Objective:

The objective of this proposal is to reduce the Waiting Period from 7 days to 3 days, the threshold for Pulse Check votes from 50 to 20, and the Quorum for Snapshot votes from 20m cFRM to 6m cFRM.

Description and Details:

Proposed Action(s):

If approved, the Waiting Period between the Pulse Check and when the official Snapshot Vote begins would be reduced from 7 days to 3 days. Additionally both quorum for votes needed during the Pulse Check would be reduced from 50 to 20 and the quorum for votes needed for the formal Snapshot vote would be reduced from 20m to 6m.

Benefits:

The expected result of this proposal is a faster and more efficient governance process. Currently the 7 day Waiting Period is a bit overkill. 3 days would still provide the buffer against malicious proposals being skirted through and the 20 vote quorum on the Pulse Check would also reduce the time it takes for the proposal to move forward. Reducing the Quorum for the final vote will also ensure that more proposals move ahead.

Potential Risks or Downsides:

By not setting higher quorums, we may be reducing the need for more interaction with the DAO. However, this seems to be more in line with the current activity of the market.

Resources Required:

The resources required to make this happen are very minimal. An admin of the Snapshot page would just need to manually reduce the Waiting Period and Quorum for voting which takes a couple minutes and an announcement would need to be made regarding reduction in the Pulse Check quorum.

Timeline:

Immediate.

Voting Options:

Yes. Reduce Waiting Period and Pulse Check and Snapshot voting Quorums. No. Do not Reduce Waiting Period and Pulse Check and Snapshot voting Quorums.

Impact Analysis:

This proposal will increase the speed and ultimately throughput of proposals making for a more agile and efficient DAO process.

Alignment with Ferrum Network's Mission and Values:

Ferrum prides itself on being agile. This proposal will help to maintain speed, agility, and efficiency of proposals ranging from marketing to development. These are all cornerstones of Ferrum’s ethos.

Execution Plan:

DAO Mods and Snapshot admins will simply need to adjust the quorum and Waiting Period. Marketing will then need to push an announcement notifying the community.