The recent snapshot votes on the Fei-Rari merger have combined TRIBE and RGT token holders. The votes have determined the length of time we have to amend the merger agreement and whether we will accept amendments to key terms, like pricing.
I believe this violates the governance rules of both DAOs.
First, why would a combined snapshot vote by TRIBE and RGT holders on how longer we have to amend the agreement bind the other DAO? RGT token holders have no power to bind the TRIBE DAO and TRIBE holders have no power to bind the RGT DAO.
Second, because TRIBE token holders outnumber RGT holders, TRIBE can unilaterally impose its will on the RGT DAO in any vote that occurs along DAO lines. This effectively renders the entire DAO-specific governance process or snapshot votes irrelevant.
Let’s change this process ASAP and separate out the snapshot votes for each DAO.
it would need to pass the TRIBE-only vote to go thru – if it cannot pass the combined vote then it follows that it cannot pass the TRIBE-only vote.
That’s exactly right. I was proposing that we move to DAO-specific votes on the merger agreement and amendments, so we definitely need to have our own votes on each amendment and the “final” merger agreement.
Again, I believe this is important because it lets each protocol show “the will of the people,” propose its own amendments (e.g., How much say should RGT actually have in how we structure the Rage Quit?) and flushes out issues that might fail on-chain later, which I believe to be one of the key reasons to have a snapshot vote.
Realistically, I also believe this is a good deal for both sides and we have most of the leverage, so I don’t expect much friction. However, as a process matter, I think we need to have each DAO act for itself each step of the way.
this would simply waste a huge amount of time going back and forth.
let me give you an example to illustrate:
-I propose via TRIBE snapshot to change the RGT → TRIBE rate to 1 RGT per 3 TRIBE.
-TRIBE obviously passes this, as TRIBE holders are much better off under this scenario.
-It goes to the Rari side, and is promptly rejected because it’s ridiculous.
-However many days that took were wasted on a hopeless proposal only 1 side would support.
The current example amendment proposals I’ve seen from RGT holder folks all pretty much amount to this – clearly would not pass on the TRIBE side, as seen from the snapshots put up trying to alter the exchange rate in favor of RGT.