[DIP-3] Quorum Proposal

Overview

The ssv.network DAO currently requires 5% of circulating supply to participate in a vote to reach quorum. This is a proposal to change the quorum requirement to 2.5% of total supply and specify quorum contingencies.

Motivation

The current quorum requirement is 5% of circulating supply. The total amount of SSV required to pass a vote is currently around 373,000; calculation here.

The circulating supply calculation takes into account SSV locked in the Token Upgrade Smart Contract, tokens held as part of the DAO Treasury, and other tokens that cannot be used for voting. This formula is complicated and difficult to verify.

Changing the quorum to 2.5% of total supply makes this calculation easier to understand and verify by the community. This calculation can also be implemented directly on Snapshot making it easier to understand the progress of DAO votes.

“Total supply” is given by the totalSupply function in the SSV token contract:

0x9D65fF81a3c488d585bBfb0Bfe3c7707c7917f54

Amount divided by 10^18 to account for decimal point precision.

This would put the quorum at around 277K SSV at the time of submitting this proposal.

The quorum may be changed by DAO vote at any time if this quorum is deemed insufficient.

Mechanism

• New quorum requirement of 2.5% of total supply takes effect immediately after this proposal has passed.

Reasons for

• Makes it easier for DAO participants to understand and verify the quorum.
• A simple quorum calculation can be implemented directly on Snapshot.
• Easier for community and multisig signers to verify that quorum was reached.

Reasons against

• The quorum will not dynamically change when tokens are withdrawn from the conversion contract or DAO treasury.
• Any future minting of tokens will raise the absolute number of tokens required to reach the quorum.