Here on Snapshot, proposal authors are required to hold a minimum of 10,000 veOGV compared to a minimum of 10,000,000 veOGV for on-chain proposals. We’ve recently seen an uptick in scam proposals, including five in the past three days. A simple step we could take to improve security is to increase the minimum score required for creating new proposals.
At the current requirement of 10,000 veOGV, it only takes 381 OGV staked for a maximum of four years to spam our governance system. This equates to a little over $3 at today's token price. Another factor is that the OGV/veOGV rate is constantly changing, usually in a way that reduces the dollar value per unit of veOGV. As a result, proposal creation is likely to continue getting cheaper as long as the minimum veOGV requirement remains fixed.
While it might be nice to make the minimum threshold dynamic based on veOGV supply, this isn't necessary yet. We can very quickly and easily raise the barrier to combat scams. At the same time, we don't want to make it unnecessarily expensive for contributors to raise new proposals.
Here is a table outlining several different possible thresholds and the associated costs in USD terms:
| veOGV | OGV: 4yr | OGV: 1mo | USD low | USD high |
|---|---|---|---|---|
| 10,000 | 381 | 3,813 | $3 | $33 |
| 30,000 | 1,143 | 11,440 | $10 | $98 |
| 100,000 | 3,809 | 38,134 | $33 | $328 |
| 300,000 | 11,427 | 114,403 | $98 | $984 |
| 1,000,000 | 38,090 | 381,345 | $328 | $3,280 |
| 3,000,000 | 114,271 | 1,144,035 | $983 | $9,839 |
| 10,000,000 | 380,904 | 3,813,450 | $3,276 | $32,796 |
This proposal offers seven different minimum veOGV thresholds for off-chain proposal creation. Voters can quantify their support for different options using weighted voting.