1Inch Mata-Governance Proposal (1inch Meta-Gov)

Background

This proposal is an update to the 1Inch Improvement Proposal Template and I hope the entire community understands the technicality and the swiftness needed to always be at the top of our game within the entire blockchain and trading ecosystem.

Context

The 1IP process is not just about fulfilling 1Inch’s functional duties. A streamlined and accessible 1IP process can help cultivate a community which values open collaboration and ensures contributions are recognized and given a clear path to success.

Objectives

  • Make the path for community contribution simple, accessible, and achievable
  • Set clear guidelines for “next steps” at each stage of proposal process
  • Demonstrate contribution efforts are valued and put to good use

Workflow

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In the early stages of 1Inch, Snapshot voting may be skipped for proposals which achieve super majority agreement on the forum proposal

Discord & Forum

This is the initial fielding research + discussion on Discord, governance forum, Twitter or any other venue. This is an informal process to gauge community interest in a potential 1Inch improvement.

Here are some questions the contributor might want to answer:

  • Am I able to informally get any traction for this proposal in the Discord?
  • Has this proposal been tried before?
  • How does this proposal get the community closer to achieving its stated goals?
  • What trade-offs are implicit in this improvement’s adoption?

Create a 1IP Pull Request

Once a contributor feels they have a rough consensus that their 1IP is valuable, original, and achievable they should submit a 1Inch Improvement Proposal.

Forum

Once a 1IP Pull Request has been merged and assigned a 1IP number, a 1IP Editor will create a corresponding post in the governance forum’s “Proposals” tab. ( a channel should be created for this on discord and a profile on the forum). The proposal forum is used as a formal area to debate the merits of each 1IP. In the early stages of 1IP, if a super majority consensus (>90% FOR after 7 days) is achieved for a given 1IP in the governance forum poll, the 1IP can be moved to the “Approved” state and implementation can begin immediately. If a 1IP can not reach super majority consensus in the governance forum, it will be put to a snapshot vote. All 1IP additions must go through snapshot voting.

A 1IP editor will also create a corresponding Discord channel for all proposed 1IPs for discussion.

Governance Calls

Governance calls may also be used to debate 1IP proposals and to gauge community sentiment on them. The governance calls do not represent a formal venue to measure consensus.

Calling a Vote

If a 1IP is contentious, it must be put to a snapshot vote for the community to accept or reject. The 1IP author is responsible for deciding a snapshot vote date with the following criteria in mind:

  • The snapshot voting period may not begin until at least 7 days after the 1IP status has been moved to “Proposed” state.
  • The 1IP has a voting period of 3 days where token holders may vote FOR or AGAINST.

Snapshot Voting

When a snapshot voting date has been decided, a 1IP editor will create a snapshot vote page with the following criteria:

  • Minimum Quorum: More than 20% of circulating, non-treasury 1Inch must participate for a proposal to Pass. For 1inch additions, more than 40% of the tokens must participate.
  • Passing Threshold: More than 50% of voting tokens must vote FOR for the 1IP to Pass. For 1Inch additions, more than 70% of voting tokens must vote FOR for the 1IP to pass.

Post Voting Process

After the snapshot voting period has concluded a 1IP Editor will tally votes and update the Github 1IP record (One would be created if non exits) with the related voting data. If a proposal is passed, the 1IP is moved from proposed to approved. If a proposal is rejected the 1IP may be moved to rejected or back to WIP to be revised for future consideration.

Implementation

In the early stages of 1IP, approved 1IPs will be executed via multisig where necessary. Otherwise, implementation of the 1IP will vary on a case-by-case basis.

My Wallet address: 0x8604CB8ed74a9AcC91581d9785467ae04256A06B

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