This proposal lowers the quorum for Gitcoin DAO Snapshot votes from 2.5M GTC to 1.5M GTC.
Background
Gitcoin uses Snapshot for off-chain governance voting. Quorum is the minimum voting power that must take part for a proposal to be valid. The current quorum is 2.5M GTC.
Rationale
We are in the process of executing our governor upgrade on the Cactus platform, and our governance quorum should be mirrored on all voting platforms. Proposal here.
Specification
Change the quorum in the Gitcoin DAO Snapshot space settings from 2,500,000 GTC to 1,500,000 GTC.
A space admin will make the change after the vote passes.
The new quorum will apply to proposals created after the change. Proposals already live will not be affected.
Makes sense. No need to make it so hard to pass proposals… hopefully we just have some sort of monitoring system to ensure we can catch any governance attacks.
GTC has deep liquidity on CEXs and if it only costs ~$200k to pass a vote to steal $2M… if they have a better than 10% chance of success… the Math Maths and someone will try over Christmas & New Years!
Given that we use “off-chain” voting, can we propose basic gov/operating guidelines that state that proposals over x value (let’s say 500k or 1m?) have to go through a two-tier vote: one vote to “open up the budget” and, after approval, another to allocate the budget specifically.
Example:
Proposal 1: “Invest 1m into new tech product with aimed goal to accomplish xyz”
Proposal 2: “Fund Tech Product A with detailed cost breakdown, documents, etc”
Given that GTC often trades below NAV, we should assume some groups are looking at Gitcoin to make a quick profit.
Great points, @griff. With the new governor upgrade in place, our onchain voting platform has a security council that can veto and cancel malicious proposals. We’ve proceeded with a few security upgrades there, which has the highest attack vector. You can see more info here: [Proposal]: Upgrade the Gitcoin Governor
