[1IP-38] Reduce 1inch Governance Quorum to 7m Unicorn Power (UP)

Simple Summary

As a result of the [1IP-26] Remove st1INCH(v1) Voting | Modify st1INCH(v2) and v1INCH Voting Weight Calculations, this proposal replaced the existing 20% weighted v1INCH strategy with a strategy that emulates the power decay of Unicorn Power, thereby changing how 1inch Governance Power is calculated.

By changing how 1inch Governance power is calculated, this proposal failed to account for the difficulty in reaching the quorum for 1inch proposals in view of the governance power decay.

Motivation

The 10M UP quorum was adequate under the previous way that 1inch Governance power was calculated, but with this new mode of calculation, whether a proposal reaches quorum or not would be determined by only a few voters.

Looking at the [1IP- 31] 1inch Community Builders Program, this proposal barely reached the quorum. By reducing the quorum, we ensure that 1inch Governance Process is not frustrated when a few voters become apathetic regarding voting.

Specification

This proposal suggests decreasing the 1inch Snapshot space quorum to 7M UP.

Next Steps

If this proposal is approved, the quorum will be lowered to 7M UP.