Intro

This is an initial lightweight change for the Sharedstake snapshot page and governance to

• include more token holders
• open up the protocol to more ideas & user participation as we thaw

Changeset

• Add or re-add the following tokens to snapshot governance inclusion.
• With co-efficients to weight voting power based on token type. e.g. 1 SGT with a co-eff of 100 = 100 voting power

Tokens & Coeffs

1. veSGT - 1000
2. SGT-SLP - 500
3. SGT - 100
4. NFT - 100
5. vETH2-ETH CRV LP - 10
6. vEth2 - 5
7. ETH - 1

Prior art & inspiration

1. Based on previous discussions in the community in discord:

• 4. Inclusion set erc20 in #merge-adjacent-governance https://discord.com/channels/779046626236563487/1018190851224117369/1018194906675691600
• Addon message with more details https://discord.com/channels/779046626236563487/1018190851224117369/1058155560836534272
• previous concerns from large veth2 holders on only veSGT having voting power leading to malicious actors voting to 'seize' their veth2. Improbable but would be nice to calm holders
• community suggestions in discord in all the channels in SGT
• Lido forum prop to include stETH
• CRV veCRV
• BAL veBAL locked lp
• FRAX veFXS
• Quote from Andre:

Simplicity works decentralized, complexity doesn’t https://andrecronje.medium.com/learn-from-my-mistakes-4cc8faf98468

Notes

• This isn't a complete implementation of voting power and leaves some nuances and exploitable edge cases but does open up governance more for fun and as a learning experience
• As such, some caveats, this reopens governance to spam, therefore we're only going to ratify proposals discussed in the community and proposed by a pre-existing community member who's acted as a proposer before and holds veSGT.
• A proposal passing does not guarantee execution
• You'll notice raw ETH is included. Figure we should prolly count what people who have money to buy LSD want too right?

Future steps

• We want to implement a more mature and extendable system using an onchain configurable contract that calculates voting power or a custom snapshot strat as mentioned in the dao channel
• I really want to explore moving/mirroring governance on other cheaper chains to foster more inclusion and allow governance experimentation without costing more than lunch. These are optimism, arbitrum, ftm, ?, polygon

Outro

On a personal note, it's important to retrospect and admit errors. I designed veSGT as locked lp for 2 reasons, as many are aware

1. to give us some deep, stable, faux protocol owned liquidity, in a hope to get SGT and vETH2 added as collateral on Rari and other protocols with decent limits that would make operating an oracle worth it (e.g. 100k liq = 10k lending pool cap and 1 eth/mo to operate the oracle ( hmm did they ever return my 1 eth? note to self: check and ask for money back))
2. Remove spammy proposals

But I can see now 1 didn't work. And 2 worked too well and backfired.

It's been over 2 years now since I deployed vETH2 and almost 2 since the first validator. I'm humbled and honored to see so many of us still here. And the renewed interest in what started as me just trying to scrounge together enough for my own validator and infra with friends at a hackathon. Let's open up governance and focus on having some fun experimenting with the great community we have. And who knows maybe this thing will take off again or we'll make and take some new LSD together ;)

Thank you for your continued support and happy new year <3

ChimeraDefi.eth - Jan 6 2023 - chimera_defi@protonmail.com