MIP 30 - Mirror governance update: Reduce voting period to 7 days

Opening up a new thread to engage with the community around the Mirror governance update submitted under proposal ID 30.

Please note that the documentation on Github does not yet reflect the updates made to the poll creation section on terra.mirror.finance

Here is the current state of governance options on Mirror as a reference:

  1. Submit a text poll: Open ended proposal on Mirror Protocol
  2. Whitelist a new mAsset: Poll to list a new mAsset on Mirror Protocol
  3. Register Whitelist Parameter: Poll to set the initial parameters of a listed mAsset on Mirror Protocol
  4. Modify Mint Parameters: Poll to update the minting conditions of any mAsset on Mirror Protocol
  5. Modify Governance Parameters: Poll to update the governance process on Mirror Protocol
  6. Community Pool: Poll to request MIR funds from Community Pool

The MIP 30 submitted under https://terra.mirror.finance/gov/poll/30 pertains to section 5.
Given that Threshold and Quorum minimums have been met, it is likely to pass in 12 days.

However, there are a few misconceptions around the changes proposed and people should be aware of them whenever voting on this kind of proposal.

The MIP aims to reduce the period required for locking MIR tokens staked in the governance pool in order to vote on Mirror proposals, from 15 to 7 days. The requirement is genuine, and is likely one of the changes needed to make governance on Mirror more attractive to users (for a more detailed discussion , please follow this thread)

However, MIP 30 has been submitted for changing several more parameters rather than just the voting period :

Voting period change to 100,000 blocks is correct (it will roughly correspond to 7 days) but Quorum and Threshold setting changes have been submitted even though the author had no intention to modify these parameters.
As a result if the proposal passes, these parameter changes will be enforced and affect all proposals onwards.

In this case the impact is not too significant as the quorum and threshold changes will be slightly different from what they are today , but populating these values without further consideration when submitting governance change proposals could be having negative effects leading to manipulation in the future.

TL,DR - Please submit only data to the parameters you wish to change when creating a governance change poll , Voting period, Quorum, Threshold do not all need to be populated if you don’t intend to change these.

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The web frontend now blocks users from submitting a gov proposal modifying more than one parameter at once. Think we can just have this pass for now (as the changes are small) and perhaps issue another proposal to revert the unintended changes at some other time.

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