Authors: DAOplomats.org

Simple Summary

This proposal suggests amending the Recognized delegates program to make it more inclusive while maintaining quality standards

Abstract

This proposal suggests amending the existing framework into a three tiered system which will incentivize new delegates with lower voting weight to be recognized and earn their way to becoming a Tier 3 Recognized delegate

Motivation

The current version of the Recognized delegates program lacks a clear onboarding path for new delegates to earn reputation and receive delegation from delegators. Hence this proposal suggests modifying the framework to make it easier for new delegates to start contributing and earn their way up to being a tier 3 Recognized delegate.

Specification

Overview:

A recognised delegate is an elected, paid position of reputable, diligent and qualified 1inch DAO members who will work closely with the team and contribute to the growth and sustainability of the 1inchDAO.

Recognized delegates fall into three categories, called ‘Tiers’, based on their performance and voting weight. Irrespective of which tier a delegate belongs to, as long as a delegate fulfils the responsibilities outlined below and gets accepted via a snapshot vote, the delegate shall be considered as a ‘Recognized Delegate’

Responsibilities:

Read, understand, and provide feedback if necessary on governance forum posts. Always vote in the best interests of the DAO and the community over their personal interests. Actively vote on governance proposals and explain the thinking behind each vote when relevant Understand the 1inch Network, its key metrics and the overall ecosystem.

Compensation:

This Recognised Delegates Programme aims to attract and retain entities and individuals who will actively participate in governance on behalf of 1INCH token-holders as governance specialists. Hence we suggest compensating the delegates based on minimum participation and performance.

Delegates will be compensated based on the tiers

Delegate Tier Monthly Compensation 1 $100 2 $500 3 $4000

Compensation eligibility:

Minimum Participation: A delegate must maintain at least ‘x’% participation rate. Participation is measured as voting in any “temperature check” or a snapshot governance vote.

Minimum Communication: A delegate must maintain at least ‘y’ % communication rate. Communication is measured as providing for any “temperature check” or a snapshot governance vote, a summary, a voting position, and a justification for that position. A missed vote will still require communication to avoid a lower communication rate.

Minimum Delegation Threshold: To remain eligible for delegate incentives, a delegate must maintain voting weight of at least ‘z’ Unicorn Power (UP)

Metrics Tier 3 Tier 2 Tier 1 Voting Participation 80% 80% 80% Communication 80% 80% 80% Delegation threshold 500,000 100,000 10,000

*above calculations will be made from the time a delegate is accepted as a recognized delegate by the DAO by following the procedure outlined below

Procedure:

In order to get accepted as a ‘Recognized delegate’ by following the process below:

Phase 1: Announce your candidacy by filling the Recognized Delegate Application Template [here] and posting it to the Recognized Delegates category of the forum

Phase 2: Contact relevant stakeholder to gather feedback and support

Phase 3: Open a temperature check poll to gauge consensus

Phase 4: Post your proposal on snapshot

Rationale

This amendment clarifies the procedure that delegates need to follow and allows a tiered onboarding path for potential delegates to join the program.

Considerations

The 1inchDAO should consider building a reputation dashboard so that anyone can track the voting history and performance of delegates. We suggest that the program continues for a minimum of 6 months as outlined in the original proposal and for a maximum until the budget runs out The DAO should consider hiring a Governance Operations Specialist who can keep a track on the performance of delegates, schedule payments and highlight code of conduct violations