- (Yes) In favor of this proposal.
- (No) Against this proposal.
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 of 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.
Data shows that in most DAOs only 1–3% of token holders become active, which can make it difficult to reach the minimum voter threshold (quorum)
With voter 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 even 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 achieve since many token holders 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 involved 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 & others 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.
⦁ Open Invitation to organizations that are interested in blockchain & willing to play a key role in Defi & DAOs.
⦁ 1inch PR Managers start Several Talks & collaborations to select the Right fit for this initiative.
⦁ AMA & Community calls with these Organisations to better understand their opinions.
⦁ Creation of Profile & Pitch Repository on 1inch GitHub or 1inch Discord Subsection [ Section To be made ] or Forum furbished with the 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 intentions 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 a 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]
The Choosen entity must meet Minimum requirements of :
- Briefly explaining their rationale behind their votes.
- EX: “I voted YES because…”
- Expanding on their explanation whenever prompted by a Delegator.
Funds to Allocate to this Program from the DAO treasury to Distribute 1inch Delegation power among the participating parties in an equal fashion.
The Funds are in USDC in the Treasury & will be converted to buyback $1inch from Open Market
1inch team will then stake these 1inch tokens, thus getting st1inch in return. The st1inch Tokens HOLDs Voting Power these Blockchain Clubs can use for Snapshot Votes .
MultiSig will control the Funds but how the st1inch Delegation Power will be distributed among the Parties will be decided by the Amount of their Quality Engagement in the forum.
For the Start , a 1-Month period is Allocated in which Different Blockchain clubs can take part in DAO. In the end, 1inch Team will formalize a list of Worthy Blockchain clubs to which the Delegation power of ‘X’ Amount will be divided equally.
X = Amount of Staked 1inch [ st1inch ] . Eg.
- Treasury = 10Million$
- DAO chooses to allocate ‘No more than 10%’
- BuyBack 1M 1inch tokens
- Stake those Tokens & Distribute their Delegation power to these clubs equally
- No more than 5%
- No more than 10%
- No more than 15%
- Other [ More than 15%]
- Other [ Less than 5% ]
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) , Achievement-based NFTs for different engagement levels
V. Extra Revenue : if DAO proposal of this Type passes then Clubs can also earn a share of Treasury yields [50% or more w.r.t. st1inch . This can be changed later]
⦁ While the trend of governance delegation to individuals had all the best intentions, 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, the rising prevalence of meta governance committees is the next logical experiment to drive meaningful progress within DAOs. Meta governance committees are better positioned to create aligned incentives with stakeholders & have structures suited to provide a scaled governance impact.
⦁ The beauty of supporting Meta-Delegates is the internal checks & balances that need to be applied for a decision to be made. A DAO could not appoint itself as a delegate without considering the learnings 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 1st functional step towards greater delegation & decisions, especially if there are not enough governance discussions happening.
Clubs with 0 performance or little to no participation during Snapshot Voting or Forum Discussions will automatically be excluded from the program & delegation power will be Revoked.
Potential Burden Over Treasury ! Although No sell pressure over tokens but Important Step towards Governance.
Add Open Source KPI tools - showkarma for Background check & Gauge Voting activity of the organisation in other DAOs