From 65eaf02ab4845997b17a2423228b928e88747a3e Mon Sep 17 00:00:00 2001 From: kaleb Date: Tue, 17 Sep 2024 14:43:54 +0200 Subject: [PATCH 1/4] sip-408-update --- content/sips/{sip-408 => sip-408.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename content/sips/{sip-408 => sip-408.md} (100%) diff --git a/content/sips/sip-408 b/content/sips/sip-408.md similarity index 100% rename from content/sips/sip-408 rename to content/sips/sip-408.md From e169976977c9a21ed1c01858444fa27da3faa3a6 Mon Sep 17 00:00:00 2001 From: kaleb Date: Tue, 17 Sep 2024 14:45:25 +0200 Subject: [PATCH 2/4] Update sip-408.md --- content/sips/sip-408.md | 1 + 1 file changed, 1 insertion(+) diff --git a/content/sips/sip-408.md b/content/sips/sip-408.md index d03c395f3..51026312c 100644 --- a/content/sips/sip-408.md +++ b/content/sips/sip-408.md @@ -4,6 +4,7 @@ title: Synthetix Referendum author: Fenway status: Draft created: 2024-09-17T00:00:00.000Z +network: Ethereum type: Meta-Governance --- # Referendum SIP From 406bb5ee6bbd2bc3d64a0e7fddbcef7fc83dd66f Mon Sep 17 00:00:00 2001 From: kaleb Date: Tue, 17 Sep 2024 14:47:18 +0200 Subject: [PATCH 3/4] Update sip-408.md --- content/sips/sip-408.md | 6 ++++-- 1 file changed, 4 insertions(+), 2 deletions(-) diff --git a/content/sips/sip-408.md b/content/sips/sip-408.md index 51026312c..6b4626ebe 100644 --- a/content/sips/sip-408.md +++ b/content/sips/sip-408.md @@ -32,8 +32,10 @@ SR’s will live on the same site as the [SIPs official site](https://sips.synth For a referendum, `1 SNX = 1 vote` (i.e. linear voting). Voting will take place on [Snapshot](https://snapshot.org/#/). Given the nature of referendums is to enact significant change, for the referendum to pass, it must meet two criteria: ---1. A quorum, meaning the minimum number of SNX tokens that are required to partake in a referendum (vote yes, no or abstain), of 75m SNX tokens is required. The rationale for this number is outlined in _Note 1_ below. This represents half of the non-Treasury SNX stakers and is over 400% more SNX tokens than those that voted in the recent Spartan Council election. ---2. Approval must be over two-thirds majority of the yes/no vote (i.e. 66.67% approval threshold, excluding abstention). + +-1. A quorum, meaning the minimum number of SNX tokens that are required to partake in a referendum (vote yes, no or abstain), of 75m SNX tokens is required. The rationale for this number is outlined in _Note 1_ below. This represents half of the non-Treasury SNX stakers and is over 400% more SNX tokens than those that voted in the recent Spartan Council election. + +-2. Approval must be over two-thirds majority of the yes/no vote (i.e. 66.67% approval threshold, excluding abstention). These criteria can be voted on by governance with an SCCP. _Note 1 - There are ~150m staked SNX, excluding the Synthetix Treasury balance. Stakers are a representation of the more active component of the Synthetix community. 75m SNX tokens, or 50% of these community members, represent an adequate sample size of the community. Additionally, based on the recent election only ~17m SNX tokens partook in the Spartan Council election (<12.5m debt shares, with a debt per voting power of ~0.5, and an average c-ratio of <350% across Synthetix --> <$22m worth of SNX tokens, or <17m SNX tokens priced at $1.30). 75m SNX tokens represents over 400% of the community that recently partook in protocol governance._ From 7321fad684fcd0fdd7ba7463f63a12e38f94598b Mon Sep 17 00:00:00 2001 From: kaleb Date: Tue, 17 Sep 2024 14:48:38 +0200 Subject: [PATCH 4/4] Update sip-408.md --- content/sips/sip-408.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/content/sips/sip-408.md b/content/sips/sip-408.md index 6b4626ebe..9691f012b 100644 --- a/content/sips/sip-408.md +++ b/content/sips/sip-408.md @@ -33,9 +33,9 @@ For a referendum, `1 SNX = 1 vote` (i.e. linear voting). Voting will take place Given the nature of referendums is to enact significant change, for the referendum to pass, it must meet two criteria: --1. A quorum, meaning the minimum number of SNX tokens that are required to partake in a referendum (vote yes, no or abstain), of 75m SNX tokens is required. The rationale for this number is outlined in _Note 1_ below. This represents half of the non-Treasury SNX stakers and is over 400% more SNX tokens than those that voted in the recent Spartan Council election. +1. A quorum, meaning the minimum number of SNX tokens that are required to partake in a referendum (vote yes, no or abstain), of 75m SNX tokens is required. The rationale for this number is outlined in _Note 1_ below. This represents half of the non-Treasury SNX stakers and is over 400% more SNX tokens than those that voted in the recent Spartan Council election. --2. Approval must be over two-thirds majority of the yes/no vote (i.e. 66.67% approval threshold, excluding abstention). +2. Approval must be over two-thirds majority of the yes/no vote (i.e. 66.67% approval threshold, excluding abstention). These criteria can be voted on by governance with an SCCP. _Note 1 - There are ~150m staked SNX, excluding the Synthetix Treasury balance. Stakers are a representation of the more active component of the Synthetix community. 75m SNX tokens, or 50% of these community members, represent an adequate sample size of the community. Additionally, based on the recent election only ~17m SNX tokens partook in the Spartan Council election (<12.5m debt shares, with a debt per voting power of ~0.5, and an average c-ratio of <350% across Synthetix --> <$22m worth of SNX tokens, or <17m SNX tokens priced at $1.30). 75m SNX tokens represents over 400% of the community that recently partook in protocol governance._