Sagittarius 0x* metagovernance approach

Gm anon,

This article aims to draw a clearer picture of mgCVG, and how it will be used to operate the governance power that Convergence will hold over aggregated protocols (metagovernance).

I. What is mgCVG?

mgCVG is a novel metagovernance primitive, generated when a user chooses to lock $CVG for veCVG. mgCVG can be compared to vlCVX, as it represents a non-decreasing voting power, over aggregated protocols.

Govearn

Unlike vlCVX, mgCVG computation is time-weighted (the longer $CVG are locked, the more mgCVG it creates). However, mgCVG voting power isn’t time-diluted, as the balance doesn’t decrease, and remains the same until the end of the lock. Such a design (using veCVG for self-governance and mgCVG for metagovernance), is necessary. As the metagovernance power that Convergence will hold over underlying protocols won’t be decreasing, so should be the primitive used to operate it.

For example:

UserA vote-locks 1 000 $CVG for 96 cvgCycles: he will receive 1 000 mgCVG;

UserB vote-locks 1 000 $CVG for 48 cvgCycles: he will receive 500 mgCVG.

The figure below shows how the mgCVG total supply should behave in a given scenario:

mgCVG behavior

II. How is mgCVG used?

mgCVG will be used on Snapshot (https://snapshot.org/#/) for metagovernance votes. Customized vote strategies will be deployed to follow each aggregated protocol votes. mgCVG can be used to vote on underlying protocols gauge weights, or on any kind of proposal. Each aggregation will have a specific voting schedule, designed to optimize and facilitate the process.

Just like veCVG and ysCVG, mgCVG balance is associated to a tokenID (an NFT that represents the locked position). mgCVG can be delegated up to 5 times, to different address, enhancing its composability within the bribing ecosystem. Eventually, mgCVG may have a bribe market for each aggregated protocol.

Thanks for reading, anon. Keep an eye on Twitter!

Website: https://cvg.finance/
Twitter: https://twitter.com/Convergence_fi