Update to DAO voting consensus:

This post was originally published on this site

After the launch of V2 the SpiritSwap DAO plans to increase the decentralized nature of the protocol. Later this week, the multi-sigs will have their inaugural meeting to lay out the foundations of how the multi sig will be run. Initially the multi-sig will serve the purpose of executing the proposals of the community pertaining but not limited to expenditure requests from the DAO treasury, any changes to V2 smart contracts that might arise as protocols seek to take advantage of V2’s ecosystem interoperability and code base updates.

As such a 70% consensus is now required for the multi-sig to sign off on proposals that meet Quorum. This mechanism setting is not available as a setting within SnapShot, so moving forward, the multisig will only be able to sign off on proposals that achieve a 70% consensus and that meet Quorum.

Examples have been outlined below for clarity:

Eg 1.

Developer 0xXYZ requests $10,000 to the DAO to fork the front end UI and offer alternative approaches / functions.

Quorum is reached on the proposal and the DAO votes 71% in favor and 29% against.

The vote has reached a majority decision and consensus is above the 70% threshold. The DAO multisig would sign off on this grant and execute sign off to send said grant request.

Eg 2.

Protocol XZY requests integration with SpiritSwap DAO routers.

Quorum is reached on the proposal and the DAO votes 67% in favor and 33% against. Although consensus is met, the vote is moot as consensus has not met the recommended threshold for decentralization.

This short article hopes to inform the community of the new protocol standard for voting consensus and allow the community to ask any questions if they wish.

Cheers,
SpiritSwap DAO.

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