The Stargate Foundation proposed a new Governance process in July 2024. Amongst other rules, a minimum quorum of 1,200,000 was proposed to be formalised at a later date. This formalisation never occurred, with subsequent proposals having unclear quorums.
Below is a list of proposals that achieved sufficient approval (>70%), but did not meet quorum. A full list of proposals in the past 11 months can be found in the other forum post linked above.
Proposal Title
Approve/Yes
No
Abstain (if applicable)
Total # Votes
% Yes
USDC Pool on BNB Chain
839,600
4,400
844,000
99.48%
Stargate on Soneium
688,800
3,400
692,200
99.51%
Integrate with LightLink Network
569,600
10,300
46,200
626,100
90.98%
Stargate Deployment on Unichain
789,200
4,400
793,600
99.45%
Stargate Deployment to Sonic
539,300
25,100
564,400
95.55%
RFP Request: Comprehensive Data Dashboard
781,900
N/A
781,900
100.00%
ETH Pool on the Hemi Network
513,200
23,400
13,500
550,100
93.29%
Stargate Deployment to Gnosis Chain
898,300
25,800
6,100
930,200
96.57%
Final Data RFP Vote - Choice of Artemis Options
710,000
N/A
710,000
100.00%
ETH Pool on Manta Pacific
790,300
16,700
807,000
97.93%
Stargate Deployment on Abstract
984,300
178,100
1,162,400
84.68%
ETH and USDC pools on Cronos zkEVM
381,500
30,300
33,600
445,400
85.65%
Proposal
The Foundation is recommending that the DAO ratify these proposals approving their continued implementation.
Out of the 12 proposals above, 10 relate to new chain deployments for Stargate. Out of the 10, 9 of the deployments have come at $0 financial cost to the DAO (i.e. no incentives paid in STG, with capital seeded by the chain team themselves, or migration of latent capital within Stargate). The USDC pool on BSC has received 10% of Stargate’s BSC incentives from its deployment until ~4 months ago.
This proposal will live in the DAO’s Discourse Forum for 7 days, in order for the DAO to provide feedback. Each of these will have their own Snapshot vote following those 7 days.
The Execution of this proposal will depend on those discussions and the outcome of this vote.
If the DAO decides to unilaterally approve all proposals under the new quorum, no action will be taken.
My only concern is that in the 1,200,000 vote model we won’t reach a quorum.
In the >70%+ model we have participation and are able to follow up with new proposals
I originally was thinking an omnibus solution was wise, and had suggested this directly previously in fact, but I’ve been talked out of it. The reasoning is simple but was non-obvious to me:
a proposal is for the proposal overall given all of its contents. so you can imagine a situation where every piece of the proposal is not something the DAO would approve, but enough individual pieces of it are, such that the proposal itself passes.
From a legal and maybe ethical pov therefore it’s probably wiser to get explicit DAO approval for each individual re-vote. It might seem a bit more faffy, but it’s definitely cleaner in the end and nobody can say “no, I didn’t want That1, but I had to vote yes because I wanted That2, and it was bundled with each other such that I had no choice if I wanted That2 to go through.”
What happens if this proposal is not ratified? Will these pools/chains be removed from Stargate? If so, I imagine that this is will be a huge development cost to Stargate.
I’m surprised that so many proposals did not pass, and that it has only been noticed now by the team.
What kind of legal issues do you see here? It feels to me like this should all just be passed, otherwise it will be very costly to the DAO and to users who have been accustomed to having a certain user experience.
Also, apologies if I have missed something here - but is Stargate paid to deploy on protocols/chains? Just looking through some of the previous proposals which I’ve never heard of (LightLink, Hemi), it feels to me like maybe Stargate should be charging protocols to put up a proposal and deploy on Startgate, with the rewards distributed to veStakers. Maybe if that was the case, there would be higher participation and approval. It is clear to me, that there is a lack of interest from the wider Stargate community in participating in the proposals - maybe because there is no incentive to do so. I, myself, will admit I have never participated in voting as I see no financial benefit to do so. Meanwhile, I routinely participate in Jupiter’s governance because of the potential rewards.