First HOPR DAO v0.1 Referendum Begins
Phase 2: Referendum of the first HOPR DAO v0.1 governance experiment is now live and will run for 48hrs! Proposals now need to gather 20% community support to reach the final vote stage.
The topic is:
How should the funds in the Uniswap DAI-HOPR pool, which were placed there by the Genesis DAO after the HOPR launch, be distributed among decentralized exchanges?
Thanks to everyone who participated in the discussion phase. It was very productive, we had a lot of great discussion and proposals and some wonderful community-organized procedures to try and streamline decision making. This has produced a wide variety of well-argued proposals to choose from. Best of all, there was zero spam or trolling.
That’s great news for the viability of our ongoing experiments, but of course there’s also an important decision to be made about the DAO-controlled liquidity, and we still need your input! You can see the proposals which the community came up with here in the forum.
To reach this stage, proposals had to meet two requirements:
1) They had to meet all the general and specific validity requirements. For this topic, that meant allocating the full 100% of liquidity to five or fewer DEXs that we can bridge to safely and which have multi-sig support so the DAO can securely manage the funds.
2) Valid proposals had to receive support from at least 3% of participants. Just under 200 people have participated in the discussion so far, which translates to 6 signatures. All proposals with fewer than 6 signatures as of 2pm CET will be removed from the list.
What To Do Now
Please visit the forum and add your signature to any proposals which you support. The complete list of proposals can be found here.
You can only sign each proposal once, but you can sign as many different proposals as you like.
To sign a proposal, click the like (heart) button under the proposal you support.
Signature gathering will continue until 2pm CET on Sunday 23rd May.
To qualify for the vote stage, proposals need at least 20% support from active DAO participants. As of 2pm CET today, there are 172 particupants, making 35 signatures, but this value will grow as more people join and sign. If fewer than three proposals reach this threshold by the deadline, the three most popular proposals will advance to the vote. In the event of a tie for third, all tied proposals will advance.
You can still discuss the different proposals and make your case for which ones you do or don’t support, but no new proposals can be made, and existing proposals cannot be edited.
What Comes Next?
All proposals which meet the signature threshold will advance to Phase 3: Vote. All HOPR token holders will be asked to choose their favourite proposal, with one token equating to one vote.
Voting will take place on Snapshot, so there’s no gas cost involved because Snapshot just works with signatures, not transactions. A snapshot will be taken just before the vote goes live, and only HOPR balances at that point will count.
This is slightly complicated, because the HOPR token exists in several forms across several chains, and we want to try and maximize the number of eligible voters. We’ll be publishing another blog giving more details closer to the vote, but briefly:
- If you hold HOPR, xHOPR or wxHOPR in a wallet, those will count towards the vote (provided they’re in a wallet like Metamask which lets you interact with Snapshot and sign your vote).
- HOPR tokens locked in the Farm in the form of Uni v2 tokens will count, but unclaimed rewards won’t count unless you harvest them.
- HOPR tokens in centralized exchanges will NOT count towards the vote (well technically they will, but it’s the exchange who could theoretically vote, not you).
- wxHOPR tokens currently in HOPR nodes CANNOT vote, because there’s currently no way to interact with Snapshot from your node address.
- Unclaimed wxHOPR tokens from testnet bounties (and the 18-month locked bonus from the testnet bounties) don’t count towards votes.
- Tokens which have not been minted yet (e.g., investor and team locked tokens) will not count.
- The HOPR team and the HOPR treasury will not be voting.
The vote will run from 2pm CET on Tuesday 25th to 2pm CET on Thursday 27th. The proposal which receives the most votes will win and will be enacted as soon as is viable.
And remember, there’s still 50,000 HOPR tokens in incentives for participating in the experiment. Head to the forum to earn your share and help make the best decision for the future of the HOPR Token!
Rik Krieger
HOPR Co-Founder
Website: https://www.hoprnet.org
Twitter: https://twitter.com/hoprnet
Telegram: https://t.me/hoprnet
Forum: https://forum.hoprnet.org
