The Hop DAO would benefit from expanding and diversifying its delegate base. Only one of the top five delegates by voting power in the Hop DAO voted on the most recent onchain proposal . However, it is very difficult for aspiring delegates to get in front of token holders and attract new delegations.
I propose to partner with Tally to provide a gasless delegation budget and encourage delegation during the upcoming Delegation Week. More context on my proposal can be found in my original forum post. I updated the grant request amount from $10,000 in the original forum post to 75,000 HOP here.
Grant request amount: 75,000 HOP
- Gasless delegation budget: 50,000 HOP
- Delegation campaign: 25,000 HOP
The delegation campaign will include a twitter thread highlighting Hop delegates, individual coordination with delegates to campaign as part of delegation week, a Twitter spaces about Hop DAO delegates, and coverage in Tally’s newsletter and podcast.
An impact report covering both gasless delegation budget utilization and campaign success will be delivered after the conclusion of Delegation Week. Any unused gasless delegation budget will be returned to the Grants multisig.
I’m really excited about delegation week and think this is a great idea. Would the delegation campaign funds go to Tally?
I also wonder if it would be a good idea to do something like an 80% subsidy on gas to incentivize spending at times with lower gas fees so more people could benefit from the pool.
What are the specifics on how this works as well? Does the subsidy happen on Tally’s end at time of delegation or will the funds be sent after the fact to delegators? Hopefully this wasn’t all covered on the last community call!
The delegation campaign funds would go to Tally.
A gas subsidy on delegation (as opposed to fully gasless delegation) is an interesting idea. This would also help with sybil resistance. I’ll see if that’s feasible on Tally’s side.
The way we’ve designed it is for the subsidy to happen on Tally’s end at the time of delegation. Tally relays the delegation transaction on behalf of the user and pays for the gas.
I think this is a great idea too. Since this is a grants proposal instead of a HIP, I think we should probably get this decided quickly if possible especially given the timeline!
This is a great initiative @Frisson. Subsidy will definitively help attract more users to potentially delegate. And the Tally campaign will bring visibility to Hop Governance.
If the proposal were to pass, it would also be cool to relay the message in Hop’s official channels (Twitter/Discord), since that target audience is the one most likely to engage in delegation or re-delegation. (@cwhinfrey @shanefontaine).
Thank you for the support, friends!
Given that we’re getting close to Delegation Week and folks generally seem to like the proposal, I’m going to move forward with setting up a delegation transaction relay for Hop. I’ll post the implementation here for y’all to review later this week.
Grant funds can be sent to Tally’s Gnosis Safe: eth:0x7E90E03654732ABedF89Faf87f05BcD03ACEeFdC
@fourpoops @cwhinfrey @0xjack What else can I do to help move this proposal forward?
I’m super excited for this as well! It seems this may not need to go for a vote, but to be on record I am in support and would vote yes if we needed to do so. Anything that can diversify our delegate pool is a win in my book.
Nothing else to do on your end I don’t think. It’s definitely on the radar now and I’m hoping we can push it through asap
@fourpoops @0xjack @cwhinfrey @Bob-Rossi @olimpio @max-andrew @dybsy @shanefontaine
I put together a Hop Delegation Week Resources document. It contains templates that you can use to boost on social and engage with the Hop community. It also contains documentation on how we are planning to set up gasless delegation for Hop.
A few recommended next steps after you read the document:
- Tweet about Delegation Week from the Hop account
- Post in the DAO forum and governance Discord
- Confirm that you are aligned with the gasless delegation setup
- Recommend 1-2 folks to participate in the Hop DAO Twitter Spaces we are hosting at 12pm EST on 5/25
Happy to do full gasless to simplify things, was just throwing out an idea so we’re aligned there. I would also jump on the Space if no one more qualified wants to
After discussing with the grants committee, we’d like to suggest the following:
- Move forward with the 25,000 HOP delegation campaign grant. There’s a lot of leg work involved and this seems well deserved.
- Opt out of the gasless delegation and distribute HOP directly to participants at the end of the week with the intention of incentivizing a higher amount of redelegated HOP.
HOP rewards will be calculated based on a formula that dampens rewards for larger token holders. Here are some example reward amounts.
The exact formula is:
REWARD=(100*LN(X+500))+(0.0017*X)-650 where X is the number of token delegated.
Only wallets that hold at least 500 HOP at Tally’s snapshot time will be eligible. If all participants earn less than a total of 50,000 HOP, all rewards will be increased proportionally to meet this minimum. Without exact data, we would not expect more than 100,000 HOP to be rewarded total based on the current HOP holder distribution and estimated participation.
I like this, another avenue for getting HOP into the hands of the community.
Thank you for considering our grant proposal! Tally is supportive of this direction moving forward. We’re excited to move forward with the Hop Delegation Campaign, and to learn from the HOP delegation rewards test.
One point of clarity that came up on the Community Call: If you want to participate but do not want to change your delegate, you can redelegate to the same address during delegation week and be counted as eligible.