This is an important inflection point for JetDAO. Many DAOs needed to navigate the past week, and many DAOs came together to pass emergency proposals in response to a crisis.
It should be noted that in the week leading up to chaos, JetDAO had only 5 forum participants vote in the off-chain forum poll. This is near the average off-chain voter turn out for the last 6 votes.
In comparison, On-chain votes have consistently gotten a larger voter turn out than the off-chain votes, but there has been a consistent decay on voter turnout. $wBTC however had a massive drop off - an 80% decrease from 50 to only 10 holders participating.
The State of Governance in JetDAO
Governance’s relationship with the voter participation rate is a consistent problem space for DAOs since the structure’s genesis. We have been working on introducing a refreshed Asset Management Framework for JetDAO, however we believe we need to identify a high impact <> low effort solution we can implement as soon as possible to turn the trend around.
Quick remedies for Vote Apathy
The three swiftest responses we propose to support curbing voter apathy are:
- Change quorum
- Reduce re-submission deadline
- Improve awareness of vote and impact to the protocol.
For a robust asset such as $wBTC, we support getting this proposal re-submitted for a vote as soon as possible.
Parameter Change Suggestion
A weakness of our current framework is the lack of clarity on how to change the overall process, and what powers the Governance Committee has over the framework itself. In our current state of Governance, we would suggest the Governance Committee to leverage their powers to announce a parameter change.
The framework should define the resubmission freeze period as 2 weeks instead of 3 months. The original amount of time was arbitrarily selected in order to prevent the spamming of a poor proposal and reduce the impact the Governance Committee. With the data we now have from using the framework for almost over a year (the framework turns 1 next month ) let’s loosen this parameter, and challenge both the Core Jet Team & the community to turn out to vote.
Better Defining (and understanding) Quorum
We also would like the Core Jet Team’s help to understand the quorum better. We found in the current version of the docs that "someday the Jet Team may set a quorum, however, we don’t see it defined anywhere easily accessible. Based on some quick research, it appears the quorum is set to 5% (under the rules tab). But based on the information provided on realms.today for the $wBTC vote quorum for this vote was 395,280 tokens - which is 5% of 7.9m?
“We can accept failure, everyone fails at something. But we can’t accept not trying." ~ Michael Jordan