YIP-40 Update Snapshot Requirements

Title: YIP-40 Update Snapshot Requirements

Author: @Ross

Forum discussions: https://forum.yam.finance/t/yip-xx-governance-process-update-snapshot-signalling-changes/1234

See this post for more in depth discussion of rationale: https://forum.yam.finance/t/proposed-updated-governance-process-v0-1/1141

This is a final snapshot vote to determine the YAM voting power that will be required to create future signalling and final snapshots.

Basic Summary

Update the parameters of the governance process to improve efficiency and fairness for all participants. The specific element changes the requirements for snapshot votes

Specifications

All YAM quantities noted below are in scaled YAM (what you see in your wallet, and not BoU)

The proposed change is to create two separate types of snapshot votes: Signalling and Final.

Signalling Votes are used to determine support for a proposal and to determine parameters for governance actions. We propose that these votes require 2,500 YAM to be created. There is no quorum requirement on these votes and they can take any form (yes/no, percentage, ranked choice, etc).

Final Votes are used to ratify a proposal using snapshot. They require 10,000 YAM to be created and must be in a YES/NO format. They have a minimum quorum requirement of 500,000 YAM voting “Yes” and will pass with >50% of the votes (same as on chain votes).

This will require some work within the snapshot system to implement, which I leave to devs to comment on feasibility. I have no reason to believe it is not possible, although tweaks may occur once ratified based on feedback from developers. If there are changes to the specifications based on this feedback the proposal will be brought back to be re-ratified.