Thank you for a well-thought-out and constructive proposal!! We believe that the initial proposal is good, and together, we can make it even better.
Community Feedback On Vote Period Extension
Causally speaking, it is difficult to understand whether the existing 72 hour voting period, with a 48 hour main phase and 24 hour objection phase, is the primary factor of the previous 5/12 votes failing quorum. As such, the reasoning to uphold an increase in both main and objection phases should be found elsewhere.
A fundamental reason for Lido to increase the total voting period is the Guided Open Objective Setting Exercise #2 (GOOSE) objective to onboard institutional flows. We believe that institutional holders will desire more time to thoroughly contemplate DAO proposals. So far, objections against an increase to the total voting period have been predicated on the desire to make fast decisions with minimal complexity. This thought disregards institutional holders and consequently disregards GOOSE-2’s objective to onboard institutional flows.
While initially, in Lido DAO’s lifecycle, Lido DAO needed to execute all decision making, presently, this is no longer the case. Most decision making for Lido DAO has been pushed to the edge, thereby eliminating the need for fast action by the Lido votable supply. The caveat is that emergencies such as the one experienced on October 5th 2021, require speed to implement a temporary solution to a long term problem (Source).
Vote Period Design Constraints
The following considerations help us define the core design constraint. On one hand, Lido DAO’s decision-making is often at the margins, and institutional stakeholders may prefer extended voting periods. On the other, emergency scenarios demand rapid action. As a result, the voting window must be long enough to satisfy key stakeholders’ needs yet short enough to address urgent threats swiftly.
Final Thoughts
Acknowledging that the current 72 hour voting period is too short, but the proposed 192 hour period may be too long, we believe 72 hour main and 48 hour objection phases for a total voting period of 120 hours is a good compromise.
Finally, even though proposals starting Monday will be enacted over the weekend, we think having a larger majority of the voting period on business days relative to the proposed wednesday - monday schedule is advisable.