Right now 1inch fees from the aggregation protocol has a default split as below:
I think there is already wide consensus within the community that:
- The governance rewards (1inch holders) must be atleast 75%.
- The default vote should be set 0-0-0 and the UI should make the user input numbers manually in order to vote
- Binance (who is a 1inch VC and has 42.5% voting power as of now has voted the default 33:33:34 and this SHOULD BE REMOVED COMPLETELY since there is clear conflict of interest here. Also, this vote does not represent the what the community really wants. This is proven in the fact that even with the 42.5% Binance vote supporting 33:33:34, the total percentages are still at 28:29:43 which shows that the remaining votes (actual 1inch holders) are OVERWHELMINGLY AGAINST 33:33:34.
I also understand the importance of referrals & operations part of it but the team is already VC backed and will also be getting a HUGE majority of tokens for running the protocol. The current percentages seem a bit too greedy and are clearly not aligned with the 1inch holders’ interests.
There should be a fair vote for the percentages from the community and that can ONLY happen if Binance (1inch’s VC with 42.5% voting power) is excluded from the voting process and the default 33:33:34 vote is changed to 0:0:0.
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
@ [GatheringGwei] brought to my notice that Binance did not actually make the vote and all non voters automatically vote the default percentages set by the team, i.e. 33:33:34. So I would like to accept the suggestion of disabling automatic voting altogether AND also revert any automatic votes already in.