Ramp up Governance Engagement & Organizational Strength
Creation/ Encouragement of Meta-Delegates
This initiative aims to improve governance engagement while including culture & values among the DAO as 1inch deems itself as Defi Single Entry Point . With this program, Various dedicated organizations will be able to hold discussions, work on specific activities, propose new ideas, & participate in building the future of the 1inch protocol. This will welcome organizations interested in the topic of DAOs, contributing significantly to the growth of the 1inch ecosystem.
This Proposal addresses the new approach of meta-delegation by involving student groups & similar consortia in DAO governance. It provides insights into current practices & highlights potential pathways to implementation.
In DAOs we rely on the governance contribution & decision-making activities from token holders. Ideation, proposal writing, voting, & strategy challenging from technical, legal, economic, & social perspectives are just some of the requirements. Thus, diversity & knowledgeability amongst the governance contributors become a competitive advantage of every DAO.
However, many DAOs struggle to fulfill these demands.
DeepDAO shows that in most DAOs only 1–3% of token holders become active, which at times can make it difficult to reach the minimum voter threshold (quorum)
With voting fatigue becoming more apparent & lobbying tendencies on the rise, the question of how to involve & activate stakeholders in decentralized governance processes is hotly debated. This is all the more important as DAOs are rapidly growing in value & size.
Most protocols have a governance structure that requires their token holders to vote & pass proposals. In order for votes to move forward, they have to reach quorum. Reaching quorum can be hard to do since many tokenholders aren’t interested in voting (Kevin Owocki recently estimated that DAO voting participation typically hovers around 2%.) This can make it difficult for protocols to make the changes necessary to keep up with the ever-shifting DeFi environment.
Several DAOs have decided to involve university organizations in their governance activities. Groups of students & researchers, motivated by their interest in decentralized organizations & DeFi, delve into the activities of discussions, proposals, & storytelling of new ideas.
The rationale behind selecting university organizations & other for this phase of the program is that students are interested in applying practically what has so far been learned theoretically. They will live this experience as a unique entity, as a community.
Governance tokens play a vital, directional role in the operation of DeFi protocols. However, the traditional design & implementation of GTs pose challenges for user engagement, participation, & satisfaction. PowerPool aims to address two prominent issues related to GTs:
Minority token holders cannot influence votes. As a result, most protocols governed by token holders face Voters’ Apathy & declining engagement, common on-chain governance problems.
The majority of tokens don’t provide token holders any income. Lacking cash flows, the fundamental monetary value of governance tokens for minority stakeholders is negligible .
Over the past year or two, the evolution of governance participation within DAOs has looked something like:
⦁ Token holders believing they can participate in all governance decisions
⦁ Token holders realizing they can’t participate in all governance decisions
⦁ Token holders delegating to individuals with perceived specialized expertise & b&width
⦁ Token holders & individual delegates realizing delegate models have been constructed ineffectively
Looking back, it’s easy to see why individual delegate participation has not yielded the results token holders have been looking for; individual delegates have misaligned incentives, unclear delineation of responsibilities, & an inherent inability to scale their impact. However, not all hope is lost. Metagovernance committee delegate models can improve governance effectiveness & participation that result from individual delegate models.
As a possible resolution to the Centralization of Voting Power Amongst Delegate problem, I propose the encouragement of meta-governance-abiding organizations to appoint itself as a delegate & begin active participation. To some extent, this may be perceived as DeFi Political Parties - I would agree upon this identification. By supporting meta-delegates (meta-governance), the overarching Uniswap governance model is further reinforced by two factored governance process. Instead of having an individual delegate unilaterally vote on a proposal, emboldening the involvement of a Meta-Delegate would offer a more diligent & inclusive approach that would truly embody the community’s sentiment.
There are many reasons why dedicated & structured metagovernance committees are better suited to participate as delegates within DAOs
⦁ In contrast to individual delegates (whose reputational capital can be built & maintained in many ways outside of their governance participation within DAOs), metagovernance committees serving as delegates have the sole purpose of effectively stewarding governance towards achieving the mission of the DAO, while representing the needs & values of their constituency. The br&s, identities & value creation & capture models of these metagovernance committees are intimately tied with their ability to effectively participate in governance. Because of this, metagovernance committees have more skin in the game & much greater downside risk when ineffectively participating in governance, especially relative to individual delegates.
⦁ Combining extrinsic reputational incentives with extrinsic financial or social incentives unlocks powerful self-fulfilling flywheels that drive greater levels of accountability & performance.
⦁ As mentioned earlier, there are several traits of individual delegate models that lead to an inability to scale effective governance participation within DAOs. Individual delegates tend to be over-committed to various projects, introduce single points of failure, & are less effective at complex decision-making relative to groups.
⦁ With structured metagovernance pods, a flexible container is created that supports the cycles of onboarding & offboarding individuals dedicated to metagovernance participation. These governance participant entities are highly aligned & responsible stewards of delegated governance rights - which should address the low on-chain delegate governance participation that we have historically seen.
In addition, dedicated metagovernance committees are better equipped to support the complex & nuanced decision-making that DAOs require of delegates. Delegators & stakeholders should have confidence that the decisions being made by this delegate group are informed–the multiple values, perspectives, & knowledge bases of committee participants ensures there is a level of depth & breadth in the decision-making process.
I. Guided Preparation & execution of a voting delegation pitch (transfer of voting power from 1inch token holders to the student group)
II. Instant Media exposure by publishing content in 1inch Medium & Twitter | 1M followers
III. Exclusive Delegation Power Handed over by Treasury Allocation
IV. 1inch POAPs (NFTs certification) for different engagement levels
V. Extra Revenue : can be claimed by clubs if DAO proposal of this Type passes where DAO is generating earning which stakers can extract according to 50% of their Staked Value [ 50% or more this can be changed later ]
⦁ Open Invitation to organizations that are interested in blockchain & willing to play a key role in DeFi & DAOs.
⦁ 1inch PR Managers initiate several Talks & Collaboration to select the Right fit for this initiative.
⦁ AMA & Community calls with these Organisations
⦁ Creation of Profile & Pitch Repository on 1inch Github 1inch Network · GitHub or 1inch Discord Subsection [ Section To be made] or Commonwealth or https://gov.1inch.io/ with following details
Profile & Pitch Template
⦁ [ Delegate’s Name]
⦁ Key Info
⦁ Delegate’s address: [0x71C…]
⦁ Commonwealth name (if any): [@Delegate]
⦁ Discord ID (if any): [@Delegate]
⦁ Twitter h&le (if any): [@Delegate]
⦁ Email (optional): [Delegate@gmail.com]:
⦁ External website (optional): [1inch.io]
⦁ Introduction video link (optional): [YouTube]
⦁ Delegate’s voting power (includes voting power from 1inch /st1inch held & voting power received from delegation): [#]
⦁ Delegate’s proposing power (includes proposing power from 1inch /st1inch held & proposing power received from delegation): [#]
Delegate Assessment Score Card
The Delegate Assessment Score is self-reported & is intended to provide 1inch holders with deeper information about a Delegate.
⦁ Delegate Name
Total Score = Out of 100
Assessment Score System
20 – High-level commitment to the 1inch protocol & governance. Delegate will benefit if the 1inch protocol grows.
10 – Some commitment to the 1inch protocol & governance. Delegate may indirectly benefit if the 1inch protocol grows.
0 – No commitment to the 1inch protocol & governance.
20– Delegate has a professional background in crypto governance, smart contract development, code auditing, financial risk modeling, DeFi protocols, or similar.
10 – Delegate has a personal interest in the criteria listed above.
0 – Delegate has an unrelated background.
20– Delegate has a strong history of participating in forums, voting &/or participating with other relevant communities.
10 – Delegate has a limited history of community engagement.
0 – Delegate has no history of community engagement.
Diversity of Perspective
20– Delegate has a unique perspective compared to other delegates.
10– Delegate represents a perspective that is underrepresented in governance.
0 – Delegate represents a perspective that is widely represented in governance.
20- Delegate has no existing conflicts with the 1inch protocol, & would not benefit in any way from the 1inch protocol’s failure.
10 - Delegate has no outright conflicts with the 1inch protocol, but may benefit in some unusual circumstances if the 1inch protocol fails.
0 - Delegate has an outright conflict with the 1inch protocol, or may benefit in typical circumstances if the protocol fails.
Delegates Code of Conduct
The reputation of the 1inch protocol, its governance & its community is essential to the growth of the 1inch protocol. Delegates must be honest & earn the trust of the community.
Delegates should vote in line with the best interests of the 1inch protocol.
Delegates should conduct themselves professionally & act in a respectful manner.
Responsiveness & Community Engagement
Delegates should use their best efforts to connect with the 1inch community & be accessible to answer questions & respond to comments.
Delegates should maintain a vote participation rate above 90%.
Delegates should provide their reasoning for any proposal, vote or decision that they make in connection with being a Delegate.
Conflicts of Interest
Delegates should avoid conflicts of interest & circumstances that reasonably present the appearance of a conflict.
End of Delegation
Delegates should communicate their intention to stop being a Delegate at least one epoch in advance to give notice to the 1inch community & provide sufficient time for 1inch /st1inch holders to delegate their 1inch /st1inch to other potential delegates.
Why do you want to be a Delegate & why should 1inch /st1inch holders delegate to you?
[Motivation for becoming an Delegate & vision for the future of the 1inch protocol &/or its governance, such as improving an aspect of the 1inch protocol, raising viewpoints from an underrepresented group, etc.]
How will you connect with & contribute to the 1inch community & governance?
[What are you going to do to advance the 1inch community & governance, how will you communicate your views, how will you connect with community members, applicable background knowledge or skills, etc.]
⦁ I confirm that the information above is accurate & up to date as of the start of the current epoch & I will immediately update this Profile & Pitch in the event of a material change.
⦁ I have read & agree to abide by the Delegates Code of Conduct.
⦁ I have completed & scored [ ]/10 on the Delegate Self Assessment. Please find my Self Assessment linked here: [Insert link]. -
DAO Treasury Allocation Poll : How Much Funds we must Allocate to this Program from DAO treasury .
The Funds are in USDC in the Treasury & will be converted to buyback $1inch from Open Market
These 1inch will then be staked thus Getting st1inch in Return. The st1inch Tokens HOLDs Voting Power that can be used for Snapshot Votes by these Blockchain Clubs .
MultiSig will control the Funds but how the st1inch Delegation Power will be distributed among the Parties will be decided by the Amount of their Quality Engagement in Forum .
For the Start , 1 Month period is Allocated in which Different Blockchain clubs can participate in DAO . At the end , 1inch Team will formalize a List of Worthy Blockchain clubs to which the Delegation power [ Let’s say 1M st1inch Voting Power ] will be divided equally .
⦁ 1inch’s Governance model is in need of a major restructuring in order to truly attain a maximal viable participatory community & resolve its Principal-Agent problem.
⦁ The deprecation/minimization of individual delegates & the endorsement of Meta-Delegates would contribute to the sustainability of a democratic & scalable governance ecosystem with an explicit emphasis on community ownership.
⦁ Experimentation will likely yield long-term value capture from governance contributors.
⦁ Information Symmetry is paramount.
⦁ While the trend of governance delegation to individuals had all the best of intentions, it is clear that it has fallen short of expectations. The combination of the time-commitment & depth required for participation, misaligned incentives & accountability mechanisms, & legal complexity has made it impossible for governance delegation to fulfill its promise.
⦁ Because of this underperformance, it is clear that the rising prevalence of metagovernance committees is the next logical experiment to drive meaningful progress within DAOs. Metagovernance committees are better positioned to create aligned incentives with stakeholders & have structures suited to provide scaled governance impact.
The beauty of supporting Meta-Delegates is the internal checks & balances that need to be applied in order for a decision to be made. A DAO could not appoint itself as a delegate without taking into account the leaning(s) of the community. By enabling the formation of DeFi Political Parties, we may see more engagement both internally (within each respective meta-delegate) & externally throughout the protocol’s ecosystem.
This would be a functional first step to engage greater delegation & decisioning, especially if there’s not enough governance discussions happening .
Helpful Links to Potential Blockchain Clubs
Some of members work at Rari Capital, NEAR, & Index
Past guest speakers include those from OpenSea, Amber Group etc.
BEN has over 2,350 students & graduates from across 1,000 universities in over 96 countries. BEN has 8 national chapters in USA, Canada, Australia, Italy, India, Dubai, Colombia, & Vietnam.
Group Supporting Near
Owned by 0x9edf5D95d06f94C82e71BD7F702568A757185132