Governance Workshop 7.27.22

Governance Workshop 7.27.22
Governance Workshop is a biweekly, open meeting where we discuss specific proposals that are in progress and workshop new ideas about Rook's governance process.

To participate in the calls and ask any questions you may have, join our Discord!

Proposals & Drafts

Current Events

  • Treasury Tuesdays are moving to a bi-weekly schedule (every other week). [2:12m]
  • Jason mentioned some relevant concerns with a controversial Lido governance vote (a treasury diversification proposal) involving last-minute influence of two whales. [2:57m]

Governance Reform

  • Jason presented a model of how governance proceeds from Sophons’ recommendations and token-holders’ votes to reconciliation. What is meaningful disagreement, and how do we measure it?  [5:20m]
  • A whale voted as an objector to KIP-26. Although they were the only objector, their votes amounted to 10% of the total vote. [6:40m]
  • Perhaps Rook could adopt a more rule-based way to handle the reconciliation process, such as requiring a quorum for objections? [7:01m]
  • Starfire mentioned that using the number of wallets as a measure can be easily gamed. [8:39m]
  • aia made a case for weighting xROOK more heavily than ROOK, including a provision for the amount of time the xROOK has been staked. [10:00 m]
  • On the question of one wallet or multiple wallets: if wallets are attached to identities, the quorum approach may be more viable. [14:40m]
  • The group discussed voter apathy, with Above Average Joe (AAJ) mentioning the need to use a method that scales with voters. [19:35m]
  • Stubbs raised a question as to whether Rook should continue with the current approach of not keeping a record of voters who consent. [20:30-21:30m]
  • Jason mentioned that while there has been an increase in the amount of tokens voting, it’s still a small proportion of all tokens. [22:04m]
  • The voter sets can now be expanded to Sushiswap, Uniswap, and Bancor v3. [23:20m]
  • Thanks to the work of RaiNFall and Pai-Sho, holders of xROOK can now vote (which is relatively new), and levels of weight given to xROOK can be tuned. [23:35m]
  • RaiNFall verified that it’s possible to fine-tune the weights for ROOK and xROOK separately on Snapshot. [25:15m]
  • Matt mentioned the possibility of forking another kind of staking contract as a possible alternative to incurring the opportunity cost of the dev time that would be needed for fine-tuning. [32:08m]
  • AAJ suggested a slider bar for yield payout versus vote parameter. [33:08m]
  • Addressing questions on processes for expedited (urgent/time-sensitive) proposals, Wes mentioned that Maker has a position called a facilitator who keeps an eye on what’s happening in governance. In one case, a bad actor used a flash loan vote to influence a governance outcome. [35:18m]
  • Matt asks if are there quick ways to capture evidence of a soft consensus? [39:00m]
  • Jason suggested the possibility of thinking about use cases and then refining. [40:20m]
  • Off-chain governance reduces the potential attack surface. [39:59m]

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