Snapshot configuration & membership
Last updated
Last updated
Strategies configuration for multi-stakeholder voting
Strategies:
We use three separate strategies so users can see in the UI what their voting weight is for each gov. group: Builders, Pods, and Token holders.
MGV token with delegation and including vested, claimable tokens
At the outer level, we use the strategy to allow delegation.
Inside that we use for owned MGV tokens and for vested but unpaid MGV tokens
Symbol: MGV
Builders Group Activity Score with delegation, quadratic-voting, and scaled to the circulating supply of MGV tokens
At the outer level, we use the strategy to allow delegation.
Inside that we use the which is built exactly for this
Symbol: vMGV-B
Rationale: reusing the symbol of the membership, adding "v" to signal that it's a voting token attached to the group, but not the same object.
Pods Group Activity Score with delegation, quadratic-voting, and scaled to the circulating supply of MGV tokens
At the outer level, we use the strategy to allow delegation.
Inside that we use the which is built exactly for this
Symbol: vMGV-P
Rationale: reusing the symbol of the membership, adding "v" to signal that it's a voting token attached to the group, but not the same object.
Validation strategies:
We use basic validation with a minimum score: Members with a voting power corresponding to more than 0.1% of the circulating supply can make proposals
Snapshot requires an absolute number, so we calculated what 0.1% corresponds to as of 2024-01-08:
Circulating supply: 137,392,418.57352012 MGV
0.1% of circulating supply: 137,392
Quorum:
We’d like to set the quorum to 15% of the total voting power. However, Snapshot requires an absolute number, so we’ve calculated what 15% corresponds to as of 2024-01-08:
Circulating supply: 137,392,418.57352012 MGV
Total voting power: 3 * circulating supply = 412,177,255.72056036
15% of total voting power: 61,826,588
The Delegation section is left unconfigured which (unintuitively) means that we use Snapshot’s built-in delegation system.
Membership of a governance group/Council is represented by ownership of an NFT (ERC-721). There is an NFT collection for each of the governance groups.
Each membership NFT controls a TBA (ERC-6551) and that TBA in turn is given tokens to represent the member’s attributes, such as their Activity Score (ERC-20, only relevant for Builders and Pods).
As we’d like members to be able to keep their membership NFTs after they leave Mangrove (it’s a nice memorabilia to have 🙂) we model active membership by giving the TBA an “Active Badge” token in a multi-token (ERC-1155) contract; When a member leaves a group, the active badge is burned.
The following diagram illustrates the setup:
Proposal configuration
Voting configuration
Delegation
