In an effort to open up voting to the most strongly aligned members of the community, we propose to allow still locked tokens from the various airdrops to be used for voting. We also propose allowing the vested, but unclaimed tokens from FIDU staking to be used. Lastly, we propose increasing the quorum by 2X to account for the increase in eligible GFI.
Currently there is a fairly low circulating supply of GFI. A lot was purposefully designed to be locked up and released over the course of 1-2 years, especially for all the largest holders of GFI. That GFI is currently ineligible for voting, which means the voices of the community’s biggest and earliest supporters is not being heard. It would be a relatively simple change to the Snapshot voting strategy to allow this, and the benefits seem clear.
This change would happen on the Snapshot voting strategy. No on-chain changes are required. The changes in the strategy would do two things.
- Use the CommunityRewards NFT contract, and look up the
totalClaimedto arrive at a “total granted but not claimed” amount. → It’s ok to use the “granted but not claimed” amount because these rewards are always going to be the users, they simply haven’t unlocked yet.
- Use the StakingRewards contract for FIDU, and look at the
claimableRewardsfor a given user’s position. → We use claimable rewards here because we should not count GFI that is not yet vested.
- Increase the quorum on Snapshot by 2X to 50k. → There’s roughly 10M circulating GFI, according to CoinGecko. There’s about 15M still in the Community Rewards contract. So that’s about 2.5X increase in supply that could vote. I think choosing a clean 2X increase in the quorum seems like a reasonable place to start. This is very easy to adjust later.
Note, both of these would be added together with whatever GFI is in the user’s wallet, to arrive at their total GFI voting power.
- It lets the people who contributed the most early on, and have the most at stake with Goldfinch to have a voice in Governance
- Potentially you could argue it increases the ability of large holders to influence votes. But our usage of quadratic voting severely constrains this. And of course, large holders are generally the earliest and most aligned supporters.
- Just to be clear, this is not affecting the actual unlock schedules in any way. There are no on-chain changes with this. It will merely allow the snapshot strategy to take into account still locked GFI.
“Yes” - Allow locked but unvested GFI from airdrops to be eligible for voting, and also allow claimable Fidu rewards to be eligible for voting
“No” - Do nothing