Introducing Orbs Governance Proposal
Introducing Orbs Governance Proposal to Reinstate Minimum Self-Delegation. As announced last week, the Orbs Network is introducing upgraded community governance to the project, formalizing aspects of community governance that have until now been behind the scenes.
As the next major step in this process, the first formal governance vote will be going live on Snapshot on Monday, August 22, 2022, at 12:00 UTC.
First Proposal – Reinstating Guardian Minimum Self-Delegation
For the first proposal, the community will be asked to consider whether or not to reinstate the requirement that Guardians have a minimum self-stake.
As background, in V2.5 of the Orbs PoS Universe, a rule was introduced that all Guardians were required to own a personal state of at least 8% of their total delegated stake of ORBS tokens. The purpose of this requirement was to ensure that Guardians had a commitment to an honest and secure operation of the network, as well as to be committed to their communities of Delegators.
Self-Stake Requires
Requiring a minimum self-stake was intended to align incentives to solidify and strengthen these commitments. The requirement also had the additional benefit of preventing certain types of attack and abuse scenarios.
With the launch of the V3 of the Orbs PoS, including multi-chain staking, this requirement was removed. The primary reasoning behind this removal was to reduce operating friction during the launch of multi-chain staking. Avoid a situation where Guardians would be forced to maneuver ORBS between Ethereum and Polygon.
Now that PoS V3 has been launched and solidified, some of these concerns no longer apply. At this stage, it has become possible to reinstate Guardian self-stake.
Accordingly, the network of Orbs stakers is being asked to vote on this question in two separate proposal votes.
First, the network will consider whether or not to reinstitute the Guardian self-stake requirement at all, in a binary yes-no vote. More details to follow soon on the new Orbs space on Snapshot.org.
If this vote passes, a second vote will be held regarding the exact requirement of the minimum self-stake.
The second vote, if required, will be contained in a separate proposal, regarding the exact details of the minimum self-stake. The community will be asked to consider three possible minimum self-staking models. One option is to return to the original requirement from V2.5, where Guardians were required to own a personal stake equal to at least 8% of their total delegated stake.
A second option is to institute a similar requirement, but with a lower percentage requirement, with Guardians required to own a personal stake equal to at least 5% of their total delegated stake.
A third option is to reduce the percentage requirement further. Guardians are required to own a personal stake equal to at least 3% of their total delegated stake.
Voting Details
For purposes of these proposals, the voting power considered for each proposal will be the sum of all staked and delegated Orbs Tokens on both the Ethereum and Polygon blockchains, as recorded at the Snapshot block.
The default option for both votes is that the Guardians are entitled to vote on behalf of their entire delegated stake unless a delegator opts out. Guardians should select their preferred option and sign the message via their wallets. Note that voting is gasless and occurs off-chain, but using signed transactions that can be verified on-chain if necessary.
If a Delegator wishes to vote on their own behalf, they are encouraged to do so. Their voting power will then be deducted from their Guardian’s vote and assigned to the option of their choice.
These proposals will be live and open for voting for a period of 7 days. It will be considered final if at least 100M staked ORBS Tokens votes within that period. The option receiving the highest percentage of votes is implemented via protocol upgrade as soon as practicable.
NOTE: Voting will be held on each proposal separately. Please be sure to participate in both votes if you want your voice to be heard on both issues.
ABOUT Orbs Network
Orbs is a public blockchain infrastructure. Designed for mass usage applications and close integration with EVM-based L1s such as Ethereum, Binance SmartChain, and Polygon.
