In order to strengthen the participation in the B.Protocol governance process, and as it became a standard in many DeFi protocols, we suggest starting using the delegation feature - transferring one’s voting power to be used by another, aka the delegated account.
As BPRO is using Compound’s Gov Bravo, this functionality is already embedded in the token’s contract and doesn’t require any unique or additional development, hence no special voting is required.
The delegation process has 2 parties - the Delegatee and the Delegator - and we will cover shortly below the suggested/required steps from each in the process. It’s worth noting that users still keep ownership on their tokens at all times and the Delegatee can’t transfer or do anything with the funds, besides use them for voting purposes, both for on-chain and off-chain voting.
The party that will act on behalf of those who will transfer their BPRO voting power to her/him.
Any BPRO holder can become a Delegatee and offer themselves as a BPRO Delegation. The sensible step for delegators would be to choose a delegation who is a trusted/known entity/person in the B.Protocol community, either an active member in the community (forum/discord etc) or a known and trusted DeFi figure.
Suggested steps for members who wish to become a BPRO delegation -
- Sign up on Vote with Tally, possibly with your Twitter account so Delegators can identify you.
- In the Settings you can add a description of yourself, your connection to B.Protocol and any other information you think other members of the community would be interested in before they delegate their votes to you.
- You would need to use the “Delegate to Self” button and delegate your own BPRO to yourself before others can delegate to you.
- Post an introduction about yourself in the dedicated thread opened on the forum for this purpose - a place for Delegations to present themselves to the community -
The party that transfers its BPRO voting power to the Delegation.
By transferring your voting power to more active users in the community, you are making sure votes will pass more easily due to higher participation rates. Make sure to delegate your BPRO to someone you trust that will act in your favour and according to your intentions.
You can always revoke the delegation and transfer it to another delegation or to yourself.
Suggested steps for Delegators who wish to delegate their BPRO to someone else -
- Read the Delegation Introductions Thread on the forum and choose your favourite Delegation.
- Go to Vote with Tally and connect your MetaMask.
- Find your chosen Delegatee and delegate your BPRO to her/him.
A full manual on how to use the delegation on Tally can be found in their docs -
Having delegations doesn’t mean B.Protocol’s voting process will take place on-chain from now on. In fact, nothing will change in the governance process of BPRO besides the Delegations will have more voting power. We would still use Snapshot for off-chain votes, and those will include the delegated votes.
As the delegation act itself is made on-chain, it entails some gas costs for those delegating. We will run a campaign to subsidize these gas costs to members who delegate their votes to others. The campaign will run for 2 weeks and will be capped by the 100 first members and a gas cost of no more than 100 Gwei.
We will first give those who are wishing to become a BPRO delegation to introduce themselves for about a week and will announce the starting date of the campaign itself soon (once enough delegations are introduced).
Other proposals and feedback on this idea are welcome as always.