Currently we are accepting any proposal that passes at direction for the community, but what if a proposal has a very low voter turnout? How do we establish a threshold for considering a proposal vote to be valid?
Quorum is the ratio of people that voted against the total holder count. In many projects, a 60% quorum is required for a proposal to be considered valid. Without a quorum, voting can be manipulated more easily by bad actors and skews voting toward those holding more tokens.
For example a recent proposal passed unanimously with 556 votes. At the time of writing, we have 2,399 unique wallets holding xLoot. 556 votes only represents less than 23% of holders. To complicate this issue, one wallet held 92 votes, or 16% of the total vote count in that proposal. There are many people that hold tokens across multiple wallets, so the actual percentage of controlled votes was probably a fair bit higher.
Snapshot has a quorum plugin that I have installed, and let this be the first proposal that uses Quorum as a standard, whether its accepted or not. (If I configured it correctly).
signed -skelly