Note: Please read this post for complete information about delegation and how it works in Bancor.
I recently discovered on our Snapshot that there is a ‘Delegate’ option. I would like to submit my candidacy for delegation. I will make my case, as well as inform the potential delegator as to why it’s a good idea to delegate rather than voting themselves or simply abstaining from voting.
Delegation forms a more liquid form of a representative republic type of governance system–that is, when you delegate your vote, you’re effectively electing a representative in a governance body for the term of your delegation, which ends whenever you choose to revoke it. Electing a representative this way has many advantages:
- It encourages diversity of choice; it’s fairly easy to become a delegate/representative in this system, therefore it follows that more people will do it, ensuring that the holder has a great selection.
- It reduces overhead on the holder; it doesn’t matter how fast or slow the governance cycle is, how many votes there are or what they look like, it’s your delegate’s job to worry about it and you can rest easy assured that your values are being represented to your satisfaction.
- It increases the likelihood of a vote reaching quorum; by concentrating voting weight in the hands of delegates who are dedicated voters, more voting power is utilized, increasing governance efficiency without locking people out or reducing the governance token supply. (Notably, if ‘voter rot’ were implemented, it would serve to incentivize delegates to vote since they would lose their delegations and would have to start more or less from scratch if they ‘rotted’.)
- It doesn’t lock you in; you can redelegate/revoke your delegation at any time, meaning that if you catch wind of your delegate playing dirty, you can act immediately instead of waiting for the next election cycle.
- It’s like a Build-A-Whale; delegates are much like whales in that they hold massive voting power, but the key difference is that delegates are always beholden to you, and they always have incentive to speak on your behalf. The more people back a delegate, the bigger the ‘whale’ they are.
I hold the good of the protocol above all else in my decision making–that which relates to Bancor, of course–because I firmly believe that by governing the protocol well, prosperity will be brought about for all; traders and LPs alike. I believe that by lifting each other up before ourselves we can lift everyone, and that by building off of each other–for example, integrating other protocols for functionalities we want instead of building them in-house, but making sure our DAO itself holds a stake in the governance of those protocols we build on–we can all become more than the sum of our parts; I think that I’ve demonstrated this through my arguments elsewhere on this forum.
I also believe in Free Software (as defined by the Free Software Foundation) and open standards/technologies, and try to use them as much as possible. I have, and will continue to urge the DAO to use more open technologies and self-hosted services for our off-chain operations, as I believe that to be best for our long-term health; a server that we control running a service that we need (e.g., I (or a task group) can build us a Mumble server, or we can always build our own IRC network) will, at the end of the day, nearly always be more robust than simply engaging someone else’s (off-chain) services.
As your representative, I will make it my duty to make the weight of my vote count for the good of the DAO and the protocol. If you value those same things that I do, adding your weight to my vote will show solid support for those values, and I will ensure you are represented. With your voting weight and my dedication to voting, together we will build the free market of tomorrow.
You can rest assured that I will act in good faith and sound judgement; it makes little difference to me what weight my vote carries, nor the size of the check I’m offered as far as which way I vote. My decision must come from my philosophy, which doesn’t count the weight of something as primitive and random as my voting weight at a given time. Voting on behalf of others, at any scale, I try my best to make honest and carefully calculated decisions–“measure twice, cut once.”
Finally, unless the consensus among my delegators is for me to do otherwise, I intend to signal my vote both on the forums, and on my Mastodon profile (@firstname.lastname@example.org), and I will do my best to give at least 24 hours of notice before I vote; I prefer to declare my votes on Fridays. This will allow my delegators time to act appropriately. In the unlikely event that I change my vote last minute or fail to signal ahead of time, I will of course be available to speak, and will happily explain myself.
If you’re interested in delegating to me, here’s what you do:
- Go to Bancor’s Snapshot. Make sure your wallet is connected.
- On the left, there is a list with four options; select ‘Delegate’.
- In the ‘To’ field, put your chosen delegate’s address or ENS name (in my case, “christopher.conforti.eth”, without the quotes.)
- The ‘Space’ field should read “bancornetwork.eth” (again, without the quotes).
- Click ‘Confirm’ and approve the transaction.
Thank you for reading my proposal, and for your consideration.
If you can’t reach me on the forums for whatever reason, check my forum profile and my website for ways to get in touch with me.