Summary
Create incentivized campaign to increase Metronome DAO governance participation
Abstract
Decentralization in governance is paramount to both Metronome as a DAO and as a protocol’s long term success. Voter participation has been lackluster in recent governance proposals, which is detrimental from a perspective of both logistics and optics. This proposal aims to increase voter participation for future governance proposals, while simultaneously rewarding community members that participate in governance.
Expectations
If this proposal passes, the next 10 MIPs (Metronome Improval Proposals) will have an incentivized campaign for participants, spanning a separate fixed and proportional reward bonus
Fixed Bonus:
Each MIP will have a 1000 MET reward, distributed evenly to all wallets that participate in the vote. This MET will come from the Metronome DAO Treasury.
Any wallet that votes with a minimum vote weight of 1000 esMET will qualify for the distribution. (This is equivalent to either 1000 unlocked MET tokens, or 200 MET tokens locked in esMET for the maximum duration)
This campaign will last for the next 10 MIP votes, for a total of 10,000 MET tokens distributed as rewards.
Proportionate Bonus:
Alongside the fixed reward, all voters with locked esMET positions will be granted additional MET rewards at a rate comparable to MET LP rewards on Aerodrome or Velodrome.
More specifically, users with a max lock (where 1 MET = 5 esMET) will see similar APY to LP earnings.
This campaign will also act retroactively, beginning with this MIP - so should this proposal pass,
participants meeting the minimum voting threshold will participate in the reward.
MET rewards will be manually calculated and distributed to qualifying wallets on BASE chain.
Currently, only wallets holding MET and esMET on Ethereum mainnet can participate in governance votes.
Specifications
Manually review governance participation for the next 10 MIPs (with this proposal being #1), and determine which wallets are eligible.
Manually distribute the 1000 MET per vote to each qualifying wallet.
Additionally distribute proportionate MET rewards for esMET lockers.
Team will calculate and distribute the MET rewards once five votes have completed, and again after the tenth vote has concluded. A google spreadsheet will be made public showing current progress and rewards of each participating wallet.