Proposal to Set Minimum Self Delegation

Eran Peled
Eran Peled

|

20 days ago

blog

Last week, the Orbs Network held its first governance vote, in which a majority decided to reinstate the minimum self-delegation requirement.

A second vote will now be held, regarding the exact details of the minimum self-stake.

This second formal governance vote will be going live on Snapshot on Tuesday, September 6, 2022 at 12:00 UTC.

The community will be asked to consider three possible minimum self-staking models.

One option is to return to the original requirement from V2.5, where Guardians were required to own a personal stake equal to at least 8% of their total delegated stake.

A second option is to institute a similar requirement, but with a lower percentage requirement, with Guardians required to own a personal stake equal to at least 5% of their total delegated stake.

A third option is to reduce the percentage requirement even further, with Guardians required to own a personal stake equal to at least 3% of their total delegated stake.

Voting Details

Voting will be conducted via the Orbs space on snapshot.org.

For purposes of this proposal, the voting power considered for each proposal will be the sum of all staked and delegated Orbs Tokens on both the Ethereum and Polygon blockchains, as recorded at the Snapshot block.

Only ORBS tokens that were staked at the Snapshot block (which is the time at which this proposal was created) are entitled to vote. Any changes after the Snapshot block, such as new staking or a change in delegated Guardians, will not be reflected in the voting power for this proposal.

The default option for both votes is that the Guardians are entitled to vote on behalf of their entire delegated stake, unless a delegator opts out. Guardians should select their preferred option and sign the message via their wallet. Note that voting is gasless and occurs off chain, but using signed transactions that can be verified onchain if necessary.

If a Delegator wishes to vote on their own behalf, they are encouraged to do so. Their voting power will then be deducted from their Guardian’s vote and assigned to the option of their choice.

This proposal will be live and open for voting for a period of 7 days, and will be considered final based on all votes submitted within that period. The option receiving the highest percentage of vote being implemented via change in the applicable smart contract parameters. Note that, since the community has already decided to reinstate a minimum self-stake and the level must be chosen, there is no minimum quorum and the results of this vote will govern regardless of the size of the turnout.

Note that you can change your vote as long as the proposal window on Snapshot is still live, with the last vote being the one that counts.

For discussion, please visit the newly opened page at the Orbs Discord dedicated to governance discussions or join us on Telegram.

Stay tuned for more enhancements to Orbs network governance and opportunities for community involvement.

We use cookies to ensure that we give you the best experience on our website. By continuing to use our site, you accept our cookie policy.