Improve default voting percentages + other improvements (duplicate)

Not sure if this is the right process to open stage 2, happy to remove/edit if any admin/team member says so

Stage 1 Link - Improve default voting percentages and other improvements

Starting STAGE 2 since after around 200 views and 3 days on STAGE 1 it seems everyone is in support. Also, README: 1inch DAO governance process says STAGE 2 is for discussion. (Not sure what’s the point of stage 1 then tbh).

Right now 1inch fees from the aggregation protocol has a default split as below:
33% Referrers
33% Operations
34% Governance

Summary of what is proposed:
1) Disabling automatic voting altogether AND also revert any automatic votes already in.
2) Change default UI to show 0:0:0 instead of 33:33:34

8 Likes

Well written
I strongly support this proposal along with many other holders who I have spoken too

1 Like

ok coming over here, sorry if the continuality is difficult

Because this proposal diverts all incentives to those just sitting on the sidelines holding 1inch, and taking it away from those that are out there doing the work. 1inch is brand new and this proposal aims to shift the incentive packages from recruitment and operations ( the people actually with the most risk, and putting in the most investment ) to upper management and the shareholders in essence

i feel this 0-0-0 angle is smokescreen to just get reward majority of profits to Governance, as it seems to be using Binance fud to add an emotional element to the voters it achieve what would honestly end up being seppuku, as it would lead to user exodus. Not saying Ilike Binance or anyone else having an automatic vote that any slight majority can capitalize on to increase control.

I mean if one engages fully will the entire business model they will end up with more of the rewards, it’s not like the rewards are recruitment and operations rewards are going to outside participants. It’s all staying in house

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Because this proposal diverts all incentives to those just sitting on the sidelines holding 1inch, and taking it away from those that are out there doing the work.

Not sure that’s really it since it removes the suggested vote and allows the member to decide unhindered. The new default 0-0-0 would revert to the proportional distribution of votes so that the non-voting 1INCH is divided evenly and effectively is canceled out. This benefits active voters which is nice. I think it’s better to have conversations around how to vote rather than setting up a default that can skew the votes and give power to a single party. If people are uninformed or mentally or socially fatigued from too many proposals or drama the default could end up being used a lot.

i feel this 0-0-0 angle is smokescreen to just get reward majority of profits to Governance,…

I see it as being the other way around since the default is in place. Let’s talk about why we want the numbers we want. We are responsible for proactively handing out inflation rather than having it hit us after the fact like in the fiat world. If we spend it on things and people that help and remain in the community that inflation is actually deflationary. I agree that we need to create awareness but it’s also easy to throw $100s on memes and whatnot. What kind of outreach do we want? How much do the developers need to keep up what they are doing or accelerate? Once we have a shared vision the numbers should become easier to find.

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1 I’m not apposed to that part. I’m apposed to the changing of the reward structure, as the proposed changes greatly reduce the parts that make/Keep 1inch working, and draw in new users. couple that with the end all farming which is incentives to get users to not only remain, but provide liquidity that literally imparts value to the 1inch token

2 I mean its a smokescreen in that it’s pork attached to the greatly reduce rewards for Referrals and Operations. As those are the two of the 3 doing the most work to bring new users in and to keep things running. Taking away their rewards is detrimental to the entire project. When coupled with proposal to end all Farming it sure comes across as trying to push user away instead of rewarding them to remain in the community and even get involved with its growth.

I’m fine with setting the votes to an even keel that reduces or eliminates the auto-vote’s ability to be weaponized to strongarm proposals through.

1 Changes in the reward structure should be decided by vote so stake and be heard.

2 We need to support these arguments with metrics and I’m no analysis wizard. Until we know what works we are speculating. I read someone arguing that the LP isn’t crucial for 1inch but I can’t really tell.

I’m fine with setting the votes to an even keel that reduces or eliminates the auto-vote’s ability to be weaponized to strongarm proposals through.

Nice, that was my main issue.

I’m still positive to the rest of the proposal but his feels really odd. Is it fine to poke and change votes that are already cast?

These votes were never actually cast. Team set 33-33-34 as a default vote for everyone who doesnt cast their votes. Also this 33-33-34 was never voted on by the community.

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Yes but they were cast in accordance with the current rules as they were set by the team. Wouldn’t it be more proper to let the outcome be? Any new votes cast after this proposal will be affected.

They were not cast by anyone.

These rules need to be voted on.

Also, most people are staking to earn a yield. Doubt people who don’t care to vote actually realize that they are voting 33-33-34 by default. UI doesnt even tell you that.

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A DAO has to begin somewhere and this one began with the team setting the rules unless I missed something. Now we can vote for changes.

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That is all I and most of the community wants.