Increase the quorum proposal

I’ve just noticed someone submitted proposal to increase quorum from 10% to 20%
I think its little early with this and without couple whales voting nothing will pass given current state of voting participation. Should we down vote it or up vote it for now ?

I agree that it seems a little early to increase quorum.

Despite that anyone can stake MIR to earn some extra reward, the voting incentives are not very clear. People could still choose not to vote even with their MIR staked to governance. And not everyone will check if there is a new governance poll everyday.

i think there was a similar issue on other blockchains where the quorum was high and no governance poll could pass without the largest whales voting on them.

+1

Think we should be careful on adjusting gov parameters until the network has had a bit more time to settle down

1 Like

I would propose the opposite, reduce the quorum to 6-7%. Look at the results of poll 72. Virgin Galactic SPCE I looked at the results around 8-9 hours before the end of the vote (before going to sleep) and the quorum was reached, majority was a yes… was happy to finally trade SPCe but no, when I woke up I saw the the poll got rejected because quorum was not reached.

This is really stupid, clearly people added MIR for staking without even caring to vote. If at least the majority was a NO. Nope, there was interest and the majority was a YES.

If all votes will go like this then forget that Mirror Protocol can be the new “robinhood”, all new assets are rejected because of that stupid quorum is not reached. Look e.g. at the Vietnam ETF. I think it’s very interesting asset to add. But no, again the voting will be rejected. What is the incentive to propose new things when votes mostly end in a stupid way like this?

What does it cost to add a new asset, basically nothing. Add a link to an oracle and let people trade it, why is it needed to reach 9.99% quorum? To add new assets the quorum should be minimal or there should be no quorum at all, to have new assets doesn’t hurt he system. On the contrary having new assets makes mirror protocol more interesting. If someone is really against an asset, then vote NO, but I wouldn’t care about the quorum for new assets.

If voting for important things then yes keep the quorum high. But to add new assets come on, should be a no brainer.

1 Like