IIP-38 Update Snapshot Strategy

Governance Proposal
1

iip: 38
title: Update Snapshot Strategy
status: Proposed
author: Noah Citron (@ncitron)
created: 2021-04-29

Simple Summary

Update the Index Coop snapshot strategy to include LP positions, unclaimed index, and delegated votes.

Abstract

This proposal will update our snapshot strategy to include index held within Sushiswap LP positions, Sushiswap LP positions staked in Onsen, and unclaimed index in the MVI farm. This proposal will also enable the vote delegation strategy on snapshot.

Motivation

Currently, our snapshot space counts index held in wallets, unclaimed index in the DPI farm, and index in a Uniswap LP position. The unclaimed index and Uniswap-held index were added to the strategy in IIP-009. In the spirit of continuing IIP-009’s goal of ensuring that all stakeholders receive their fair vote, we should update our strategy to include the index within Sushiswap LPs and the MVI farm.

Additionally, we have seen an alarming lack in voter participation for many of our governance votes. Vote delegation provides a mechanism to alleviate this issue, by allowing inactive index holders to delegate their votes to community members that they trust.

FOR

  • Update our snapshot strategy to include index held in Sushiswap LPs, Sushiswap Onsen LPs, and the MVI farming contract and enable vote delegation

AGAINST

  • Do not update our snapshot strategy to account for the additional votes and do not add vote delegation.

Specification

Overview

Snapshot allows protocols to define their vote-counting strategy which determines what an individual address’s voting power is. Snapshot has already built the infrastructure that will allow us to make these changes by adding additional pre-built strategies to our snapshot space. Links to the implementations of these additional strategies are listed below:
Sushiswap Strategy
Masterchef (Onsen) Strategy
Delegation Strategy

Technical Specification

The implementation of the proposed changes can be viewed on Github here

8 Likes
2

Very much in favor, all INDEX in circulation should have the ability to vote. Delegation will allow for passive holders to pass their voting power to active participants.

Very much for.

1 Like
3

100% agreed. Thank you for calling this out, @ncitron.

For.

4

Thanks @ncitron, this is a huge development in terms of governance. I think it would be really useful to break down exactly what this will allow us to do w/r/t vote delegation.

My understanding is as follows but please correct me if I’m wrong:

  • INDEX holders will be able to delegate and un-delegate their votes freely to whomever they like
  • As a caveat to the above, Snapshot may not recognize it if they delegated/un-delegated too close in time to the vote (just like if you transfer INDEX too close in time to the vote, Snapshot may not recognize your new address because it takes a snap shot at a specific block)
  • There is no difference between governance votes and meta-gov votes in terms of delegation
  • The actual delegation is done on Snapshot itself (i.e., Snapshot is the place where you indicate the address you are delegating to)

I’ve been thinking a lot about delegation, so this is really exciting and look forward to it being implemented.

3 Likes
5

Your spot on with your understanding. You can delegate your votes at https://snapshot.org/#/delegate. You can even select whether you want to delegate your votes for all spaces with delegation enabled, or to just a single snapshot space like index.

2 Likes
6

Awesome @ncitron ! Giving us the avenue to try and push delegation is huge for governance