BIP12: Gasless Voting via Snapshot

Gasless voting is much needed to get the majority of vBNT holders involved in the bancor governance. The usage of a snapshot is a good way to solve this issue temporary, untill eth fees are reduced significantly. Hence I’m in favour of this proposal

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I think it’s fair to say that, aside from gas issues, the current system would work pretty well. Given the potential risks of snapshot (however unlikely), I hope that the DAO will withdraw authority from Snapshot if Arbitrum launches cleanly and offers the gas relief we need.

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I think it is worth a try. I guess the use of such technology can be reverted and changed? At current gas prices I feel that I won’t participate in more than two votes per week, whereas I would participate in all of them probably otherwise.

So my vote went in for YES

Best
PAV

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Are you referring to the Snapshot proposal?

I’ve meant to post it into vBNT burning. Moved it there.

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I tried my best to drive attention for this on crypto twitter when I realised this was up for vote yesterday, as well as voting myself. With such a short time (~16hrs) we managed to rally from ~13% to 37% quorum. If only we had more time… :cry:

Screenshot 2021-03-06 at 11.50.13

What is the quorum threshold to have this pass?

Bancor developers and community please heed our calls and make this happen, we should be striving towards empowering BNT holders and NOT de-incentivising governance participation with gas fees.

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I, too, don’t quite get what’s what with the quorum …

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quorum is 20%, except for whitelisting proposals, which is 40%

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It looks like this proposal passed successfully. Is there a timeline for when we could expect snapshot voting to go live?

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The team are finalizing it. We were on a call with Snapshot labs yesterday to go over a few details. It is very close.

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Thanks for the explanation of this activity log, I have no idea what I have done truly.

This is :fire:, thank you for such a rapid turn around.

This will be a major improvement and will drive even greater community participation and decentralization which is huge for health of any project!

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Quick question. We will still need to stake our vBNT to be able to participate? Thanks.

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@tanglefast I strongly assume so, becasue that determines the individual’s voting power

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The march update on the 12th mentioned that:

Do we know if we are still planning for gasless voting going live this week?

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Yes! The system will feel a lot like it does now, just without the gas. So vBNT staking is still a requirement.

It’s so close. We had to write some custom code for our specific governance structure, which led to a slight delay. It looks like this has been completed, waiting for confirmation from the developer team.

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Great news Mark, can’t wait for this to go live!

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