On chain voting costs

đź—‚ Proposals đź’ˇ Ideas & Improvements
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Yesterday i launched a poll in the Cafe, because the on chain voting wasn’t totally complete yet.

Here are the results till now:

SmartSelect_20210506-092314_Telegram
SmartSelect_20210506-092314_Telegram972Ă—1738 166 KB

It must be clear that the smaller investors are not willing to pay gas.

Maybe it is mentioned earlier, i don’t know…
But why must it be complete like this, on chain with the high gas fees?
Can’t it be done without gas, like a snapshot way… and if not, are there any other options?

I don’t think the on chain votes won’t be completed anyways… it will…
But to get more people involved… it cost to much like this for the Smaller investors.

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Thank @AllinCrypto for making this poll and raising this issue, a crucial point to enhance decentralization.

Despite the gas cost decreasing in the last weeks, on-chain fees should not impede the governance mechanism to carry on its daily activities.

Several solutions can empower token holders to save money but make their voice heard:

  • castVoteBySignature works as the on-chain vote cast, but the process is executed through off-chain signatures. This method is already included in the Idle Governor contract, and it’s possible to see it live with moderate efforts.
    Full description available on Compound documentation.

  • delegateBySig would reduce delegation costs, casting the action via off-chain signature. Idle contracts support this method, so the full implementation does not require changes at the core level. More info on Compound documentation.

A third approach that lowers the barrier to entry to community members is the “Autonomous Proposal”. Any address could lock a bunch of $IDLE and create an Autonomous Proposal, which becomes a governance proposal if it receives 120,000 delegated votes.
This mechanism allows bypassing the threshold to launch on-chain IIPs because it is no more required that the proposer holds 120k voting weight before the proposal submission.
The Autonomous Proposal would not reduce transaction fees, but it could be an added value if combined with the methods mentioned above.

In this way, Idle Governance could rely on a suite of off-chain tools that make the costs almost negligible.

By the way, don’t forget to delegate your voting weight today: in the Delegation Pitch section, there are Leagues’ addresses (Dev League pitch will come soon). With only one delegation transaction, you would save the costs of proposal voting.

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Thanks @Davide for the reply.
Good to see there can be other options.

I would need to read more to understand all the options :sweat_smile:.

Hopefully we get more replies with the thoughts of others also.
Or maybe there should come a snapshot to see opinions.

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