Posting this here for “DS” who suggested this in TG chat
His comment:
Why can’t gauge voting be moved to some sort of gasless method? Toekmak has successfully run their reactor votes and now liquidity director voting via Polygon without any gas use for the voters; changing my veFXS gauge votes will cost me hundreds of dollars. Seems like this is another barrier to getting the community engaged.
Proposal would be to move gauge voting off ETH for decreased costs.
Pros:
-More people would vote on gauge ratios
-Reduced fees for everyone
@sparkes25, sure it could be a snapshot if the team think that’s best. The point here is simply that others are using various methods which cost the voters nothing and accomplish exactly the same, and likely seeing much higher engagement.
I’m a huge fan of FRAX and would like to be more active in gauge voting, but can’t justify it now based on my small (almost 6 figures, but too small to justify still somehow) position.
Any follow up from anyone on the team here? I think this would be a great step forward in helping FXS holders become more engaged with gauge voting.
Not to mention it seems that I need to pay a gas fee to reset my vote prior to then voting and paying another gas fee. Meanwhile I can adjust my Tokemak votes all day without any fee and it works flawlessly.
Fully in favor of this proposal and definetly should come on the backlog.
Hard to say however whether it should be on the top of the teams prio list with all what is going on right now. Expansion, integrations and FPI seem more important…
Agree that FPI and expansion to L2 is more important, but this should have some claim in being addressed since it’s something many other protocols are using (Snapshot has hundreds). How do we move this forward with a vote to get consensus? I’m happy to jump in and help once I know the process.
The decision to have gauge voting on ETH was intentional for security. Locking FXS in cvx is now possible so voting can be done via Snapshot through CVX soon. This seems unnecessary.
Will this somehow allow anyone with veFXS to gauge vote gasless? If not, it provides additional weight to cvxFXS voters through a sort of cost-to-vote tax, no?
No veFXS will not be able to vote gasless. cvxFXS holders will have the benefit of not having to pay gas and getting bribes and getting FXS (and CVX?) rewards. There is no way for already vested FXS to vote gaslessly without a contract migration => contract risk, execution risk, development effort, and weaker gauge security.
That’s too bad there’s no way to do this. Is it possible to somehow create this feature on a go-forward basis for all future stakers? Gas-based voting leads to less voting, which is probably not really what we want.
Yes. It’s possible. Although I am new to coding in Solidity, I am working on something related. I am confident that it’s possible to do an L2 proxy gauge system. It will just have to get governance’s whitelist because it will be a contract staking FXS similar to Convex and [Redacted]. (Would have to work out some of the details like how to minimize the cost of actions like lengthing vest period or claiming rewards or withdrawing unvested tokens).
Yes. Tokemak launched that way. Perhaps a veFXS upgrade could occur which achieves a migration of voting to another ‘chain’. It would be my preference if voting was migrated to Arbitrum. Also note, staking Toke is still done on Mainnet, only voting is recorded on polygon.