GIP-44: Allow GNO holders to vote with invested/staked/locked positions in mainnet/gc

Governance GIPs
1

GIP-44: Allow GNO holders to vote with invested/staked/locked positions in mainnet/gc

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GIP: 44
title: Allow GNO holders to vote with invested/staked/locked positions in mainnet/gc
author: auryn, cris, jan
status: phase-2
type: Meta
created: 2022-05-11

Summary

Following from GIP-28, this proposal enables those holding and using GNO in a greater number of places to retain their vote in the GnosisDAO.

Currently, the GnosisDAO’s Snapshot strategy counts GNO on mainnet and Gnosis Chain, along with LGNO, mGNO, and some GBC staking deposits on Gnosis Chain.

If approved, this proposal will allow users providing liquidity on various AMMs to retain their voting power, along with counting all GBC staking deposits.

Abstract

Many GNO holders who productively use their GNO in ways that are beneficial to the Gnosis ecosystem (for example, by providing liquidity on various AMMs) are currently excluded from GnosisDAO governance. As such, there is an opportunity cost for participating in governance.

This proposal expands the number of places that GNO holders can productively use their GNO while retaining their vote in the GnosisDAO.

Specification

This proposal will establish the following sources for voting power:

Mainnet:

  • GNO balance
  • LGNO balance
  • Uniswap V3 GNO/ETH → ~81,500 GNO
  • Uniswap V3 GNO/*
  • Balancer V2 GNO/ETH → ~120,531 GNO
  • Balancer V2 GNO/COW → ~7000 GNO
  • Balancer V2 GNO/*

Gnosis Chain:

  • GNO balance
  • mGNO balance
  • LGNO balance
  • sGNO balance (StakeWise Liquid Staked GNO)
  • GBC deposits → ~98,000 GNO
  • Honeyswap GNO/ETH → ~6,000 GNO
  • Honeyswap GNO/*
  • SushiSwap GNO/ETH → ~5,600 GNO
  • SushiSwap GNO/XDAI → ~2,000 GNO
  • SushiSwap GNO/*
  • Symmetric GNO/ETH → ~4,400 GNO
  • Symmetric GNO/XDAI → ~4,500 GNO
  • Symmetric GNO/*
  • Elk GNO/ETH → ~1,500 GNO
  • Elk GNO/*
  • Swapr GNO/*

Rationale

The strategy tracks Balancer v2 and Uniswap v3 on mainnet, as these are by far the largest unaccounted GNO balances. It also tracks GNO balances in various deployments of Uniswap v2 and Balancer v1 on Gnosis Chain, since there was very little additional overhead for tracking multiple instance.

We had initially wanted to track deposits to Agave on Gnosis Chain, but implementing a strategy that did not result in double counting votes pushed the project beyond its alotted scope. This could perhaps be addressed in a future update if there is sufficient demand from the GnosisDAO’s community.

Implementation

Voting power is tracked in subgraphs for:

The source code for these subgraphs is available on github.

GnosisDAO Snapshot

Link to Snapshot will be added when proposal moves to phase 3.

4 Likes
2

Very nice proposal! Hope it will pass :slight_smile:

3

Can we also consider including agGNO as well? I remember agSTAKE was able to vote before the merge.

4

Is this an extension of GIP-28? I thought the staked GNO should already have voting power.

5

Read the description above, at the top of these comments.

That already answers your question.

1 Like
6

We looked into this, but were unable to find a reasonable solution that wouldn’t result in double-counting GNO and/or people being able to leverage up their vote weight without increasing exposure.

Still open to this being implemented, but it should be a separate proposal since it’s quite a challenging implementation.

4 Likes
7

The GIP-28 implementation has an error that did not properly count some staking deposits. This GIP rectifies the issue.

2 Likes
8

Have you considered rGNO (the reward token from stakewise)? And what about GNO/sGNO pool and rGNO/sGNO pool on curve? Just wondering if it was considered and if yes, what is the reason not to include it.