In our continued efforts to evolve and democratize the governance process within the Gitcoin DAO, we previously proposed (which passed!) adjustments to the GTC voting thresholds. After valuable discussions and technical consultations, it’s clear that some proposed changes need refinement. Specifically, adjusting the 2.5M GTC quorum requirement presents technical challenges and may necessitate deploying a new contract, which we want to avoid. However, we can modify the 1M GTC requirement for creating new proposals.
Our initial proposal aimed to empower a broader range of GTC token holders in the governance process by reducing the dominance of large holders. The key points were:
Lowering the quorum threshold from 2.5M GTC to 1M GTC for both on-chain and off-chain voting.
Reducing the initial proposal threshold from 1M GTC to 150K GTC.
Keeping the current time and duration for voting procedures intact.
Based on technical advisability, the revised proposal is as follows:
Maintain Quorum Threshold: While the original plan was to reduce the quorum threshold to 1M GTC, we don’t want to deploy a new governor to make this change.
Reduce Proposal Threshold: Lower the requirement to initiate a proposal from 1M GTC to 150K GTC, making it easier for a wider range of stakeholders to actively participate in governance.
Maintain Current Voting Processes: The existing timeframes and procedures for both on-chain and off-chain voting will remain unchanged to ensure continuity and stability in our governance operations.
Barring any strong community feedback, we’ll move this (new) proposal through the same governance steps as any proposal follows, with the above mentioned adjustments in implementation (maintain quorum threshold, reduced proposal threshold and maintained voting processes).
- Yes - Approve the adjustments to the voting thresholds as proposed.
- No - Do not implement the proposed changes to the voting thresholds.
- Abstain - Neither approve nor disapprove the proposed changes.