Summary
This proposal aims to ratify the increase in the minimum amount of FOX voting power required to make a proposal from 100 FOX to 10,000 FOX. The purpose of this increase is to mitigate the risk of malicious or spammy proposals.
Abstract
Historically, any ShapeShift user who held a minimum of 100 FOX could create a proposal on SnapShot. On April 12th, 2023, 4 spam proposals were created that did not follow the official FOX Governance Process and were subsequently removed. To prevent the ongoing “attack,” the threshold was proactively increased to 10,000 FOX and an announcement was sent in Discord as well as through ShapeShift’s Push Channel to notify community members.
Motivation
By increasing the amount of FOX Voting power required to make a proposal, the community can make it more costly/difficult to publish malicious or spammy proposals to ShapeShift’s SnapShot space.
Specification
ShapeShift’s SnapShot Space was already updated to increase the minimum required FOX Voting Power to publish a proposal from 100 to 10,000 FOX. This was done proactively to protect against an ongoing “attack” of the same invalid proposal that had been posted and removed 4 times in the same day. If this proposal passes, the increase to 10,000 FOX will remain in place. If this proposal is rejected, the change would be reverted and the threshold will go back to 100 FOX.
Benefits
By increasing the minimum amount of FOX required to make a proposal, we can ensure that only users with a significant stake in the ecosystem can make proposals and vote on them. This will help to maintain the quality of proposals and ensure that they align with the interests of the ShapeShift ecosystem as a whole. Additionally, it will reduce the likelihood of spam proposals and ensure that only serious proposals are submitted.
As soon as the threshold was increased to 10,000, the spam proposal that was being posted repeatedly ceased being posted, suggesting that the 10,000 threshold is sufficient for now.
Drawbacks
- While this increases the cost of making a spam proposal, spam proposals will still be possible. The community can consider making an additional proposal in the future to require a minimum Gitcoin Passport score to add another layer of protection.
- This increases the barriers for smaller FOX holders to make proposals. However, many active community members do hold at least 10,000 FOX and could always delegate voting power to community members whose proposals pass Ideation but who have <10,000 voting power.
Vote
Yes, ratify the 10,000 FOX voting power minimum to make SnapShot proposals
No, reset the minimum FOX voting power to make SnapShot proposals to 100