Plutus Protocol Upgrade

Proposal: Plutus Upgrade

Motivation

As you may know, we have had issues achieving the required quorum to perform the required protocol update to support v2 of Pancakeswap Liquidity Pools. As a result, the DAO Technology Team has decided to create a proposal that will temporarily transfer the governance contract ownership to a multi-signature address controlled by Richard, Luis, and Enrique; all members of Kindynos and the DAO Technology Team.

Proposal Effects on the Protocol

With the ownership, we will

  • Instantly upgrade the reward contract to support the required pools and
  • lower the Plutus quorum requirements from 35% to 15% of the Staked Polis (DRACHMA) Supply, through the redeployment of the Plutus Governance Smart Contract.

After this is achieved, the team will once again transfer the ownership of the contract to the community. With the new 15% Plutus quorum threshold that will allow implementing protocol changes in the future.

Why is it necessary to transfer the contract ownership to the developers?

This measure is recommended as it will be hard to achieve the required quorum to perform upgrades twice, and there are also timing constraints, and protocol limitations to one active proposal per account.

Simply put, supporting v2 Liquidity Pools is urgent for the project and needs to be performed as soon as possible, and it cannot be delayed until the governance smart contract gets redeployed to reduce the required quorum.
This temporal power allows for a quick reaction and prepares the protocol to be more agile in future votings.

As a further benefit, voting for a single proposal will make users save the transaction fees in BNB required for voting.

How can I help?

If you are staking, and have registered for voting, make sure you vote for the proposal once it goes live.
If you are staking, but not registered or do not want to vote yourself on all proposals, consider delegating your voting power to the DAO or other trusted community members.

All guides regarding the governance can be found here.

UPDATE #1 Proposal has been created, in the governance portal select Plutus to support it.

Luis Correa
DAO Technology Manager

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:rotating_light:The DAO has decided to create a lottery/raffle for active governance users which are participating in the voting process for Plutus proposals. :rotating_light:

If you, as a user participate in the decision-making processes of Plutus proposals on our governance by actively voting, you have the chance to win 500 Polis!

The whole thing works like this. The users participate in the voting and we will randomly select one of the users to be the winner!

We hope that will motivate you to vote and thus increase participation in the voting process.

:rotating_light:Make sure your Drachmas are registered and participate in the votings on Plutus proposals for your chance to win 500 Polis! :rotating_light:

If you need help with registering your Drachmas and how to vote please make use of our guides:
https://docs.polispay.org/polis-docs/guides/governance

Good day Polis team! While I understand the need for immediate budget for LP etc…is the proposed 15% a bit low for future proposals? I suppose the participation on the the last proposal was super low? Thanks for your answer. I will activate my voting as well in the meantime :slight_smile:

To be honest, it does seem a bit low to me too, but I think it is a reasonable goal/expectation for the community moving forward, as there’s a big part of the community that has not shown interest in voting.

We are happy to see that ~43% of stakers are taking the time to register their voting power and to see a huge part of that being active in the voting process, but we believe our initial expectation was a bit too much and creates a narrow margin for non-active stakers to block project development. For community decisions, this is expected and should be handled appropriately, but for obvious protocol upgrade needs that clearly benefit everyone, there may be a need to lower the quorum requirements at least temporarily.

We believe that community engagement will increase in the upcoming months, so if it becomes feasible to increase the quorum again, I’m sure it is definitely on the table.

Thank you for your support!

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ok thanks for your answer! Yeah, more people will get involved/ vote in the short term I am sure

1 Like