TRU’s current use structure has some inefficiencies. Specifically, TRU used for staking and liquidity providing (which both pay a yield) can’t be used for voting (which does not pay a yield). As a result, two of the last four votes seem to have been supported with no real contention on both the forum and snapshot, but were unable to hit quorum.
Examples:
- Ex1: Getty from Grapefruit Trading put up a well-written post to discuss changing the max loan duration from 30 to 90 days. It received unanimous support on the forum and had no real dissenters. Getty then submitted a properly formatted TIP before moving the vote to Snapshot where it received <100,000 votes.
- Ex2: A proposal was put up to reduce the minimum loan amount from 1mm TUSD → 10,000 TUSD. There was some contention to this vote on the forum and while it received a few ‘no’ votes, it received a super-majority of ‘yes’ votes. This moved directly to Snapshot and received 80% of the votes ‘for’ decreasing the minimum. Quorum on this vote corresponds to a quorum of about 6%
- Ex3: Jack made a post about expedited TIPs (i.e., skip forum go right to Snapshot) for critical updates. He then made one that similar to ex2, received full support with a quorum that would be equal to ~7%
As will be explained in a soon-to-be-shipped roadmap, these inefficiencies (specifically, the ‘high opportunity cost of voting’) will be improved in February’s TrueFi V2 launch.
For the time being, I’m proposing lowering the Snapshot quorum threshold to 5% and retroactively applying it to the two votes that passed.