[Proposal] Change Snapshot Voting Power Strategy

Proposals
1

Summary

This proposal seeks to change our Snapshot voting power strategy from the sum of balances of both TRU and stkTRU, to using delegated voting power tracked in the stkTRU contract.

Rationale

There’s currently a mismatch of voting power between off-chain and on-chain voting.

Our on-chain voting uses a Compound-like governance system with our stkTRU contract tracking voting power. Only people with a stake in the system have voting power, and this insulates us from various governance attacks. This is in contrast to our off-chain voting w/ Snapshot where TRU holders, who may not have a stake in the system, also have voting power. Changing voting power to only stkTRU holders increases security, gives more of a voice to people with a stake in the system, and increases accountability.

This proposal has a further benefit: delegation. Governance is hard, and complexity rapidly grows as more people and property are added to the system. It can take a lot of time to stay on top of everything, and this can lead to voter exhaustion, apathy, and ill-informed decision-making. Delegation is a great way to combat this.

There are also some additional benefits of delegation such as securely storing your stkTRU while still easily being able to vote with a delegate wallet.

Executables

Replace the Snapshot voting strategy with comp-like-votes using the following parameters:

{
  "address": "0x23696914ca9737466d8553a2d619948f548ee424",
  "symbol": "stkTRU",
  "decimals": 8
}

Closing remarks

If this proposal passes, make sure to delegate your votes to either yourself or someone else. This can be easily done through Tally.

4 Likes
3

Hey Peter, I haven’t noticed anything like this. I’ll look into it for you if you message me your address.

1 Like
5

Hey Peter, thanks for your patience. It looks like your stkTRU balance is 533,731, but your current voting power, in regard to this proposal, is 480,358. This difference is a result of the recent defaults and corresponding slashing incident.

1 Like
7

@TylerEther - It appears by the “likes” on your post that there’s enough traction here to move to a Poll, so I shared one below to move things along with governance:

  • Transition to stkTRU voting across all governance motions
  • Retain TRU & stkTRU Snapshot voting & stkTRU on-chain voting

0 voters

2 Likes
8

One thing I wonder: Could this proposal improve the quality* of TRU-holders engaging at each step of governance, at the cost of net engagement with governance?

*I see quality as “how up to date and informed are your contributions to TrueFi’s future?”

2 Likes
10

This proposal has moved to Snapshot: https://snapshot.org/#/truefigov.eth/proposal/0x84497dc13ae5985e15d9ee998bd1e87ad52e203b6ad151e42b3222b5d43c0483

Voting is open until Monday.

1 Like
11

Hey builders! PM me if you want to add a quote to the article.

2 Likes