Objective:
This proposal aims to change the percentage required for a holder to post a CMP directly to Snapshot from 1% to 5% of the circulating supply.
Snapshot:
[CMP #14] Snapshot Threshold Adjustment
High Level Details:
When the management team implemented CMPs in April 2023, it was an important step towards ensuring that members are able to present their ideas and ultimately gather support from big holders to create community proposals. The process enabled ideas to be heard, discussed, refined and ultimately posted to a snapshot vote with either a single holder or combined holders’ tokens.
An initial minimum of 1% of the then-circulating supply of wMEMO (equaling 336 wMEMO or 11,100 Volta) was required to post proposals on Snapshot and create a valid vote. The obvious purpose of the minimum threshold was to encourage discussion and prevent the spam of new votes as well as prevent governance attacks. Due to the massive decline in circulating supply after the migration period ended, the required Volta for direct snapshot posts
is currently at approximately 2,300 tokens. While it opens up the amount of holders that can sponsor votes, it undermines the original idea behind the minimum.
Since the minimum drastically dropped, we have seen an increase in votes going directly to Snapshot that seem to make no sense or relevance. Several votes were posted multiple times with little changes under x.1, x.2, x.3. It is important that holders can participate with ideas and proposals as well as vote on impactful decisions. Keeping updated and following announcements about votes on Discord usernames or repetitive votes should not be burdening
holders who want to participate in governance.
Low Level Details:
With this proposal, the 1% is to be raised to 5%, effective immediately after the passing of this vote. The proposed 5% currently equals approximately 11,700 Volta, similar to the amount required at the implementation of CMPs. It will naturally decline over time due to the reduction of supply via buybacks as originally intended.