Index

iip: 33 title: Enable Snapshot Metagovernance in DPI status: Proposed author: Richard (@richard), Noah (@ncitron) created: 2021-04-13

Simple Summary

This IIP adds meta-governance support for Snapshot voting to the DeFi Pulse Index starting with YFI and Balancer.

Abstract

This IIP requests authorization to initially delegate Snapshot voting power in the Defi Pulse Index to 0x58430C50EAa0b399C2A228B9d28270C5C8Fe09A5 via the GovernanceModule.

This is a bot that Set Labs currently runs and will act as the executor for YFI and Balancer meta-governance votes in accordance with the majority. Snapshot is not compatible with multisig smart contracts, and therefore requires an EOA account to execute votes. The community retains the ability to revoke or reassign the delegation as needed.

Meta-governance voting for Yearn and Balancer is carried out in the following steps:

1. A governance vote is called for Yearn or Balancer on Snapshot.

2. The proposal is duplicated on Index Coop’s snapshot page here.

3. The meta governance voting period will end 24 hours before the underlying (YFI, Balancer) governance vote ends.

4. $INDEX holders vote on the meta governance proposal on Index Coop’s snapshot page above.

5. At the end of the voting period if a 5% quorum is reached, the delegate (Set Labs bot) will vote according to the related snapshot proposal majority

Motivation

Snapshot is an off-chain gasless multi-governance client with easy to verify and hard to contest results. Recently, Snapshot created a mechanism for smart contracts to delegate their voting power to an end user account. This unlocks meta-governance in the DPI for all Snapshot spaces that have implemented a “delegation strategy” and do not require staking of assets (YFI and BAL).

As of April 13, the DPI holds $8M YFI and $3M BAL.

FOR

• Delegate Snapshot voting power from the DPI to 0x58430C50EAa0b399C2A228B9d28270C5C8Fe09A5 for metagovernance vote execution

AGAINST

• Do not delegate Snapshot voting power from the DPI to 0x58430C50EAa0b399C2A228B9d28270C5C8Fe09A5 for metagovernance vote execution

Copyright

Copyright and related rights waived via CC0.