Change Delegator Snapshot from Block #10650187 to #10650133

Change Delegator Snapshot from Block #10650187 to #10650133

Abstract
The community was asked to delegate their YAM tokens before Aug 13, 7AM UTC in order to reach the required quorum to submit the proposal. However, the delegator snapshot was taken 55 blocks after 7AM UTC when the actual proposal was submitted. The team could have submitted the proposal in the first block mined after 7AM UTC, block #10650133. Some community members might have delegated their tokens before the deadline, but might have not been included in the snapshot. They were hurt the most.

Motivation
The main objective of delegating YAM tokens was to reach the quorum for proposal submission. The team decided on the 7AM deadline. The team was also very vocal about keeping the tokens in the wallet and not moving them for 3 days until the voting ends. However, the second ask wasn’t the priority at that time. After successful proposal submission, there would be more than enough time to coordinate with the community all the steps required before the actual voting would take place.

Some community members might have realized these nuances, proactively delegated their tokens so the proposal could have been submitted and moved their YAM tokens to Uniswap LP in > 1 block after 7AM UTC but less than 55 blocks after 7AM UTC when the snapshot was taken. They would be ready to move their tokens back to their wallets once the team/community would decide on the voting specifics (e.g. when the voting would take place).

These community members were hurt the most. Not only were they not included in the snapshot, they also got severely hit by the impermeant loss. On the other hand, some community members (including insiders) might have dumped their tokens right after the proposal was submitted. Not only were they included in the snapshot and will be part of the future governance, they also handsomely profited thanks to Uniswap liquidity providers.

Specifications
Take delegator snapshot at block #10650187, the first block mined after the deadline.

I think the main argument against this is that the governance proposal was, if things went according to plan, the key moment. Those removing delegation in between 7AM and 7:12AM or so when the proposal was submitted were definitely trying to play a high-risk game, which clearly comes with increased risk in such a chaotic situation.

This proposal is also a bit late, as we are moving to audit very very shortly, and there won’t be time to complete a vote on this :confused:

While we have been moving fast through this process, the snapshot has also been circulating for a couple weeks at this point and we have received very little pushback on the block chosen.

1 Like

There is no perfect thing, we should give up a small part and continue to promote the more important things.