RRC-18 Raise Proposal Quorum

Proposals Parent DAO Proposals
#1

Authors: @Matt_StableLab

Abstract

This proposal aims to Increase the quorum from 10% of the total supply of veRARI to 15% of the total supply of veRARI.

Motivation

Recently the amount of veRARI has dramatically increased thanks to the delegate launchpad programs and the delegation incentives program. This has increased the number of votes cast on RARI proposals.

While this is a good sign as it shows Rari governance is growing and becoming more active, it also can put the DAO in danger if the quorum is too low. A low quorum can allow malicious proposals to pass through governance using very few votes.

After the recent delegation campaigns, 4 delegates can now single-handedly reach quorum with their votes. It is important to raise the quorum to require many voices in the DAO to be heard before a proposal is valid. This will help protect the DAO and the protocol.

Rationale

As the Rarible Protocol continues to be transferred to the control of the DAO the DAO must have safety measures in place to protect the protocol.

Currently, the quorum of about 10,000 veRARI is not sufficient to protect the protocol. A higher quorum ensures more votes need to be cast before a proposal is legitimate. Requiring more voters to vote will help limit the possibility of a malicious vote passing.

15% of the total supply of veRARI is a more appropriate quorum for the new state of the DAO. This increase will serve to protect the DAO as we gain more responsibility over the protocol. Additionally, raising the quorum will serve to accommodate the recent increase in participation we have seen and will continue to see as the DAO grows.

Key Terms

Quorum: the minimum number of votes that must be cast on any proposal to make the results of that proposal valid.

Steps to Implement

To implement this proposal the DAO will change the quorum from 10% of the total supply of veRARI to 15% of the total supply of veRARI.

Timeline

This proposal would follow the normal governance timeline with the quorum being changed after a successful Tally vote.

Overall Cost

There is no cost associated with this proposal

4 Likes
#2

Fully in support!

The slightly higher quorum threshold will encourage greater community participation, and more community members need to actively engage in voting to reach the increased quorum which will add a layer of safety to the DAO.

1 Like
#3

I am fundamentally in agreement with the proposal. However, I believe it is convenient that, along with raising the quorum, the threshold for proposals is also raised.

While we are currently not facing issues with spam proposals and we do have the 5 day posting period which acts as our primary safeguard - there remains a risk that delegates with sufficient power could potentially pass proposals unless there are votes cast against them.

As our goal with this proposal is to raise the quorum to 15% of the total token supply to protect the DAO, keeping the threshold at 5,000 veRARI seems low to me. I recommend maintaining a similar proportion as today and increasing the threshold to 6,615 veRARI.

Modifying the proposal threshold will have no impact on cost or timeline.

2 Likes
#4

Following our proposal review call, I’ve had a rethink.

Although I continue to see benefits of raising the threshold, right now might not the best moment for such a change. As discussed during our call, adjusting the threshold would restrict the number of delegates able to propose, presenting a potential risk to the DAO.

I am in full support of increasing the quorum and postponing any modifications to the threshold for consideration at a later point in time.

1 Like
#5

Thank you, Jaf!
We would definitely revisit this sometime in the future

2 Likes
#6

Hey @Jaf, just to clarify, this change increases the quorum required for passing the proposal, not for submitting one for a vote. I am in support of this proposal, but I don’t see a pressing need to pass it at the moment.

1 Like
#7

agreed!
Our proposal review call discussion made me change my mind, and I agree with you. No pressing need at the moment.