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Official xLoot GovernanceOfficial xLoot Governanceby0x73D4e8632BA37cc9bF9de5045e3E8834F78efa85skelly.eth

Add Quorum to voting

Voting ended over 4 years agoSucceeded

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

Off-Chain Vote

Yes - establish quorum - 60%
288 30.3%
Yes - quorum - vote on %
658 69.3%
No qourum
3 0.3%
Download mobile app to vote

Timeline

Sep 07, 2021Proposal created
Sep 07, 2021Proposal vote started
Sep 10, 2021Proposal vote ended
Oct 26, 2023Proposal updated