As more GFI has been getting unlocked, we should commensurately increase the quorum on Snapshot votes so as to maintain legitimacy and prevent attacks.
Early July represented a large unlock for team, investors, and airdrops of the GFI token. In addition, GFI vesting on the Senior Pool liquidity mining was also removed. Together, these represent a significant increase in the amount of circulating supply of GFI. Yet the quorum on Snapshot has not increased from its existing 50k level.
Thankfully, all the votes of recent have been made by quality community contributors and have seen participation far above the 50k threshold. But as the protocol grows, and more tokens get unlocked, we should help maintain legitimacy of the votes by increasing the quorum.
According to CoinGecko, GFI has a circulating supply of roughly 20M. This number increases continually due to team/investor/community airdrop unlocks, as well as liquidity mining.
So 50k represents 0.25% of circulating supply, which seems pretty low.
For some comparison data, the most recent votes on the Goldfinch snapshot have passed with 495k, 161k, 694k, 327k, 512k, and 586k, respectively. So they have been way over the 50k threshold. And again, we should expect the amount of GFI available for voting to continually increase.
Based on the above, I propose to increase the quorum to 250k.
- Increase quorum on Snapshot by 5x to 250k, which is roughly 1.25% of circulating supply.
- Increase legitimacy of votes
- Prevent low cost governance attacks.
- Makes it “harder” for votes to pass, but that’s kind of the point.
“Yes” - Means increase the quorum on Snapshot to 250k
“No” - Do nothing