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Origin DeFiOrigin DeFiby0x96FEb7b6F808dd2BBd09c9E5ccdE77caBd58d019Micah Alcorn

Increase the minimum veOGV required for new proposals

Voting ended almost 2 years agoSucceeded

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.

Off-Chain Vote

10,000 veOGV (no change)
0 veOGV0%
30,000 veOGV
16.29M veOGV9%
100,000 veOGV
9.4M veOGV5.2%
300,000 veOGV
72.57M veOGV40.2%
1,000,000 veOGV
34.08M veOGV18.9%
3,000,000 veOGV
44.12M veOGV24.4%
10,000,000 veOGV (same on-chain)
4.27M veOGV2.4%
Quorum:361%
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Discussion

Origin DeFiIncrease the minimum veOGV required for new proposals

Timeline

Jan 31, 2024Proposal created
Jan 31, 2024Proposal vote started
Feb 05, 2024Proposal vote ended
Nov 05, 2025Proposal updated