1 inch community voted to approve the proposal to modify the 1 inch DAO governance process

According to reports, the 1inch community has voted to approve a proposal to modify the governance process of the 1inch DAO, proposing the removal of st1INCH (v1) voting and delegation strategies from the 1inch snapshot space; Change the st1INCH (v2) voting and delegation strategy to use Unicorn Power instead of token balance; Replacing the existing 20% weighted v1INCH strategy with a strategy that simulates UnicornPower power decay will greatly weaken voting rights for fully owned and unclaimed v1INCH; The v1INCH at the beginning of its ownership contract has a completely 1:1 voting equality with the st1INCH at the beginning of the two-year lock-in period; Increase the requirement for creating a snapshot proposal to 100000 voting weights (currently 25000).

1 inch community voted to approve the proposal to modify the 1 inch DAO governance process

1. Introduction
2. Overview of 1inch DAO Governance Process
3. Proposal to Modify Governance Process of 1inch DAO
4. Removal of st1INCH (v1) Voting and Delegation Strategies
5. Change in st1INCH (v2) Voting and Delegation Strategy
6. Replacement of 20% Weighted v1INCH Strategy
7. Effect on Voting Rights for v1INCH Token Holders
8. Increase in Requirements for Creating Snapshot Proposal
9. Conclusion
10. FAQs
# Article

Introduction

The 1inch community has recently voted to approve a proposal that aims to modify the governance process of the 1inch DAO. This proposal seeks to make changes in the voting and delegation strategies used in the DAO, with the aim of improving the governance process.

Overview of 1inch DAO Governance Process

The 1inch DAO is a decentralized autonomous organization that governs the 1inch network. It utilizes a governance process that allows its members to vote and make decisions regarding the development of the network. The governance process is based on a snapshot voting system, where token holders can create proposals and vote on them.

Proposal to Modify Governance Process of 1inch DAO

The proposal to modify the governance process of the DAO includes several changes that would affect the voting and delegation strategies used in the network.

Removal of st1INCH (v1) Voting and Delegation Strategies

One of the key changes proposed is the removal of st1INCH (v1) voting and delegation strategies from the 1inch snapshot space. These strategies have been widely used in the network, but they have been criticized for allowing large token holders to dominate the voting process.

Change in st1INCH (v2) Voting and Delegation Strategy

The proposal also suggests changing the st1INCH (v2) voting and delegation strategy. Under the proposed changes, the strategy would use Unicorn Power instead of token balance. This change is intended to make the voting process more equitable by preventing large token holders from dominating the process.

Replacement of 20% Weighted v1INCH Strategy

Another proposed change is the replacement of the existing 20% weighted v1INCH strategy. This strategy has been criticized for giving too much power to fully-owned and unclaimed v1INCH token holders.

Effect on Voting Rights for v1INCH Token Holders

The proposed changes would greatly weaken voting rights for fully owned and unclaimed v1INCH token holders. At the beginning of its ownership contract, v1INCH has a completely 1:1 voting equality with the st1INCH at the beginning of the two-year lock-in period. However, the proposed changes would simulate Unicorn Power power decay, further weakening the voting rights of these token holders.

Increase in Requirements for Creating Snapshot Proposal

Finally, the proposal seeks to increase the requirement for creating a snapshot proposal from 25000 to 100000 voting weights. This change is intended to prevent spamming of the proposal process and ensure that only serious proposals are considered.

Conclusion

In conclusion, the proposed changes in the governance process of the 1inch DAO are aimed at making the voting process more equitable and preventing large token holders from dominating the process. These changes would significantly weaken the voting rights of fully owned and unclaimed v1INCH token holders but would increase fairness and transparency in the approval process.

FAQs

1. What is the 1inch DAO?
The 1inch DAO is a decentralized autonomous organization that governs the 1inch network.
2. What changes are proposed in the governance process of the 1inch DAO?
The proposed changes include removing st1INCH (v1) voting and delegation strategies, changing the st1INCH (v2) voting and delegation strategy, replacing the 20% weighted v1INCH strategy, weakening voting rights for v1INCH token holders, and increasing the requirement for creating snapshot proposals.
3. What is the aim of the proposed changes in the governance process of the 1inch DAO?
The proposed changes are aimed at making the voting process more equitable and preventing large token holders from dominating the process.