Update To Snapshot Voting

As Index Coop moves towards a leaner model of governance, contributors will be tasked with the responsibility of creating snapshot votes.

The process for creating an IIP and snapshot is detailed here.

Any wallet with 1000 INDEX is capable of creating a snapshot vote. For the sake of continuity, it is recommended that the snapshot is created by the contributor who created the original IIP forum post. It is also recommended that a 24 hour waiting period is observed after posting the IIP to facilitate proper community discussion. This is reduced from the original period of 48 hours in an effort to improve efficiency.

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Thank you for the update! How was this decided on? It seems a cheap way to get a lot of voting power.

There has already been a proposal to take all the Compound voting. Seems like the Coop could be earning a fee for delegating all that voting power. Something like BRIBE protocol, Iā€™m sure there are others, and that engineering could come up with something. For the sake of extending the runway and upping the income.

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Hey!

Thanks for the suggestion. While MetaGov is very interesting we do not see it as a core function of IC right now. This may change in future and we are always open to good suggestions for how it might be managed or monetized.

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My thoughts would be for proposers to do the work and pay rent. IC owns the rights and if someone sees value in some of it, then let them demonstrate how much they value it. For example, rather than organising a few voters and taking on $2m in AAVE voting power, why not specify that a smart contract be written and cross-checked that ensures ongoing payment terms and return mechanisms? No work from IC except for the ICC to agree a fee and set the validation standard, all other effort on the proposer side.

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