Summary:
This proposal suggests the adoption of a delegation scheme for gZIL
Abstract:
We propose to implement a simple delegation scheme for gZIL, allowing gZIL holders to delegate partial or complete voting rights for their gZIL to other wallets.
Motivation:
We hope to encourage more gZIL to vote.
Specification:
This proposal seeks to enhance the governance process of the Zilliqa platform. This initiative follows a thread of discussion we initiated earlier in https://gov.zilliqa.com/t/lower-governance-quorum-to-8/1430/24, where we expressed our intent to explore the implementation of gZIL delegation.
Previously, a related proposal (refer to: https://governance.zilliqa.com/#/gzil/proposal/QmRf5GDaU1B6Lacxs8sWAsq5T5a7QALjQbqq1a4DTu5bTJ) demonstrated significant positive sentiment from the community for implementing such a system. Given the positive reception, we believe it is pertinent to bring forth this matter for governance voting once again.
Should this proposal receive the necessary approval from governance, Zilliqa will develop and implement a new smart contract on the network, referred to as the gZIL delegation contract. This contract will enable gZIL holders to record a non-binding mapping from a delegated wallet address to a collection of (delegates’ wallet address, designated number of gZIL delegated), accurate to an appropriate number of decimal places.
Concurrently, we propose to modify the Snapshot protocol to capture the state of this newly implemented contract at the block where the vote transpires. Consequently, gZIL can be voted either by the holder (up to the quantity held) or their delegates (up to the amount delegated), without exceeding the total quantity of gZIL owned by the holder.
We anticipate that the implementation of these measures will spur increased participation in Zilliqa governance. This is particularly vital given the fragmented nature of gZIL holdings and the challenges we have previously faced in reaching quorum for governance decisions.
For context, a previous governance vote to introduce staking—proposed anonymously—secured an overwhelming 88% approval on a quorum of merely 7%. This example underscores the substantial challenges we face due to the wide distribution of gZIL and the relatively low engagement from numerous gZIL holders in the governance process. These factors have made reaching the necessary quorum for passing proposals on the Zilliqa governance portal a formidable task, despite apparent majority support from active participants.
We firmly believe that the introduction of gZIL delegation presents a viable solution to these challenges. We envisage that passing this proposal will simplify future governance voting processes and view these steps as crucial to ensuring the ongoing effectiveness of Zilliqa’s governance and the further development of our platform.
** Poll: **
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