Snapshot (Voting)
CoW DAO uses Snapshot for voting on CoW DAO Improvement Proposals (CIPs). Votes on snapshot are weighted by the number of vCOW+COW held, or delegated to the addressed, as determined by the snapshot strategies.
For a proposal to pass, it must have a simple majority of YES votes and a quorum of 35,000,000 votes.
Settings
| Parameter | Value |
|---|---|
vote.type | Basic |
vote.quorum | 35,000,000 |
vote.period | 7 days |
Any change to the snapshot settings requires a CIP to change the snapshot text record on cow.eth.
The settings are located in a JSON file that is stored on IPFS, whose hash is referenced in the snapshot text record on cow.eth. The JSON file is managed in a GitHub repository.
ENS name controller
Snapshot spaces are tied to ENS names. In CoW DAO's case; cow.eth. The method of assigning the ENS name controller is by adding the address of the desired controller to the snapshot text record.
Roles
Super admin
The super admin is able to control all of the spaces' parameters including adding authors, admins, changing strategies etc. The super admin role is assigned by the ENS name controller and is currently set to the CoW DAO main safe
Regular admins
Regular admins can do all of what the super admin can do except adding and removing admins. As of CIP-31 CoW DAO's snapshot space has no admins except the CoW DAO main safe as a super admin.
Moderators
Moderators can create and delete proposals but cannot change any space parameters. As of CIP-31, there are three community moderators responsible for removing spam proposals.
Authors
Authors cannot change any of the space parameters but they are able to create proposals. As of CIP-31, there are no authors on CoW DAO's snapshot space. Anyone with at least 10K COW holding can create proposals on snapshot according the the governance process.
Snapshot strategies
To ensure a democratic and fair voting process within the CoW DAO, the organization has implemented a comprehensive snapshot strategy. This strategy employs a multi-faceted approach to determine the voting power of each participant, utilizing a combination of eight strategies based on the balance of ERC-20 COW and vCOW tokens across different chains and states of delegation. The following table outlines the strategies used:
| Strategy Number | Strategy Description | Token Type | Chain | Delegation Status |
|---|---|---|---|---|
| 1 | Balance of ERC-20s vCOW | vCOW | Ethereum Mainnet | No |
| 2 | Balance of ERC-20s vCOW | vCOW | Gnosis Chain | No |
| 3 | Balance of delegated ERC-20s vCOW | vCOW | Ethereum Mainnet | Yes |
| 4 | Balance of delegated ERC-20s vCOW | vCOW | Gnosis Chain | Yes |
| 5 | Balance of ERC-20s COW | COW | Ethereum Mainnet | No |
| 6 | Balance of ERC-20s COW | COW | Gnosis Chain | No |
| 7 | Balance of delegated ERC-20s COW | COW | Ethereum Mainnet | Yes |
| 8 | Balance of delegated ERC-20s COW | COW | Gnosis Chain | Yes |
The aggregate voting power of a CoW DAO member is the sum of their balances across all eight strategies. This system ensures that every token, whether it is vCOW or COW, and regardless of its location or delegation status, contributes to the overall governance process. By accounting for both vested and liquid tokens, and considering their respective delegation choices, the CoW DAO captures a complete snapshot of an individual's vested interests and participation in the ecosystem. This comprehensive approach underlines the CoW DAO's commitment to an inclusive and representative governance structure, where each stakeholder's voice is heard and weighted accurately in the collective decision-making process.
To confirm, the current deployed voting strategies can be found here.