Notional is launching its delegate program!
Why a delegate program?
The introduction of Notional V3 on Arbitrum, along with the imminent release of V3 on Mainnet, marks a significant milestone in the protocol’s evolution. In light of these developments, we believe it is now an opportune time to invest in broadening and deepening participation in Notional governance.
As Notional V3 continues to expand and accommodate a wider range of markets, the intricacies of tracking DAO proposals will become more challenging for token holders. The introduction of a delegate program will offer token holders the opportunity to maintain their influence within the DAO without the need to engage directly with every proposal.
We believe that fostering an ecosystem of high-quality delegates will benefit the protocol over the long term by increasing Notional’s decentralization and resilience.
What will delegates do?
Notional delegates will contribute to the protocol’s economic and risk management initiatives. Delegates will work toward ensuring the optimal functioning and sustainability of the Notional protocol through parameter optimizations thereby safeguarding the interests of community members and token holders.
Delegates will:
- Propose improvements to how the protocol/DAO works;
- Propose/review parameter changes;
- Propose/review new asset listings;
- Propose/review incentive allocation proposals;
- Review and provide feedback on Notional Requests for Comments (NRCs);
- Review and actively vote on Notional Improvement Proposals (NIPs);
- Interact with the Notional community and with Notional users;
- Foster new initiatives.
Who can apply to become a delegate?
Any community member who is eager to make an active contribution to Notional is welcome to apply. It is important to bear in mind that delegates will need to dedicate a considerable amount of time to engage in Notional’s governance.
Let’s note that early delegation candidates will likely benefit from higher NOTE delegation from current token holders.
Delegates are encouraged to read the Notional Governance Docs, User docs, Asset Onboarding docs, and risk docs.
Recognized delegates
In order to encourage active delegate participation in governance, the DAO will be able to elevate a delegate’s status from community delegate to recognized delegate.
To qualify as a recognized delegate, a community delegate must satisfy the following criteria:
- Has been active as a community delegate for at least 4 months;
- Has voted on at least 75% of NIPs in the prior 4-month period (Abstain votes qualify);
- Has accumulated at least 250,000 NOTE in delegated voting power.
After the initial 4-month period, the DAO will formalize the onboarding and offboarding conditions for recognized delegates.
Recognized delegates compensation
Recognized delegates will not be directly compensated during the first 4 months of the delegate program (Dec 2023 - Mar 2024). We think it is preferable for NOTE holders to be able to see which delegates actively contribute and bring value to the protocol without being directly compensated initially.
After this initial 4 month period, the DAO will be able to more effectively assess how it should compensate its top recognized delegates on an ongoing basis. For example, the DAO could compensate a certain number of Notional’s recognized delegates based on how much voting power they amassed.
How to apply?
To apply, delegates must reply to this discussion with their delegate application. Applications must follow this template:
Name:
Forum handle:
Twitter (optional):
ETH Address:
ENS name (if applicable):Delegate Presentation: (Detail any previous delegate experience, projects you have contributed to, and your qualifications in governance, risk management, DeFi)
Share how you plan to contribute to Notional: (Which principles do you intend to vote by? Why should NOTE holders delegate their votes to you)
Although early delegates will benefit from more visibility. Delegate applications will always be open. Once you have submitted your Delegate Application, we encourage you to publicize your candidacy and reach out to NOTE token holders to increase your delegation voting power. One can track delegates voting power via Notional’s delegation Dashboard.
How to delegate?
NOTE token holders can delegate their votes to delegates using the following guide.
