Summary
This proposal aims to enhance the efficiency and inclusivity of MetalSwap’s existing DAO decision-making process by integrating an additional voting platform such as Snapshot, one of the most famous and reliable decentralized voting platforms. This aims to make MetalSwap’s DAO decisions more cost-effective and accessible, while maintaining the current DAO rules.
Background and Context
MetalSwap’s DAO has been crucial in driving key decisions. However, the high transaction costs associated with on-chain voting on Ethereum’s mainchain have become a significant barrier. Also without considering the Self-Delegate transaction that must be broadcasted before on-chain votations, the cost for voting on previous proposals has reached up to $25 in gas fees for an average voter under normal conditions.
MetalSwap’s DAO contract , highest ever fee paid to vote on Ethereum
This high cost limits participation, especially for those holding fewer XMT, and hampers the inclusivity of our decision-making process. Snapshot offers a solution by enabling fee-less voting, aligning with our commitment to inclusivity and continuous improvement.
What is Snapshot?
Snapshot is a decentralized voting system that offers a fee-less voting experience, making it more accessible and cost-effective for users. Its key features include decentralized voting, off-chain signing, wallet connectivity, transparency and security.
Proposal Details
1. Add Snapshot
We propose to set Snapshot as MetalSwap’s alternative voting platform, aiming to make some DAO decisions cheaper and more accessible.
2. New Decision Flow for MIPs
The platform for new MIP votations will be determined based on the nature of the proposal:
- Involving New, Unaudited Code: Such proposals will continue to be voted on-chain to ensure the highest level of security.
Example: Deploying a completely new kind of XMT Staking pool with new, unaudited Smart Contracts will require an on-chain votation.
- Adaptations/Redeployments to Existing and Already Deployed Contracts: These can be voted on through Snapshot.
Example: Deploying a new Smart Pool using existing contract structures can be decided via Snapshot.
- No Smart Contract Deployments: These will be directed to Snapshot for voting.
Example: Decisions about new graphic assets, new documentation, partnerships, or HTML changes will be made via Snapshot.
For borderline cases, the Proposer could open a Proposal to understand how to manage that particular MIP, through Snapshot, or on Ethereum chain as we used to do.
Note: It’s imperative that users click the “Self Delegate” button before the proposal goes on-chain to obtain their voting rights on Ethereum.
The “Self Delegate” is not requested for proposals to vote through Snapshot, that means a MIP votation there, is 100% feeless.
https://app.metalswap.finance/#/governance
Timeline and Milestones
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T1. Approval MIP-4
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T2. Test phase
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T3. Activation of Snapshot as MetalSwap’s alternative voting platform
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T4. Potential future MIPs will take place on Snapshot
Cost and Resource Estimates
The insertion of Snapshot is expected to be cost-efficient. The entire cost of the operation is covered by the DeFi Foundation.
Adding Snapshot for some DAO decisions is a significant step forward in our commitment to continuous improvement and inclusivity.
This proposal will be made official and published on-chain by the DeFi Foundation the 4th September 2023. The “Self Delegate” button must be clicked before the proposal goes online to obtain the right to vote with that public address. The votation duration will be 3 days.
We invite our community to vote on this proposal and help shape the future of MetalSwap.