Should the DerivaDAO create a Snapshot page?

Currently, governance.derivadex.com enables all users to vote for on-chain proposals. A few notes about these on-chain proposals:

  • Users vote with DDX
  • Users can delegate DDX to another address
  • Users must have DDX in an EOA at the time the proposal is made to be eligible to vote (i.e., not on an exchange)
  • Proposals must be made on-chain, and have a minimum DDX balance requirement for the proposer

Another popular product is Snapshot (https://docs.snapshot.org/). Snapshot is not an on-chain nor binding voting mechanism, though it is token-weighted.

The benefit of Snapshot votes is that they are:

  • Free. It does not cost gas to cast a vote on a snapshot proposal.
  • Token-weighted. Unlike informal polls i.e., on twitter or discourse, Snapshot requires users to sign a transaction so that their vote reflects their DDX weight.
  • User-friendly. Creating a Snapshot proposal is possible within a visual user interface, lowering the technical barrier to entry.

Some cons of Snapshot…

  • It’s not always well understood by users (Snapshot votes are NOT on-chain, NOT binding, and for polling purposes only).
  • It can become noisy, with many similar proposals active at one time
  • It may not reflect how a community will really vote, and the DAO should be cautious not to over-index on snapshot results.

What are your thoughts?

3 Likes

I’d support the creation of a snapshot page, seems pretty standard for most DAOs to have one, and its a great signal gathering tool!

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I would like to see snapshot be implemented to DerivaDex. The reason is no matter how many ddx you hold you can vote on proposals and not pay a fee. This takes into consideration of everyone in the community since I could imagine many would not vote when there’s a gas fee. What are the next steps we have to take to see this implemented?

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Snapshot certainly seems the way to go

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Right. I’m all for it. This service is used a lot of places and has proved to be quite good.

1 Like

So, it looks like DerivaDAO.eth actually was set up as a Snapshot page some time ago.
if the community wants to use this, I think we can go ahead. Other accounts can be made administrators of the Snapshot as well.

Few reminders about snapshot

  • it is ONLY POLLING! That means it can help signal how DAO members will vote. Nothing that passes on the Snapshot is binding, and it is NOT on-chain.
  • There is a minimum DDX requirement (currently 1000, though it can be changed) in order to make a proposal to cut down on spam
  • It should be possible to do some tidying of the snapshot page to make it look nicer but it is functional now.

Has anyone here managed a Snapshot page before, or created / voted in proposals? It might be nice to have an early proposal that just assigns some experienced admins to the Snapshot.

Link → Snapshot

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