We have created a Snapshot page for The Graph!
This post will explain what Snapshot can do, with some explanation on how it can fit into the larger picture for governance of the protocol.
Snapshot was created by Snapshot Labs, and it is an open source project that allows voting based on specific data stored on a blockchain. Over 500 projects have integrated with it, including well known protocols like Yearn and Synthetix. The voting is free, as opposed to on chain voting where gas must be paid. Here is how it works at a high level:
- Voting is done by signing a message with your ethereum wallet, which verifies you are the owner
- Score is calculated by using strategies. The most common strategy is counting a vote as an ERC-20 balance, but you can create a strategy based on any on-chain data. In this snapshot page, there are 3 strategies, which will be explained below.
- The score is based on a “snapshot” of a block. This is great, as it prevents people from buying up tokens just to influence a vote.
- The strategies are run based on the code that exists here.
- The UI is hosted by Snapshot Labs, and thus is a point of centralization. They have a hub where all the IPFS files are stored, and then the UI calculates the scores in the users browser. The good thing about the strategy code being open source is that anyone could verify themselves if Snapshots hub was returning false data. As you can see, this isn’t a perfect decentralized solution, but it is a step in the right direction on the path to full decentralization.
This is how it works at a high level. Now, let’s describe the 3 strategies that Edge and Node has created for this page:
- There is a strategy for delegated GRT, indexer staked GRT, and GRT sitting in a wallet.
- Delegated GRT is based on any tokens that are currently delegated, as well as locked delegated tokens.
- Indexer staked GRT that is in the protocol, regardless if it is being used for an allocation or not. Also any thawing indexer tokens are included.
- Each of these three groups are worth exactly 33.33% of the scoring. For example in the network today we have these rough numbers:
- There are
~7,800,000,000 GRTin wallets. This is always the baseline, and is worth 7.8 Billion Votes and 1 GRT == 1 vote.
- There are
~550,000,000 GRTstaked by Indexers. Indexer staked GRT is also worth 7.8 Billion votes, meaning each GRT represents ~14.18 votes.
- There are
~1,650,000,000 GRTDelegated. Delegated GRT is also 7.8 billion votes, meaning each Delegated GRT represents ~4.73 votes.
- If you hover over any of the votes in the UI, you will see them as B-GRT, I-GRT, and D-GRT. Each one of them is a different Snapshot Strategy.
- There are
- If you own a token lock wallet, all of it’s voting score will be attributed to the beneficiary wallet.
Now let’s discuss how the community can use Snapshot:
- In general, Edge and Node wanted to provide this Snapshot page as a starting point for the community. The good thing is anyone can submit a proposal on the page. We can also implement a threshold amount of GRT a user would need to create a proposal, which is something we could discuss right in this forum to decide on. The threshold would be used to prevent someone from spamming the page with useless proposals.
- Feedback on the strategies would be great. The 33% scoring for Delegators, Indexers, and GRT holders is a starting point which is also open to feedback.
- New strategies will be needed to represent curators and subgraph developers. Anyone in the community could work on these right now and submit a PR to the snapshot repository. The Snapshot team reviews the PRs to make sure they won’t break anything, and I would personally be happy to review anyones PR that adds another strategy .
- Voting on proposals can basically get started this week, I just need to set up one or two more configurations. Something to remember is that if you are creating a proposal, it is good to get support through the other public channels like Discourse, Discord, and Twitter, in order to have people actually come out and vote on your proposal. So far the community of The Graph has been incredibly active in the months since launch, it is one of the best I have personally seen as someone who pays attention to a lot of different protocols in crypto. People will be happy to come out and participate, as long as they are aware there is a proposal!
Please ask any clarifying questions in this post, as I may have missed some explanation. Thank you!