AIP - 56: Increase the quorum for the votes on the Snapshot space

This is a proposal to increase the quorum on the Angle Snapshot space to 10% of the veANGLE supply.

Context

Right now the quorum on Angle Snapshot space is 1000 veANGLE. This means that unnoticed proposals created and voted by addresses with less than 0.01% of the total voting power could pass. On governance proposals created on Angle Snapshot space, usually StakeDAO liquid locker is also voting which means that there should be no issue of quorum whatsoever (as StakeDAO controls 50% of the veANGLE supply). Yet, if StakeDAO was to put a quorum on its space, then there may be situations where StakeDAO is not voting on Angle space and the quorum on Angle space is effective.

Proposal

This is a proposal to add a quorum to Angle Snapshot space such that governance votes created on the space are only effective if 10% of the total veANGLE supply at the time at which the vote is created actually votes for the proposal.

Implementation

Right now, it's not possible to update automatically the quorum based on dynamic values on Snapshot. The way this would be implemented is that the addresses controlling the space would manually and regularly update the quorum to make it match to 10% of the veANGLE supply.

Value to the protocol

Having a quorum reduces the risks of having addresses with a very small amount of the total supply taking decisions on behalf of all the other veANGLE holders. This is what happened (on StakeDAO Snapshot space though) for the vote to add a timelock. Only one address with 2m sdANGLE voted on StakeDAO and its vote resulted in 56m veANGLE voting no against the proposal. If there had been a quorum on StakeDAO, the influence of this single address would have smaller relative to its actual weight, and most of all, the vote on Angle Snapshot space would have been given up because of quorum reasons. Here the output of the Timelock vote is mostly that one community member was against, not that there was a majority of the community against it. A quorum on Angle Snapshot space (if coupled with a quorum on StakeDAO space) is a way to ensure that proposals taken by the Angle protocol are considered by a significant portion of the DAO participants, and that no proposals are voted for and or against without the intervention of a big amount of stakeholders.

Risks

The main risk with a quorum that is too high is that it may paralyze the state of the protocol, with no proposals being actually implementable. Here the threshold of 10% is chosen so as to limit this risk. Since it implies no off-chain action, quorum decisions could easily be reverted as well.

Voting Options

1. For, increase quorum
2. Against, do nothing