Governance quorum lowered to 25% of circulating DFP2

Jazzer - January 27, 2022

DefiPlaza is governed by the DFP2 token holders. They can make proposals at and when they are approved the team will implement the outcome. To make a vote on a proposal count, it needs to have sufficient votes (meet quorum). The quorum used to be 15M, with only slightly more than 30M tokens out there in total. This means that a majority of all DFP2 tokens needed to participate in a vote to make its result valid.

From other projects, it can be seen that the amount of tokens participating in votes is typically in the order of 30%, making the 50% mark very high. Thus, the team lowered the quorum to 8M DFP2 (±25% of circulating tokens) and asked the community whether or not it should be set back to 15M. The community voted in overwhelming majority (98.96%) to keep it at 8M, making it easier for votes on future proposals to be valid.

We look forward to many governance proposals originating from the community in the future!