IIP 33 Enable Snapshot Metagovernance in DPI

Governance Proposal
1

iip: 33
title: Enable Snapshot Metagovernance in DPI
status: Proposed
author: Richard (@richard), Noah (@ncitron)
created: 2021-04-13

EDIT 4/14: Updated authorized EOA to 0x58430C50EAa0b399C2A228B9d28270C5C8Fe09A5

Simple Summary

This IIP adds meta-governance support for Snapshot voting to the DeFi Pulse Index starting with YFI and Balancer.

Abstract

This IIP requests authorization to initially delegate Snapshot voting power in the Defi Pulse Index to 0x58430C50EAa0b399C2A228B9d28270C5C8Fe09A5 via the GovernanceModule.

This is a bot that Set Labs currently runs and will act as the executor for YFI and Balancer meta-governance votes in accordance with the majority. Snapshot is not compatible with multisig smart contracts, and therefore requires an EOA account to execute votes. The community retains the ability to revoke or reassign the delegation as needed.

Meta-governance voting for Yearn and Balancer is carried out in the following steps:

  1. A governance vote is called for Yearn or Balancer on Snapshot.

  2. The proposal is duplicated on Index Coop’s snapshot page here.

  3. The meta governance voting period will end 24 hours before the underlying (YFI, Balancer) governance vote ends.

  4. $INDEX holders vote on the meta governance proposal on Index Coop’s snapshot page above.

  5. At the end of the voting period if a 5% quorum is reached, the delegate (Set Labs bot) will vote according to the related snapshot proposal majority

Motivation

Snapshot is an off-chain gasless multi-governance client with easy to verify and hard to contest results. Recently, Snapshot created a mechanism for smart contracts to delegate their voting power to an end user account. This unlocks meta-governance in the DPI for all Snapshot spaces that have implemented a “delegation strategy” and do not require staking of assets (YFI and BAL).

As of April 13, the DPI holds $8M YFI and $3M BAL.

FOR

  • Delegate Snapshot voting power from the DPI to 0x58430C50EAa0b399C2A228B9d28270C5C8Fe09A5 for metagovernance vote execution

AGAINST

  • Do not delegate Snapshot voting power from the DPI to 0x58430C50EAa0b399C2A228B9d28270C5C8Fe09A5 for metagovernance vote execution

Copyright

Copyright and related rights waived via CC0.

12 Likes
2

Awesome, no-brainer.

1 Like
3

Great stuff, will vote FOR!

1 Like
4

This is great. Meta-governance is a unique value add to Index Coop and we should be doing what we can to unlock meta-gov across as many tokens underlying DPI as possible.

We are simultaneously in the early stages of building out a greater meta-governance structure at Index Coop so that we can also handle the non-technical side of increased meta-governance votes.

2 Likes
5

I am in favor of this proposal.

6

Great proposal, no brainer addition, will be voting for. Meta-governance is a key value add to INDEX and we should strive to enable it for all DPI, MVI, and future index components.

2 Likes
7

Newbie question here. So if this will be approved, we can now use $DPI or $INDEX for voting in $YFI or $BAL?

8

$INDEX to vote the $BAL and $YFI that’s being held in $DPI :upside_down_face:

9

Thanks for answering my very noobs question. Just want to be clear, I cannot vote using $DPI, right?
I can only vote using $INDEX?

10

Yup, that’s correct.

1 Like
11

Excellent :rocket:

Just a question regarding the bot: is there any way to make a decentralized executor? I mean for the future, not for this proposed implementation which seems perfect for now

12

Currently, Snapshot requires the voter to be an EOA, which means someone has to custody a private key. Hopefully in the future Snapshot builds features to allow multisigs or smart contracts to vote directly. As Snapshot is nonbinding, it will be a simple vote from the community to revoke the voting rights of the executor or reassign to another address if it fails to vote correctly

1 Like