As you probably know, we recently integrated Subsquare as our user interface for governance. One of the biggest changes this brought to our governance process, is the snapshot voting which has replaced our Forum polls.
Let’s add some context to what snapshot voting is. After a proposal has been made, and there has been a minimum of seven days of discussion (this step is also called Request For Comments), the next step is to create a snapshot vote for the proposal - previously this was Forum polls.
The function of a snapshot vote is to indicate if a proposal should move on to an on-chain proposal where the outcome will determine whether the proposal will be implemented. In order for a snapshot vote to be deemed valid (i.e. should move on to an on-chain vote), we set the minimum threshold to 5,000,000 CFG. In other words, if 5,000,000 CFG doesn’t vote in a snapshot vote, it is not considered to have received enough support to move on to an on-chain proposal.
When the minimum threshold was decided, we looked into a couple things; other projects’ threshold (% of their total supply) and the participation in our previous on-chain referenda on Centrifuge. We came to the conclusion that ~1% of CFGs total supply was a reasonable amount to set as the threshold.
However, like all beginnings, there will always be some obstacles to overcome to start with. We have received reports from several users that they are not able to participate in snapshot votes with cold wallets and using Parity Signer, nor does snapshot voting support delegation at the moment. We have reported these issues and they are being looked into.
Until these issues are resolved, we don’t believe it’s fair to have a minimum threshold as not everyone in the community is able to participate in the snapshot voting, which is a crucial part of our governance process and for determining the fate of a proposal.
Therefore we have decided to remove the threshold from the snapshot voting, effective immediately. Once the aforementioned issues have been addressed, we will re-introduce the minimum threshold.
We currently have two very important ongoing snapshot votes (minting Tinlake rewards + minting RWA Market rewards) and it is in the best interest of the community that those rewards will be minted on time.
Feel free to ask if you have any questions regarding this.