Hop Protocol

Author(s): 💩💩💩💩

Status: Snapshot-only HIP

The Hop DAO Community Governance Process currently relies on a combination of Snapshot temperature checks and on-chain voting for multisig execution and/or on-chain voting for decision-making. However, there is a need to update and clarify this process to better reflect the needs of the community and ensure that all decisions are made in a transparent and fair manner, while balancing efficiency and responsiveness in decision-making. To that end, we propose the creation of a modified voting framework that will allow for more flexibility and responsiveness in decision-making.

1) No vote nor HIP needed. The Community Multisig can execute autonomously if small values are involved/transferred (less than $5,000) and does not directly benefit any person/entity outside of the Hop DAO itself.

   Examples:
    - Claiming an airdrop (value of airdrop claim is <$5,000 market value)

2) Snapshot-only HIP. A simple snapshot vote (via snapshot) will be sufficient for decisions involving larger values (greater than $5,000) from the multisig or for decisions that do not impact the core Hop Protocol. This will allow the community to have a say in decisions that could have a significant impact on the Hop DAO, but will not require the full on-chain voting process which can be time consuming and resource intensive.

   Examples:
     - Directing community multisig's veNFT to a new Velodrome pool (market value of veNFT is ~$40,000, calculated as 2M VELO @ $.02)
     - This proposal modifying the Community Governance Process (no changes to core protocol)

3) Fully on-chain HIP. A fully on-chain vote (via tally.xyz) is only needed if executable code is attached to the vote or if changes are being made to the core Hop Protocol. These decisions are of the highest importance and will require the full transparency and participation of the community to ensure that they are made in the best interests of the Hop DAO. HIPs which fall into the category of a fully on-chain vote would also still require Snapshot temperature checks as currently outlined in the governance process.

   Examples:
     - Funding new multisig for grants program (requires on-chain transfer of $HOP via executable code)
     - Deploying Hop Bridge to new chain (change to core Hop Protocol)

This HIP is the first to be governed by its own proposal and would also fall into category 2 for which only a Snapshot vote is necessary. This effectively replaces the current temperature check phase of the existing governance process. For proposals in category 3, however, a temperature check on Snapshot would still be needed before a fully on-chain vote.