eIP 50: Increase Snapshot Quorum

Title: eIP 50: Increase Snapshot Quorum Author: @Bobbay_StableLab , @Matt_StableNode Related Discussions: NA Submission Date: 03/02/23

Simple Summary

eIP-50 aims to increase the Snapshot quorum to a more suitable level since a few individual voters can reach quorum on their own.

Abstract

Quorum enables a wide range of people to voice their opinion, but in the current state, these voices can be unheard since a few active voters can automatically reach quorum on their own.

eIP-50 will raise the Snapshot quorum to ensure that more voices will be heard and represented in making decisions for Euler DAO.

Motivation

In its current form, the quorum is useless since it is too low. As Euler governance requires a minimum quorum and a majority vote (51%), the protocol can be at risk of malicious attacks.

Euler governance is fortunate to have an active governance community, but to decrease the risk of attack, the quorum should be raised to a more suitable level.

Specification

Using the consistent voters, there are around four active voters with > 9k voting power, totaling 63,000.

Address	Voting Power
0x11099aC9Cc097d0C9759635b8e16c6a91ECC43dA	26,000
0x66cD62c6F8A4BB0Cd8720488BCBd1A6221B765F9	15,000
0x31f45f2278a23Ef31A5485d3Aa98178e7F39710d	13,000
0xeD95cbd2185924807e3B893B7E7Ac5dFE2efe33F	9,700

Looking at the most recent votes, hitting at least 50k has not been a problem. Increasing to 50k might be a more suitable number for now.

Lemniscap and other individuals have >50k, but we aren’t aware of their governance activity and whether they will continue to vote. For now, we will be excluding them since there are always a few whales, and we shouldn’t use these outliers to base the minimum quorum since they might stop participating.

Implementation

This would require Euler Labs to adjust the Snapshot quorum, and all future votes will now require a minimum of 50k Euler Voting power & majority to pass.

Voting

Option 1: Yes: Raise the Snapshot quorum to 50k Option 2: No: Do not make any changes to the snapshot quorum Option 3: Abstain