Simple Summary
This proposal aims to establish a new Push Delegate Program by allocating 50,000 PUSH tokens to five community delegates. These tokens will be vested using Hedgey Finance, allowing delegates to vote on Snapshot 2. The vested tokens will unlock at the end of the first year of Push DAO v2 (May 2025) if the individual delegates can maintain an 85% participation rate in discussions and snapshot votes.
Abstract
In the Push Delegate Program Epoch 1, we will allocate 50,000 PUSH tokens to incentivize governance participation within Push DAO. Five community members will be selected as delegates, and the tokens will be vested using Hedgey Finance, enabling the delegates to vote on governance proposals via Snapshot. Delegates are required to maintain an 85% participation rate over six months. This participation rate includes both voting and discussions on the governance forum. If this criterion is met, the tokens will unlock and become fully accessible to the delegates. This program is designed to incentivize active participation in governance while ensuring that the most dedicated and engaged community members are rewarded for their efforts.
Motivation
The current state of governance within our DAO relies heavily on the active participation of a few community members and the DAO Council. However, participation rates could be improved, thus improving the effectiveness and resilience of our governance processes. We can ensure a more consistent and reliable voting process by delegating tokens to a select group of committed community members. This Delegate Program aims to address the challenge of low voter turnout and engagement by incentivizing delegates to maintain a high level of participation.
Specification
Overview
- Delegation of Tokens: 10,000 PUSH tokens will be delegated to five chosen delegates (50,000 PUSH Total).
- Delegate Selection: 5 Delegates will be selected from the Push DAO community by the DAO Council. We will prioritize active community members and ambassadors from the 3 hubs.
- Vesting Mechanism: The tokens will be vested using Hedgey Finance, allowing delegates to vote on Snapshot.
- Participation Requirement: Delegates must maintain an 85% participation rate over the entire vesting period (i.e., Until May 2025).
- Unlocking of Tokens: If the participation requirement is met, the tokens will unlock for the delegates at the end of the vesting period. The delegates are free to use the unlocked tokens as retroactive compensation for their time and commitment to Push DAO.
Rationale
This Delegate Program incentivizes active participation and ensures that our DAO’s governance processes are more consistent and resilient. By selecting dedicated community members and providing them with a vested stake in the governance process, we can improve engagement and ensure that decisions reflect the will of the community. The 85% participation threshold is a reasonable benchmark that balances commitment with flexibility, ensuring that delegates are active without being overburdened.
Technical Implementation
Two steps will need to be performed to allow delegates to start voting on Push DAO proposals.
STEP 1 - Add the Hedgey Snapshot Strategy to the Push DAO Snapshot space
The details for adding the Hedgey Snapshot Strategy are explained within the Hedgey Finance Docs, and a Push DAO Snapshot Admin will have to add the new Strategy to our space.
STEP 2 - Set Up a Vesting Plan for the selected delegates
The DAO Council will set up a vesting plan for the selected delegates using Hedgey Finance. Token vesting plans mirror traditional vesting in that they may include cliffs, backdated start dates, and flexible vesting schedules. The DAO Council will set a future date for the vesting plan to begin, and there will be one unlock after six months.
Additionally, since the vesting plans are fully onchain, they can be revocable by the DAO Council if a delegate falls below their targeted participation rate.
