BDI Rebalance #2: Results

The actual results

All 7 votes failed to reach our initial quorum of 10000 votes or even the reduced quorum of 6700 votes.

Our voting token BASKV — a token set up to track your BASK that may or may not be in your wallet, has failed to consider

  • BASK staked in Onsen, resulting in some of the more active community members unable to vote
  • BASK held by our multisig devfund, resulting in devfund unable to cast its 5600 votes for each proposal

Lessons from BASKV failures have been learned and will be applied to future proposals.

Our thoughts

Over the past few months, we’ve trialled various aspects of our envisioned governance that’ll eventually be self-sufficient in governing the protocol and its indices. These trials have yielded a lot of learnings and revealed holes in our setup which are invaluable.

We’ve observed that governance participation is still in its early stages, i.e. we don’t have an incentivised participation or delegation, resulting in low turnout unsurprisingly. To address this we might be lowering the quorum requirement for future proposals.

In the end, we believe trials and iterations are unavoidable on the path to decentralisation.

What we’re gonna do

Given the uncounted votes would have been enough to push the proposals to quorum, we’ll consider all proposals to have reached quorum and use the votes as is.

That means all 7 proposals pass as the lowest Yes vote percentage sits at 92%.

We’ll be learning from our implementation mistakes for future proposals. That said if anyone has a strong objection to this verdict please voice your opinion in the #rebalance-2 channel on our discord.

The new BDI

If the rebalance were to occur today, this is what the new BDI would look like, earning a comfy 3.8% yield on a basket of bluechip DeFi tokens.

New weights using data from 14/06

So what happens now?

[June 16th, UTC+2] Assuming no major objections from the community, BDI rebalancing begins. BasketDAO will implement the changes voted in by the community over the course of 7 days. We have allowed an extra day for anyone to voice serious objections.

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