Preventing market manipulation in governance

The recent vote, although extremely pivotal for the future of the project, has exposed certain irregularities within the democratic governance system.

First and foremost, given that the team has 130,000,000 vested tribe tokens and can vote via delegation, in future the team should declare ahead of voting, their intention to recuse themselves from the vote, or declare their intention to vote in a certain way.

The large swings of fei and tribe during the current voting process has shown that the team’s vote will cause massive volatility. As extrapolating the market moves there are 10s of millions of dollars of potential profits for insiders. If this is a public company in this very situation they would need to file 14(j) disclosures with the SEC.

Secondly, the current voting period is arguably too long, and snapshot allowing changes in vote creates ample space for market manipulation. In the future voting periods should be massively condensed to the span of less than a day (just enough for every time zone to get in and not more), and be announced ahead of time. Public companies allow for only extremely short voting windows for shareholders, and always after market hours for this exact reason.

Finally, given the rise of other proposals on snapshot, the team needs to formalize a criteria for a formal response and formal adoption. If a user generated proposal should garner a very large amount of votes, (that is a significant percent of all tribe, hence legal quorum), then the team is then obliged to vote on it, or be obliged to move it formally to DAO voting.


Totally agree.
You bring up a good points.
The Snapshot page says your vote cannot be changed but actually you can change it.
Visible viewing of votes ahead of a final result with the ability to change a vote minutes before massively opens the vote up for manipulation.
With the current result looking like no change the price of fei is dropping, if the result ends at $1 redemption in the last seconds then the price of fei will shoot up. The people changing their votes will undoubtedly have brought fei…
This is really badly thought through and needs to be addressed