The Results are In!
The results of the first HOPR DAO v0.1 vote using the HOPR token are in!
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?
The winning proposal, with just under 60% of the vote, was proposal #3, originally proposed by forum member @svd. Under this proposal, the liquidity will remain in the Uni v2 pool until the end of the HOPR Farm, after which it will be moved to Uni v3. The liquidity will be provided at a fee tier of 0.3% at a price range set by the HOPR Association in consultation with the community.
The Farm still has a few seasons to go, so expect to see movement here early next month.
Read on to learn more about the vote, next steps for the DAO and how to claim your share of the 50,000 HOPR token pool if you participated.
Retrospective
It might seem like the past month was a lot of work to reach a decision to basically keep things the same, and it would be a lie to say we’re not a little disappointed that a more adventurous proposal didn’t win out, but that’s how community governance works. Maintaining the status quo is a valid decision, and one that reflects the general mood of the forum discussion, which was understandably cautious and risk averse at a time when crypto markets seem increasingly uncertain.
It’s also important to note that this decision doesn’t mean that HOPR is locked out of alternate DEXs and chains. While we will obviously 100% respect the DAO’s decision with regards to the liquidity it controls, the HOPR Association has its own reserves of tokens which can be employed to provide liquidity outside of Uniswap, and also be put to more adventurous DeFi uses, as suggested in some of the forum discussion. Look out for more news on this soon.
We also learned a huge amount about the governance process, which extends far beyond the actual result itself. The next DAO experiment will begin in a few weeks, with updates and improvements throughout the process.
Initial Vote Analysis
In total there were 582 votes, around 10% of all token holders.
In total, the voting addresses controlled around 12m HOPR tokens, across all the different chains, Uniswap and the HOPR Farm.
We’ll be running some deeper analysis on the results over the next week, but overall, we’re very pleased with how this first experiment went. We got a huge amount of focused, in-depth discussion on the forum, followed by a high-participation vote. By adding Snapshot strategies for xDAI Chain and Uni v2, we were able to eliminate barriers to voting that are common in other crypto governance systems.
At first glance it might seem like large account holders held too much sway in the final decision, but remember that this is at least partly intentional: the discussion phase is heavily weighted towards individuals, regardless of token holding, so it makes sense to balance this out in the vote.
Nonetheless, there’s obviously room for improvement in every part of the process. Future governance experiments will investigate whether systems like quadratic voting and/or ranked preference produce more representative results. We’ll also be experimenting with shorter phases and higher levels of automation.
Next Steps
We’ll be moving the DAO liquidity as promised once the farm ends. The entire liquidity amount will be migrated to Uni v3, at a 0.3% fee tier and a price range to be decided by the HOPR Association, after community consultation.
The next DAO experiment will start in a few weeks, once we’ve had time to analyze the results and refine the processes. All feedback is welcome on the forum.
Incentives
We’ll be publishing a separate blog post about the incentive system and payout soon. For now, if you participate in the Discussion or Referendum phases please head to the forum and add an address to claim your tokens.
To do this, head to the forum, go to the user menu (1), then select your user account (2) and “Preferences” (3).
In the Preferences menu, select “Profile” (4), and then scroll down until you see the new “Wallet address” field (5). Fill in this field and our automated incentive calculator will be able to include your forum contributions in the payout calculations.
We’ll be distributing the tokens and wxHOPR tokens on xDAI Chain, just as with the bounty payouts. So make sure the address you submit is linked to a wallet like Metamask that can interact with our claim widget.
Thanks to everyone who participated!
Sebastian Bürgel & Rik Krieger
HOPR Co-founders
Website: https://www.hoprnet.org
Twitter: https://twitter.com/hoprnet
Telegram: https://t.me/hoprnet
Forum: https://forum.hoprnet.org
