[1IP-14] Update 1inch DAO Voting Process to Include st1INCH(v2)

Simple Summary

This proposal seeks to modify the 1inch DAO governance process to allow st1INCH(v2) holders to vote on 1inch DAO Snapshot proposals.

Abstract

If passed, this proposal will allow st1INCH(v2) holders to participate in 1inch DAO Snapshot votes.

Legacy st1INCH and v1INCH will have unchanged voting weights.

Motivation

With the passing of [1IP-11] 1inch Staking Pods, and the subsequent launch of 1inch Fusion mode, st1INCH(v2) has become the primary utility token of 1inch Network. In recent weeks, st1INCH(v2) has overtaken legacy st1INCH in terms of supply.

This proposal will enfranchise st1INCH(v2) holders and should increase the number of active participants in the 1inch DAO.

Specification

The 1inch Network Snapshot space will be updated to account for st1INCH(v2) voting power. Meaning, st1INCH (v2) will be added as a new “strategy” with equal voting weight to legacy st1INCH. Holders would then be able to use their respective voting weights when participating in votes on proposals.

Token Contracts

• st1INCH (v2): 0x9A0C8Ff858d273f57072D714bca7411D717501D7

• st1INCH (legacy): 0xA0446D8804611944F1B527eCD37d7dcbE442caba

Rationale

V2 stakers have demonstrated commitment to the 1inch Network and deserve an equal say in how the protocol is governed. By introducing this class of voters, we can better reflect community sentiment while ensuring that those with vested interests remain incentivized towards long-term success of the network.

Legacy st1INCH will retain its voting power for the time being. It is expected that the DAO will vote to deprecate legacy st1INCH voting rights in the coming months as more of the stake migrates to the new contracts.

Considerations

There are no security implications with this proposal.

Once passed, the reality.eth proposal acceptance criteria will need to be updated to reflect the change.