[Proposal][Discussion] Shorten Pre-IPO Assets Registration Poll Voting Duration

Currently, all polls and poll types listed on the Mirror Protocol Governance (Mirror) are all bounds to the same voting duration (currently 7 days). This is mostly optimal and have been shown to work well since the protocol’s inception.

However, in working on moving forward with the registration poll of mHOOD as Mirror’s first pre-IPO assets (whitelist proposal ID 110: Mirror), we have come to reconsider having a uniform voting duration across all poll types.

For context, A S-1/A filed by a company looking to go public typically contains information related to the initial listing price of the stocks, which is necessary in determining and reasonable minting price of the pre-IPO asset on the platform.

Depending on the company, the time difference between the S-1/A filing and the IPO date might greatly varies, with some being quite short. In the case of Robinhood, the company publicize their document filing on the19th of July (Robinhood seeks up to $35 bln valuation in mega U.S. IPO | Reuters) and is expected to start trading on the 29th of this month (Robinhood targets July 29 debut as a public company - CNN).

Given the current 7 day registration poll, this would leave only 3 days after the poll concludes for the pre-IPO assets to be listed, minted, and traded, which is too short in my opinion. As other IPOs in the future might have similarly short timespans, I suggest that the community votes to shorten the voting period for Pre-IPO asset parameters registration polls.

Where I’m looking to get feedback and ideas from the community on are:

  1. Their opinion in shortening the voting period of the poll type
  2. Any recommendations or suggestions on what a reasonable voting period would be

Finally, a few things of note:

  1. Band will be preparing a price feed for HOOD so that the asset can be listed soon after the IPO listing date
  2. The voting period for all other poll types will not be affected and will remain at 7 days
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Voting period less than 7 days is a little sensitive. Some of us don’t go on the platform or Twitter more than once a week and they may get left out.

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A feasible way to reduce the voting period is to get push notifications of a vote-in-progress to make us aware of it and be able to respond easily and in a timely fashion; perhaps through Terra Wallet, Star Terra or some other community app?

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I think the real answer is you can’t wait for the announced IPO price to set the initial minting price – too few days to make it worth it.

Better option would be to reference trading prices on private share exchanges that actively trade shares. There are obvious flaws with this option but I don’t think waiting until the IPO is filed makes sense – even if Robinhood’s was 30 days instead of 10, it seems like a lot of effort for a few days of pre-trading.

OR

You whitelist expected IPOs and prep everything except the minting price and then push the contract Live as soon as the S-1/A is filed

The problem here is that the minting price is one of the required information to be included in the pre-IPO asset’s ‘Register Pre-IPO Parameters’ poll that is currently required before the asset can be listed (ref: Pre-IPO Procedure - mirror). With that even if we have the tech ready right now the listing procedure will still be bottlenecked by the current 7-day voting period. Hence this proposal to help speed that along.

One potential solution suggested by @josephliow on Twitter (https://twitter.com/Josephliow/status/1420010100530552833?s=20) is to shorten the remaining voting period to 24 hours once the poll passes the threshold.

Currently trying to see how that would have fared for previous assets and HOOD and how feasible is it to adapt in the short term since it will most likely require an implementation change in the contract level.

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