SIP-30: Set Sperax DAO Voting Quorum Threshold at 200M veSPA

SIP-30 Set Sperax DAO Voting Quorum Threshold at 200M veSPA Author: Core Team Reference: SPA staking analytics , PlutusDAO analytics, Sperax DAO Snapshot

Created: January, 19th, 2023 Labels: #Governance-Discussion

Simple Summary

The proposed change will optimize Sperax DAO’s voting quorum threshold. This will serve as a protection against potential governance attacks and will help to increase the attendance of voting veSPA holders.

Abstract

The proposal sets the quorum at the level 200 M veSPA (~⅓ of current total voting power). The current voting quorum of 20M veSPA is relatively small (~3% of total voting power) and is too easy to reach, opening the door to potential governance attacks and disengaging SPA stakers to attend votings.

Motivation

The voting quorum threshold (20M veSPA) is negligible regarding the current total voting power (600M+ veSPA), it is too easy to reach. This might have two negative consequences:

potential governance attacks: the Community will be forced to vote against knowingly spamming/toxic proposals - just to counter such proposals; disengagement of bona fide veSPA holders: as the quorum is easily reachable, they might stay passive and not attend SIP voting if they see their opinion Yes or No is passing without their support.

Overview

Sperax DAO governance procedure has been implemented last year, the first voting passed on July 2022, and 28 SIP in total were prepared, discussed, and voted. Since the DAO governance inception, the voting threshold stayed at the stable level of 20M - despite SPA staking, and thus total voting power continued to grow, reaching 623M veSPA which includes ~41% of voting power accumulated by Plutus DAO.

As the voting power grew but the voting quorum threshold didn’t - the current threshold is only 3% of the current total voting power.

Such a low share is not optimal due to two reasons:

Low threshold means it is relatively easy to collect a quorum and this may be a danger in the case of potentially toxic/spam SIPs acting against the interests of the Sperax Community. The Community will be pulled into voting to counter such proposals. Rising the threshold level will not allow toxic proposals to collect a voting quorum and thus countering voting will not be needed.

Low threshold might disengage bona fide SPA stakers who see the 20M quorum is always reachable, and thus they might be not motivated to vote - if they see their opinion is passing without their support. Rising the threshold level will engage SPA stakers to attend the voting.

The proposed solution is: to set the DAO voting quorum threshold at the level of 200M veSPA which is ~⅓ of the current total voting power.

Technical Specification

Set quorum threshold on Sperax DAO Snapshot at the level of 200M veSPA.

Voting

Yes: Set the quorum threshold on Sperax DAO Snapshot at the level of 200M veSPA.

No: Keep the quorum threshold on Sperax DAO Snapshot unchanged.

start

January 24, 2023

4:29 PM

end

January 27, 2023

4:29 PM

Voting

off-chain

Voting type

single-choice

Voters

7,417

Votes

384,885,491

Final Votes

closed

Yes

382.3M veSPA

99.34%

2.6M veSPA

0.66%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

About Voters Analytics

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Voting

100,000

Voting type

100,000

Starts in

100,000

Voters

1,000,000

Votes

1,000,000

Votes

Choice label

TICKER

100%

Choice label

TICKER

100%

Choice label

TICKER

100%