to the onchain vote.

Why the POOL pool Snapshot should be depreciated:

  • 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)
  • the 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.

Alternatives for people are to vote onchain or delegate their POOL voting power to a governance delegate.

I would love to hear your thoughts and feedback.

Resources

Edit, June 28th

Poll

Wind down the POOL pool Snapshot
  • For
  • Against

0 voters

4 Likes
2

100%

The pool pool snapshot has been dead for a long time. It’s not worth the risk.

This proposal is long overdue. I’m glad that you’re kicking this off!

3 Likes
3

agreed, should be removed!

1 Like
4

The replies here are positive but on Discord the topic is a bit more contentious.

I’d like to throw some questions in the room to encourage more discussion.

What could be strategies to approach the pPOOL holders? What could be alternatives for “cutting them off”?

What are reasons pPOOL holders do not vote at the moment?
Because they don’t know?
Because they are not interested in the types of proposals that go live?
Because they are generally not interested in protocol governance (anymore)?

It would be interesting to see some data on the current holders. Have they been active on the Snapshot before or have they joined the pool mainly to earn incentives?

5

I’d like to bring this RFC back up.

During the latest PTBR cycle all of the proposals went live without a POOL pool Snapshot to accompany it. V5 might bring POOL staking back into the arena. Should we move away from the Snapshot for good?

I’ve added a poll to gauge sentiment. I suggest that, if in 7 days the result is overwhelmingly for, we move the RFC to a Snapshot proposal.

1 Like
6

Looks like we’re good to shut her down!

7

Planning to go onchain on Monday

1 Like
8

The proposal is now live: PTIP-87 Winding down the POOL pool Snapshot

2 Likes