The threshold in Lido’s snapshot space is currently set at 100 $LDO. Any individual holding 100 $LDO ($253 USD at the time of writing) can create a proposal within Lido’s space.
Problem
Due to the low threshold, there has been an increase in spam within Lido’s Snapshot space. A recent example of this can be seen with the proposal here, which is proposing that ‘Lido add BNB’. In this proposal, there is no summary, and no link to forum discussion. Upon further investigation, it appears that the forum discussion does not exist. The proposer was able to propose this by way of holding 106 $LDO ($267.12 USD at time of writing). The recent increase in spam within Snapshot should be handled by increasing the proposal threshold, ideally leaving opportunity for thoughtful proposals/proposers while also creating a barrier in an effort to discourage spam. Additionally, a document should be created outlining clear governance practices, and standards that reflect those of the Lido community.
Proposed Solution:
A clear standard for Lido governance be brought forth, defining a clear process for proposals being made from inception (forums) to implementation. This would be in the form of a document that is pinned to the governance forum, and can also be included within the Lido Documentation.
The proposal threshold on Lido’s Snapshot Space should be raised. This can be done initially by raising the threshold from 100 $LDO to 2,000 $LDO. (future threshold increases may be needed).
Wow, thank you for bringing this one up. There are indeed some frivolous snapshots lately; at the same time, raising the limit significantly could hurt the community’s ability to weigh in, which doesn’t sound like something the DAO would be good with.
As a side-note, the process & write-up on “how to Lido DAO” is about to be released (hopefully somewhere next week, but not a eta).
I do see the need for the community to weigh in, and I do not mean to discount that need in any way. However, with the proposed adjustments, the Lido Governance Forum and Snapshot voting would continue to provide an avenue for community member voice’s to be heard.
On the other hand, the ability to create random proposals by only spending $260 creates an environment ripe for spam, as we are beginning to see in Snapshot. I worry that the continuation of this will lead to the dilution of quality in regards to proposals being brought forth.
I am happy to hear that ‘How to Lido DAO’ will be released in the near future, and I look forward to reading that!
Agreed that proposal thresholds should be accessible. Could delegation be used here to provide that weight to legitimate proposers while also raising the threshold to a reasonable level? As @raho mentioned, this forum provides reasonable access to governance already.
Low-quality proposals may contribute to voter fatigue and have an outsized impact on external metagovernance processes, thus limiting the scalability of governance participation in the broader ecosystem.
I think it’s a good idea, iff there’s a way for a person without 1000 LDO to propose a vote via proxy. E.g. a list of dedicated persons who are willing to post a proposal for you. Someone of Lido core team can be one such person, but it’s good if there’s several - any volunteers?
Also, I think we should have a snapshot vote to bring this in effect as well.
I think this is a great solution, and that person could potentially be a Lido core member or even an individual that is active in the forums with >1,000 $LDO in holdings/delegations. Perhaps an individual from RCC or LEGO would be a great fit for this role as well, if they have time!
I would be happy to post this snapshot on Monday May 16th (following 7 days in the forums). It would be great to get more feedback here and compile all feedback into the proposal.
I also think that a poll should be taken to decide: If the proposal threshold is raised, what it should be raised to. Or should that be a separate Snapshot proposal?
I’d be happy to act as a proxy (and perhaps other LEGO members could) for any reasonably-formed proposal, with a bias towards Ethereum-related ones. Would be happy if someone else also volunteered to have broader coverage.
Added @timbeiko and @Hasu as volunteers for proposal posting
Context
The threshold in Lido’s snapshot space is currently set at 100 $LDO. Any individual holding 100 $LDO ($253 USD at the time of writing) can create a proposal within Lido’s space.
Problem
Due to the low threshold, there has been an increase in spam within Lido’s Snapshot space. A recent example of this can be seen with the proposal here , which is proposing that ‘Lido add BNB’. In this proposal, there is no summary , and no link to forum discussion . Upon further investigation, it appears that the forum discussion does not exist. The proposer was able to propose this by way of holding 106 $LDO ($267.12 USD at time of writing). The recent increase in spam within Snapshot should be handled by increasing the proposal threshold, ideally leaving opportunity for thoughtful proposals/proposers while also creating a barrier in an effort to discourage spam.
Proposed Solution:
The ‘Proposal Threshold’ on Lido’s Snapshot Space should be raised to 1,000 $LDO.
Accept volunteers to act as proxy’s for proposers without 1,000 $LDO. (@timbeiko and @Hasu have already volunteered to take on this role)
I will add this updated proposal to snapshot today, please let me know if there is something I missed in here!
Any proposer may ask to create the snapshot on their behalf after a week of forum discussion (need some min timeframe, week seems a good first approx).
Need to define basic “sanity checks” for the proposals to go to the snapshot (what issue does the proposal address, what’s going to be changed, what’s the timeframe for actions and decisions and such). Proposals not meeting these criteria can be denied of “posting support”. Note that it’s sanity check & not the sentiment check — we need the discussion to be on point here, but not to censor.
The proposal is to be created within “reasonable timeframe” (I’d say it could take up to a week, depending on the team’s & volunteers availability).
These all make a lot of sense to me! I will get them written in and post a revised draft this afternoon!
Yes, I agree that the proxy should be able to deny spam or scam proposals, and it’d likely have to be at the discretion of the proxy, which is why it is important that trusted community members acting on behalf of the best interest of the protocol take on the proxy role.
The threshold in Lido’s snapshot space is currently set at 100 $LDO. Any individual holding 100 $LDO ($253 USD at the time of writing) can create a proposal within Lido’s space.
Problem
Due to the low threshold, there has been an increase in spam within Lido’s Snapshot space. A recent example of this can be seen with the proposal here , which is proposing that ‘Lido add BNB’. In this proposal, there is no summary , and no link to forum discussion . Upon further investigation, it appears that the forum discussion does not exist. The proposer was able to propose this by way of holding 106 $LDO ($267.12 USD at time of writing). The recent increase in spam within Snapshot should be handled by increasing the proposal threshold, ideally leaving opportunity for thoughtful proposals/proposers while also creating a barrier in an effort to discourage spam.
Proposed Solution:
The ‘Proposal Threshold’ on Lido’s Snapshot Space should be raised to 1,000 $LDO.
Accept volunteers to act as proxy’s for proposers without 1,000 $LDO. (@timbeiko and @Hasu have already volunteered to take on this role)
One more comment, I think it would be better to specify in the Requesting process that if proposer don’t have enough LDO he may ask the Lido team (@kadmil) or volunteers. I think it’s not clear that the team is in priority for such requests.
Thank you to everybody for the assistance and amazing feedback on this proposal! I will be posting this to Snapshot before the end of the week, and will update this post when the Snapshot is live!