Hello everyone !
Just thought this would be a simple and welcome addition. Enabling Snapshot delegation should be fairly easy and require no dev time from what I understand.
Here’s a basic run-down of what it looks like in the UI:
i agree 100% for this
Can be awesome. Let’s see what team says
Hey Tenzent,
thanks for your research, again ! Some questions below to better understand how it works :
- It allows users to give their voting power to another via snapshot?
- How does it work on Bancor? Do you have representatives that collect / get a lot of voting power and represent a “community”?
- Is the delegation done in a global manner or on each vote?
- Is it revocable at any time?
Thanks again for the work done !
4 Likes
Does it actually solve any issues? perhaps only for people who can’t dedicate their time to voting on proposals?
Essentially delegators give their voting power to a designated person this is done globally, if you disagree with how your delegate voted you can override their vote by voting yourself. You can also at any time revoke your delegation or reassign it to someone. In Bancor I’m one of the top delegates and I have around 150K vBNT of voting power which equates to around 1-2% of the quorum.
It fixed alot of the quorum issues we had in Bancor, helps a lot in forming a community built DAO, a lot of the top delegated people dont necessarily have a ton of funds but they’ve been given voting power through recognition in their efforts.
1 Like
Okay, so if I understand correctly:
- It doesn’t commit to anything, the user can cancel the delegation at any time, especially in the middle of a vote. That’s great.
- It decreases the number of non-voters and therefore allows to fulfill the conditions imposed by the DAO (minimum of votes for a proposal to pass).
- In a way, it can highlight/reward committed members of the DAO. But except for a voting capacity, it doesn’t bring anything more to the representative, right?
In the PSP-IPΔ6: Defining governance process and parameters (which will certainly be approved tomorrow), it is indicated :
Quorum. How many PSP votes are needed at least for a vote to be valid? The default value is set to “3% of circulating supply” in order to prevent blocking situations.
I have a hard time realizing how difficult it is to reach this quorum (I would have to look at the participation in the last votes and the circulating supply but I will trust your experience…)
So even though I have a hard time seeing the positive impact of this proposal due to my lack of expertise, I don’t see any negative impact. So I won’t vote against it.
Yes someone can re-assign their vote but also if say there is three different proposals and your delegate votes in a way you dont agree with then you can manually vote on the proposal where you’d vote differently to over-ride just that single vote. the delegation is kind of like a default to someone else, you can still vote on every proposal if you want but should you not vote then it will default to your delegators vote.
correct, if we wanted to bring any incentive that would have to be developed.
1 Like
Hey @Tenzent, I added the delegation. Unless I missing something obvious, I don’t see how you can override the delegation without revoking it, I tested on a dummy snapshot and my voting power went to 0 once I delegated to another address
I used the delegation strategy and this is the config http://jsonblob.com/930251930543079424, it uses PSP & sPSPs.
1 Like
if you vote on the dummy account then the delegated accounts vote should get reduced. Here’s a picture to show how it works in bancor:
even though my voting power is still 140KBNT, my vote only weighed for 46K because some of the delegates chose to vote manually themselves.
1 Like
Found the issues, the test environment was misconfigured. We’re live now 
https://twitter.com/paraswap/status/1480859189857685505
3 Likes
Thanks for the quick set up.
We now have access to the main representatives on the snapshot.
The first representative has just over 13 million voting power, am I right?
And this wallet doesn’t seem to have PSP or sPSP (nor the other wallet that seems to be behind it).
Anyway, I’m new to all this, you guys with experience :
- Aren’t you afraid of a vote grab (how to accumulate so many delegations in such a short time?)
- Doesn’t a representative have to be part of the DAO in the first place?
Well, that’s if I understand correctly what appears on snapshot and if I understand well the Etherscan of the wallets.
1 Like
Hello,
do you have any answers to the above questions.
The purpose is just to understand how the system works and the current state of delegation.
Have a nice day!
I don’t think I understand the first question.
on 2 there are no formal DAO members anyone that votes is technically a DAO member, are you saying you would like to have some barrier to entry as to delegators?.
1 Like
Thanks for your answer Tenzent,
My first point was just that I was surprised that a representative would already have so much power so quickly without having PSP himself. I wanted to be sure to understand what I saw.
For point two ok, anyone who votes is a member of the DAO, it’s just that until now, having PSP was a prerequisite. This is no longer the case with delegation.
No I don’t want a barrier to be a representative, I just thought you had to have PSP to be eligible, it seemed logical to me not to be just someone from the outside representing the holders.
1 Like
Looking at my own delegation it seems that my delegates from other DAOs have been carried over, might be an error in the delegation set-up.
Well, I’d say if a PSP holder chooses to give his votes to a non-psp holding rep that is their choice.
1 Like
Point taken.
Thanks for your answers.
1 Like