Trust Wallet Governance Reform Proposal

Disclaimer

Since the launch of TWT in early 2020, the crypto industry has faced a lot of changes — new products, possibilities and instruments. It is important that Trust Wallet’s Governance System stays up to do date to allow innovation. Here are some proposals which can be integrated as a package or individually. This proposal is intended to be advisory rather than mandatory.

1. Reduction in twt quantity for the proposal creation by the community members Reason: Since 2020 twt price has increased significantly. Only a small proportion of twt holders has a chance to submit a proposal and interact with the Team by proposing updates. Realization: Keep the 1M threshold rule. For those who have less (100k >= X < 1M) there will be a possibility to lock the tokens and make an appeal to invite other twt holders to delegate their tokens and pool 1 mln twt within 48 hours to deliver sufficient quantity of tokens — and make the proposal active. Benefit: More people could be involved in governance (only 7 addresses have >=1 mln tokens, almost 150 addresses have >=100 k tokens: August 9, 2021). A possibility to invite and delegate tokens will motivate the community members to research for like-minded people and create high value proposals. References and useful links: https://docs.snapshot.org/strategies
2. Employment of twt from staking and farming pools in governance votings Reason: A lot of twt are locked in liquidity pools. Realization: To avoid manipulations only for pools with >=$1 mln TVL and liquidity pair must be with well known and respectful tokens, as bnb/busd/btcb/beth. LP token is a subject for snapshots, same as we have currently. So we have 4 snapshots: at the Start of an appeal, at the Start of the posting of the proposal, at the moment of Vote, at the End of the voting, and LP providers will have a voting power lesser than from these 4 snaps, and will be excluded from the voting on the appeal. Moreover, some relatively sudden voting announcements leave a lot of people outside of this activity, as there is either no notice, or the notice is too short. Such timing issues cut off a significant chunk of users from expressing their opinion. A similar mechanism is implemented on Yieldwatch, which can be used as an example.
   Benefit: as Defi users are motivated and often advanced crypto users, this step will encourage them to participate in governance, and will provide a fair tool for them to vote, without risks to their LP activity. References and useful links: https://docs.venus.io/docs/governance#queue https://yieldwatch.medium.com/paywall-is-live-access-pro-holding-watch-9f3722a5925f
3. Restructuring the communication between the Team and the Community Reason: Now it’s unclear how the Team should react to the community’s proposals. Do they find them useful, workable, or perspective on any level? Realization: When the community proposal hits all the important factors for being reviewed by the Team, the Team is obligated to respond within 30 days. This may be a response in no particular form on the TW site, but with concrete valuation and opinion on it. Benefit: Such accountability will encourage a clearer and honest discussion between all parties. Receiving the feedback from the Team will help all the parties involved to better understand each other and improve anticipations. References and useful links: https://forum.cream.finance/
4. Supporting all of the community proposals on Trust Wallet social media accounts Reason: Having 1 mln twt doesn’t mean that the proposer has enough influence on social media to gather people and involve them in participation to his proposal. Currently, Trust Wallet holds a relative monopoly over what proposals receive traction. With 1M twitter and 0.5M telegram followers the Team is able to push some or hide other ideas, leading to transparency issues. Realization: Any community proposal published on the governance sector of the TW site should be supported by TW social media accounts to inform other community members and invite them to participate. Especially on twitter and tg-announcement channels. Essentially, community proposals should be treated the same way as if they were coming from the core team. Benefit: Wider information shared — more people involved — fairer result at the end. References and useful links: https://twitter.com/TrustWalletApp/status/1413128277581963264 https://twitter.com/TrustWalletApp/status/1387405626049843200 https://t.me/trust_announcements/254 https://t.me/trust_announcements/253

Acknowledgements to the TW community members: Rasim Khafizov @BlockchainRos Artur @EnchStyle Jake @de_levi Serob Khachatryan @serobkhachatryan k k @Kikcha Dima @dima_truman

Great thanks to the Alfa https://t.me/alfablock for being important part in creating this proposal