What is (Re)delegation Week?
(Re)delegation Week will occur between July 17, 2024 and July 23, 2024.
It will serve as a period to strengthen active and decentralized delegation within ArbitrumDAO - by bringing awareness to the importance of participation, promoting diverse voices (through multiple AMA governance calls), and encouraging community members to (re)assess and (re)assign their voting power to representatives who best align with their values and vision for the DAO.
Check out this forum post to learn more about the role of delegates and delegators, and why you should consider becoming oneā¦
Purpose of (Re)delegation Week
The purpose of this week is to boost active participation in the DAOās decision-making process through effective (re)delegation.
Since its inception, the ArbitrumDAO has been one of the most active and decentralized DAOs in the Web3 ecosystem. There are ~436K delegators and ~260K delegates who have enabled the DAO to vote on over 280 Snapshot and 30 Tally proposals. However, to further decentralization and diversity, ArbitrumDAO needs to increase its number of active delegates.
Fast-forward to today, plenty of new contributors have become paramount in driving the DAO forward. However, many of these recent contributors have little-to-no delegation power and therefore, cannot significantly partake in decision-making. This is because most delegators delegated their voting power soon after the DAOās inception, and may not have reassessed their delegations since. Additionally, the Arbitrum community has grown over the past year, meaning that many $ARB token holders have a significant amount of voting power that could, potentially, be delegated to active delegates.
Accordingly, (Re)delegation Week aims to enable these newer and active contributors to step up, make themselves heard, and potentially get more voting power to become more involved in governance.
The figures below reiterate the importance of (Re)delegation Week. As of July 1, 2024:
- ~10% of circulated $ARB is delegated (i.e. 90% is undelegated)
- ~35% of $ARB token holders are delegators (i.e. have delegated their voting power to themselves or to someone else)
- ~6% of circulated $ARB is actively used for voting (based on the percentage of $ARB used for Tally voting out of the circulating $ARB supply, in the past 3 months)
TL;DR: ArbitrumDAO needs enhanced voter activation, which can be enabled by:
- having more $ARB token holders (i.e. delegators and potential delegators) participate in governance by delegating their voting power to active delegates; and,
- having more delegates actively participate in governance.
Timeline
- Build up to (Re)delegation Week (Now till Jul 16, 2024)
- There will be a governance call on July 15 at 14:30 UTC to discuss the perks and process of becoming a delegate. The meeting link can also be found in the ArbitrumDAO governance calendar
- Submission deadline (July 16, 2024):
- To participate in (Re)delegation Week, by July 16, delegates should:
- Complete their delegate profile on Tally, (including their chosen name and/or ENS handle), ideally use the Delegate Statement Template as outlined in this forum post, and make sure that the āActive delegateā checkbox is selected when writing up your profile
- Share a link to their profile to confirm their participation in (Re)delegation week, and specify their preferred AMA timeslot(s), as a comment below. Re(delegation) Week AMA timeslots are as follows:
- Share their profile as a comment on the Delegate Statement Template forum post, and follow the suggested template guidelines
- Further guidance on how to become a delegate can be found here ā How to Become a Delegate
- To participate in (Re)delegation Week, by July 16, delegates should:
- (Re)delegation Week (July 17 and July 23, 2024):
- During this period, there will be multiple AMA governance calls (as listed above) for delegates to pitch why they would make a good delegate, and illustrate their values and vision for ArbitrumDAO. The meeting links can also be found in the ArbitrumDAO governance calendar
Key Terms
- Token holders: Members of the Arbitrum community who hold the $ARB token
- Delegate: A party that can vote on Arbitrum Governance proposals. Could be an $ARB token holder or someone to whom other $ARB token holders have delegated their voting power
- Delegator: A party who assigns their voting power to someone else, to vote on their behalf
- Voting Power: The sum of $ARB tokens held by a token holder
Resources
- Delegate on Tally
- Delegate Statement Template
- Delegate or Become a Delegate
- Delegates and Delegation: A Conceptual Overview
- How to Vote on ArbitrumDAO Governance Proposals
- How to delegate your voting power: A guide for $ARB token holders
- How to become a delegate
- How to build a strong delegate platform
- Delegate Announcements Telegram channel
- ArbitrumDAO Governance Calendar