[APPROVED & IMPLEMENTED] OIP-1 - Restricting Governance Participation to Staking Wallets

Governance
1

Dear OCP Community,

As you are all aware, we have now entered Phase 2 of the Open Custody Protocol. With the rebranding complete, every holder has full access to their tokens.

This week, we launched two new OCP products:

  • OPEN Staking
  • OCP MPC Keychain (powered by Fordefi technology).

OPEN Staking is set to become a critical component of our protocol. It not only reduces the circulating token supply but also provides liquidity for the economic interactions between users and the custodial solutions connected to OCP.

To ensure that our community governance is driven by participants who are genuinely committed to the future and success of the protocol, we propose that only users staking in contracts of one month or longer be allowed to participate in governance voting on Snapshot.

OIP-1 Proposal - Restriction of Governance Participation to Locked Staking Wallets

  • Voting Power Calculation: Voting power will be calculated only from wallets with staking allocations in contracts with a lock period of one month or longer. The relevant contracts are:
    • 1 month: 0xeC8FC8F622d5dA70162285FA76e896AB403BF1B3
    • 3 months: 0xc8fee8f78aBC7ba5fF314091Dc64240Bdd36b794
    • 6 months: 0x5E5A1Ee6BeA02D24B19C322006614902ED638Ba5

Discussion Window: Until Friday, 7th June, 11am UTC
Snapshot: Friday, 7th June, 12pm UTC
Voting Period: Monday, 10th June, 12pm UTC to Wednesday, 12th June, 12pm UTC

As a reminder, this voting will have a shared reward of 1M OPEN tokens for participants as approved in OIP-0.

We invite the community to share their thoughts on this governance proposal. We look forward to shaping the future of OCP together.

Best regards,
The OCP Team

6 Likes
2

Hello, restricting governance participation to those staked in contracts of one month or greater feels fair, and also a logical step to promote participation from those committed to the protocol and not just farming for potential rewards.

8 Likes
3

Should only be for those that are securing the network at least 1 month lock up

5 Likes
4

As previously stated. It’s one thing to come and vote but it’s another to back up your mouth’s words with your wallet.

I agree that a month’s time is the least that people should do to qualify for the governance rewards.

I will be voting yes on this proposal.

Cheers lads !!

5 Likes
5

To stake, its the only way to actively participate as of now. You stake by locking, you get your APY. However, when LP is introduced, the active participants in the protocol that provide liquidity should also be able to participate in the community governance, as that would also show commitment to the future and success of the protocol IMO.

1 Like
6

I like the voting qualification criteria, giving rights only to those caring individuals.

1 Like
7

Well, it’s the least ain’t it?

8

Sounds good to me! Having a minimum 1 month stake makes sense and proves support of the project

9

Great initiative from the team here

1 Like
11

+1 Moronic team working on this project

12

Супер, я с вами с своим скромным вкладом.
Команда по сути молодцы, даже переживая сложные моменты, стараются развиваться.
Всем терпения, рынок вознаграждает терпеливых.
Уверен, в долгосроке (от 1 года и более), мы увидим потрясающий взлет монеты Open.

13

We have accordingly updated the Snapshot space to calculate only voting power from staking contracts above 1 month.

Strategies removed from Snapshot for calculating voting power have been:

  • Balance of erc20 token on an address
  • Sablier vesting contract (non withdrawn amount)
  • Contract call balance of erc20 token for contract 0xE28c1a85268B081CbaeA8B71e3464E132aA8a0d4

Only available strategies to calculate voting power moving forward are contract call with balance of erc20:

1 month staking contract
0xeC8FC8F622d5dA70162285FA76e896AB403BF1B3

3 months staking contract
0xc8fee8f78aBC7ba5fF314091Dc64240Bdd36b794

6 months staking contract
0x5E5A1Ee6BeA02D24B19C322006614902ED638Ba5

If any holder wants to participate in the following governance events, they must stake on one of these contracts.