Governance Update #3

Governance Update #3: Time to Reflect

Wow–it feels like the past two months have absolutely flown by! This governance update includes a brief recap of Season 1, and a collection of documents which the Optimism Foundation has prepared for Season 2. If you want to shape how Season 2 of OP governance works, now’s your chance – please come contribute to the discussions!

Season 1 Voting Recap

With the conclusion of Voting Cycle #4, Season 1 of Token House governance has officially wrapped! For the past eight weeks, Token House delegates have been reviewing and voting on Governance Fund grant proposals from projects spanning the Optimism ecosystem.

In the first four voting cycles, the Token House approved 41 project grants and rejected 18 proposals. 42.6mm OP has been approved for Governance Fund grants and 30.6 mm OP has been distributed to projects already. You can track grant distributions here. For a summary of these cycles, see the Cycle #1, Cycle #2, or Cycle #3, and Cycle #4 roundup threads.

We will briefly pause Voting Cycles to allow for a Reflection Period as we prepare for Season 2 of governance. Delegates will have a three-week period to reflect on Season 1 and provide feedback on our proposed changes for Season 2. Proposal authors should expect a new structure and updated process for Voting Cycle #6 (the next grant voting cycle), so please stay tuned for more information on a new and improved governance process! Proposers are welcome to draft grant proposals during the Reflection Period and Voting Cycle #5, but those proposals won’t be voted on until Voting Cycle #6.

What to Expect

  • The Reflection Period will last from August 4th - August 24th, during which time there will be no active votes
  • During the Reflection Period, we are welcoming community feedback on the v0.2 Operating Manual and other governance proposals aimed at improving Season 2 (linked below)
  • A Special Voting Cycle #5 will begin after the Reflection Period and will run for 13 days, from Aug 25 at 7p GMT until Sept 7 at 7p GMT. This voting cycle will only include process improvements and will not include grant proposals
  • Season 2 will begin on September 8 with Voting Cycle #6, which will resume all proposals. The governance process will follow the v0.2 Operating Manual and any new processes approved in Special Voting Cycle #5.

Time to Reflect

Eight weeks ago, the Optimism Collective launched with a minimal governance framework and an intention to iterate. In our last Governance update, we highlighted key feedback from delegates and community members regarding improvements that could be made for Season 2.

Below are a series of proposed updates that take this feedback into account. While changes to the Operating Manual don’t require a formal vote, feedback during the Reflection Period from delegates and the broader community is a crucial input towards making the next season the best it can be. Any proposals that fall outside the scope of the Operating Manual will be put up for Token House vote, as indicated below.

Here are the documents we’re asking for community feedback on as we gear up for Season 2:

Collecting feedback on these documents will constitute the majority of the Reflection Period. Once feedback is incorporated and Special Voting Cycle #5 has concluded, these documents will form the basis of Season 2 governance.

We’re so grateful to our community for taking part in our first governance experiment. Given your active participation, constructive feedback, and thoughtful reflection, you can probably guess how we’re feeling about Season 2. :wink:

And, as always,

Stay Optimistic! :sparkles::red_circle:

32 Likes

such a large distribution for a project that is very less innovative, your team should encourage the issuance of new tokens in projects that use your network, such as rubicon, kwenta and others, have a look at the experience that has happened to the velodrome protocol, see they are so fast growing, better encourage that instead of giving out free op tokens, use your op tokens to create new tokens in new projects

2 Likes

Love what team is doing. Stay Optimistic with Optimism.

Reflection can make the project go further

Wow this Collective is on point