Raise the quorum threshold to 60M.
We believe that this would represent a measured raise in the quorum threshold that not only reflects recent turnout numbers but also takes into account the increased risks of delegate abstention as a substitute for “NO” votes if the quorum is raised too high.
Based on the Snapshot vote and discussion in the temperature check, there does seem to be some community support for increasing the quorum threshold in principle. The outstanding question, therefore, seems to be what number the threshold should be raised to.
If we view the decision around raising the quorum threshold in the context of the UNI release schedule, which is pictured below, it is easy to assume that the number of delegated votes will only increase from here as investors and the team see UNI vest and as more and more Treasury UNI is distributed through grants and other programs.
Moreover, with both the vote for the Defi Education Fund and the lowering of the proposal threshold seeing over 90M UNI in participation, it is clear that the current quorum threshold of 40M is on the low side. Proven high voter turnout means that a higher quorum can quite easily be reached and so rather than making the passage of proposals more difficult, raising the quorum threshold would more so ensure that there is sufficient amounts of consensus before any proposal passes. A risk with a threshold of only 40M UNI, as it is in the status quo, is that lower quality proposals will have an easier time getting passed. Thus the quorum threshold should be raised to help ensure that proposals that pass reach a higher bar of quality.
With that said, @derek raised a great point in our Temperature Check pointing out that raising the quorum threshold might result in delegates abstaining from voting to prevent a proposal from passing. This is not ideal because in the spirit of transparency, voters/delegates should own up to their decisions if they are against a proposal rather than being given the opportunity to abstain and hide their opinion. In short, a low threshold forces large token-holders and large delegates to be actively involved in the governance process. It should be noted, however, that this risk is arguably mitigated by the fact that tools like Tally, Sybil, and Boardroom provide transparency on delegate voting activity. This makes it possible to call out and delegate votes away from actors who continuously abstain.
Keeping the above in mind, we therefore believe the threshold should be raised given, on balance, the benefits of raising the quorum to ensure proper consensus is met outweighs the potential harms of delegate abstention.
We believe the best approach is to raise the quorum threshold in a measured way to 60M.
Given that all three successful Uniswap proposals so far have reached at least 60M YES votes, with turnout surpassing ~90M in the previous two proposals, 60M is a balanced quorum level that accounts for this higher turnout while also accounting for the increased risk of voter abstention.
The Snap Poll for the consensus check will be live for 4 days, from 22:00 EST on July 6th. If the poll passes with a minimum of 50,000 UNI in support, this proposal will move forward to the next phase.
A link to our snapshot proposal: Snapshot