Gearbox Governance: Devs woke up and shouted “we need MDMA!”
After five bottles of cider, devs woke up and shouted “we need MDMA!” That is, to Make Delegation Meaningful Again. As the DAO grows and more processes spawn up, delegation is crucial to hit quorums while keeping different community groups represented. What does it mean, as TLDR?
If you are holding GEAR tokens , but do not have time to vote — go and delegate your GEAR to an active member representative. It takes just a minute! Details.
Bulla or bera, lows in or not, contagion over or beginning, SBF liquidating or backstopping… arghhhhh. The amount of uncertainty and drama on CT over the last few months has been phenomenal but if there’s one thing that’s remained certain is that our chad contributors keep building. Upgrade after upgrade, post after post, a V2 to behold, Tarrantrabasco level content and a WL for Ninja Box of only the biggest DeFi degens. There’s no drama bigger than our contributors’ existing trauma to make them lose focus.
We are now up to 13 full time DAO contributors, with our dev team going strong reaching 8 contributors while working on building V2 and enough operatooooors to keep non-dev work moving, staying in touch and building together. And it all finally starts unveiling as the box in the sky finally opens and our Ninja’s bring us the fruit of their labor.
With all the treasures from the box about to be received, Gearbox is still a DAO, and every significant action comes with complete input from the DAO members and the decision making lies with the token holders to make sure there is no centralisation of powers. To make sure we help the Ninjas as quickly as we can while doing the right thing…
We need MDMA, Make Delegation Meaningful Again.
Since the inception of the DAO in December, we have had 12 GIPs on which the members have pre-discussed, improved and put the proposals up for vote. In a testament to our engaged community, all have passed and reached quorum within 4 Days. At one of the latest, GIP 10 Strategic DAO funding proposal, we had 1702 unique addresses turn up to vote and bring the proposal to life. AND a further 962 voting through representative delegation.
What does that mean?
- 21% of the holding addresses actively voted
- 12% of the people were able to vote through representation by delegating
- A total of 33% of the token holders voted
So how to we get that M.D.M.A?
While reaching quorum and having engaged discussions hasn’t been an issue, a community is only as strong as the sum of the voices that speak up. And that’s why, we need YOU to go ahead and delegate your $GEAR to worthy delegates that resonate with you. Making sure that your voice is heard through them. The list of our chad delegates can be found here, pick the ones you like the most and delegate to them for that sweet M.D.M.A feeling.
Majority of the delegates are people who are 24*7 active in discord going through everything or early/current contributors and thus are completely aligned on the way forward for the DAO as well as the strategic goals.
Delegation and voting becomes even more important as the DAO moves potentially towards having MetaDAOs which will mean an even higher involvement level and thus delegating to specific people enables that voices are heard, quorums are reached and decision making is timely despite bifurcation of responsibilities into MetaDAOs.
A great way to find a potential delegate is to look at people below the 2M GEAR delegated and delegate to them to get them upto the 2M GEAR mark at which they can make proposals for the ideas and work they come up with. The fee to delegate is nominal and M.D.M.A for a few cents is everybody’s dream, isn’t it? So go ahead and do it. Find all details on how & who:
Check here. Goodbye and don’t get liquidated, elsewhere.
If you would like to join — just get involved on Discord. Discuss, research, lead and share. Call contributors out on their bullshit and collaborate on making things better. Here is how you can follow developments:
- Website: https://gearbox.fi/
- dApp: https://app.gearbox.fi/
- User Docs: https://docs.gearbox.finance/
- Developer Docs: https://dev.gearbox.fi/
- Forum: https://gov.gearbox.fi/t/start-here-forum-rules/
- Blog: https://medium.com/@gearboxprotocol
- Github: https://github.com/Gearbox-protocol
- Twitter: https://twitter.com/GearboxProtocol
- Snapshot page: https://snapshot.org/#/gearbox.eth
- And, of course, the DAO working docs:
