In order to streamline Lido governance participation and voter turnout across off-chain DAO votes, we present a series of options for Snapshot vote delegation below. This will allow for the separation of governance participation and asset storage keys, simplifying the voting process for Lido DAO members.
You can delegate Snapshot voting power from the key that control the funds (e.g. a custody) to a key that is stored in a more handy and usable way (e.g.personal ledger). Alternatively, you can delegate your voting to a delegate you trust.
As Lido matures and our governance processes evolve, an effective delegation system will allow for the interests of DAO members to be represented without the need to track and vote on individual proposals.
If you are an active Lido DAO member with a strong interest in the evolution of Lido, please consider proposing yourself as a delegate below!
Snapshot Delegation
Delegating on Snapshot is simple:
1. Snapshot Interface
To delegative voting powers directly from Snapshot, visit snapshot.org/#/delegate and choose the address/ENS to delegate to (options listed below).
Limit delegation to lido-snapshot.eth and confirm your choice.
2. Smart contract
To delegate via smart contract, call the method “setDelegate” with the space id (lido-snapshot.eth) as the first argument, and the address of the delegate as the second argument. Snapshot provides the following example of integration in a Solidity contract.
Delegation Candidates
The following candidates have volunteered to act as delegates on behalf of the Lido DAO.
- Tim Beiko - timbeiko.eth
To nominate yourself as a delegation candidate, leave a small introduction, delegation address and any additional information below and you will be added to the list.
Potential Issues
Whilst vote delegation works to increase voter turnout and improve governance participation, a number of issues exist, including centralising vote control, or ending up with a small number of delegates with significant voting power, centralising decision-making.
A potential solution here is creating a delegation incentive system with incentives/rewards cut off at a certain threshold, thus encouraging delegations to “smaller” candidates.
Moving Forwards
A number of initiatives for improving the Lido DAO delegation system exist to contribute further benefits to Lido as a whole. I leave it to the community to discuss potential solutions below:
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An incentive system whereby both delegates and delegators can earn rewards for participating. This can be combined with the threshold system briefly mentioned above to ensure delegation remains fair and beneficial to the DAO.
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