SIP-43: Add a quorum to Snapshot

Summary

Add a quorum to the Saddle.Finance Snapshot votes.

Abstract

This SIP seeks to modify the current governance procedure, outlined here, in favour of a system with a minimum number of votes required for proposals to pass.

Motivation

WIth SDL coming into maturity as an asset, its circulating supply is becoming larger each day. As it stands, with no quorum on the votes, an opportunity to allow proposals through which do not effectively represent the collective goals of the DAO becomes a tangible concern. Introduction of a quorum would ensure that no proposals are able to pass unless they represent the interests held by a meaningful percentage of the DAO.

When considering average participation in governance [using gauge votes as a measure], and the current vesting schedule as a loose indicator of the future circulating supply; an initial quorum of 2% should be sufficient to capture an accurate representation of how the DAO leans on any given proposal.

Note: As governance participation increases, and the amount of SDL vesting decreases, it may be in our best interest to increase this quorum again at some point in the future.

Specification

• A quorum of 2% of the circulating supply of SDL is required for the result of a vote to be valid.

• The quorum will not be applied if the proposal alters SDL emissions on Minichef’s or Gauges.

• The circulating supply calculation is based on the block of the Snapshot vote.

A Saddle.Finance Snapshot admin is to install the quorum plugin with the aforementioned parameters at the time of this proposal’s passing.