The Compound Governance Support Working Group (GSWG)- Update 1
Prepared by: StableLab @Doo_StableLab, @Mel_StableLab, Arana Digital @AranaDigital, & PGov @PGov
Month 1 Overview
The Compound Governance Support Working Group (GSWG) was established this month, June 2024, and has started to make significant progress aligned with the mandates outlined in the initial proposal. Efforts to date have been focused on strengthening the governance framework by improving participation quality and quantity toward ensuring quorum achievement. Members of the group are meeting biweekly to ensure continued progress. Of note, we have actively engaged 31 of the top active delegates; more on this below.
Key Activities and Progress
Governance Status Review
- Initial GSR Preparation: We have compiled key elements of an initial Governance Status Report (GSR) and are planning stakeholder outreach efforts. This report will highlight current participation levels, voting patterns, and potential areas for improvement.
- Ongoing GSR Updates: Following the initial report the GSR will be updated quarterly with new data and feedback.
Increasing Governance Participation
- Campaign Development: The GSWG has created a telegram communication channel for Compound Delegates to opt into. The channel now houses over 30 of the top delegates and key ecosystem players. If you are a top delegate and wish to be added, please reach out to any of the proposal authors linked above, or drop a comment below.
- Monitoring: The GSWG has viewed this initial step as net positive given feedback from delegates. We plan to use this channel to highlight proposals that may be in danger of achieving quorum and otherwise monitor Delegate usage.
Enhancing Quality of Governance Participation
- High-Quality Participation Methods: We have identified several methods to increase the quality of participation, including guidelines for constructive feedback on proposals, and streamlining proposals by type with domain specialized proposal analysis.
- Next Steps: Initial recommendations will be circulated among Delegates and the Compound Community.
Ensuring Quorum Achievement
- Barrier Identification: We have identified key barriers to achieving quorum, including low voter turnout during specific periods and lack of awareness about proposal significance.
- Strategy Development: Strategies to ensure consistent quorum achievement have been developed, including a reminder channel and targeted engagement with high-stake delegates.
Protecting Against Malicious Proposals
- Threat Identification: We have discussed requiring threat assessments prior to proposed upgrades to identify and mitigate vulnerabilities related to changes in governance processes or framework.
Financial Overview
Budget Allocation
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Research and Data Tools: A portion of the budget ($50,000) is allocated for research and data tools, ensuring that we can access necessary resources as initiatives progress. To date, none of the budget for this has been allocated or used.
Research and outreach efforts have begun. Requirements are being gathered for RFPs. We expect to have an allocation strategy for the tooling budget provided in the coming month. -
Operations: The GSWG is funded through November ‘24 with no additional funding required at this time.
Community Engagement
Feedback Mechanisms
- Targeted Interviews: Initial feedback relative to Delegate willingness to engage in a delegate forum prompted the creation of a channel. Given this is the first actionable feedback implemented we plan to continue to monitor and report while continuing delegate and stakeholder outreach.
- Community Updates: We will be available for brief updates in the biweekly community call. We also plan to schedule a community feedback session following the issuance of the initial GSR.
Conclusion and Next Steps
The first month has been productive with significant progress towards our goals. We plan to update the community here monthly as a thread. We welcome your ongoing constructive feedback and support.
Next Steps
- Quarterly GSR Update: Preparing for the first quarterly GSR update.
- Campaign Expansion: Expanding the participation campaign based on initial and ongoing feedback.
