a16z plans to begin gradually delegating some of their tokens on February 6th. They plan to delegate 1M OP each week, to 20 different wallets over the course of 20 weeks. They have selected an initial cohort of 7 delegates to receive 1M OP in delegation and will establish an additional 12 delegation wallets to be reserved for future delegations. This process will occur gradually, at the rate of 1 delegation of 1M OP over the course of 20 weeks. No delegate will receive >1M OP in delegation.
a16z has chosen to delegate their tokens to select delegates, using this framework, rather than solidifying their own voting power. This will not only increase representation of other important stakeholder groups (including technical universities) but it will significantly increase the votable supply, which is a top priority in increasing the robustness of Token House governance.
a16z’s delegation is happening alongside other initiatives to further increase the votable supply and represent distinct stakeholders in the Collective. In addition to the Protocol Delegation Program, you can expect more information about an upcoming initiative aimed at increasing individual delegation in the near future.
Other investors have the right to vote with or delegate their tokens and may chose to do so in the future. The Foundation has asked investors to publicly announce delegations and explain their frameworks for choosing delegates when they do so. While this means investors are likely to control more voting power over time, the Token House is specifically designed for plutocratic decision making and the collectives’ bicameral governance system limits the influence of large token holders.
As always, we encourage ongoing community discussions about ways to further increase the votable supply and distribute it to a broad range of stakeholders.