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Hey friends 👋
Some say the soul of web3 is community participation. After all, we’re trying to build user-owned, user-stewarded protocols. Sadly, many people holding large bags of governance tokens do nothing but that: hold them. They don’t put them to use for their intended purpose, which is voting to improve the relevant protocol or platform.
If you received the Optimism airdrop in 2022, then you probably remember that to claim, you were required to delegate.
This is a crucial step when participating in DAO governance, wherein you decide whether you will be voting (self-delegation) or whether someone else will vote with your share. Just to be clear, either way, you keep your tokens!
The great thing about delegation is that it's not fixed. Unlike, going to the polls in a US election, you’re not stuck with your choice for four years. You can redelegate at any time if you feel unsatisfied with your choice. So-called democracies could learn a thing or two from this approach!
Outside of trying to meet airdrop requirements, many forgo this step, either to save money on gas costs, or because they simply weren’t aware it was possible. That’s why Tally, one of the leading platforms for DAO governance, is running an event called Delegation Week.
Delegation Week is a 5-day ecosystem-wide event dedicated to DAO governance engagement. It's designed for token holders to find aligned delegates and for delegates to campaign for their platforms.
Over 20 DAOs are participating in Delegation Week in a variety of ways to try to activate new and existing users to be more involved in governance.
And that’s not all. There’s something really cool about delegation week…
A selection of DAOs have partnered with Tally to offer refunds on gas costs to their delegators. Token holders in the DAOs listed below will be eligible for one free delegation transaction between May 22nd — May 26th
Of course, PoolTogether is among the DAOs offering gasless delegation. Since I joined the PoolTogether community almost two years ago, I’ve been talking about how welcoming and encouraging of participation it is. In late 2021, I wrote a post called I Joined a DAO and I Like It (which tbh is quite overdue for an update). In it, I explained what makes PoolTogether special and how anyone can vote gas-free by staking POOL tokens, which back then was very compelling due to the constantly high gas costs of DeFi Summer.
The future of that particular gas-free voting option is up in the air, though, so for now, let’s ignore it and focus on how PoolTogether and Tally are incentivizing participation during Delegation Week.
To Be or Not to Be (a Delegate)
Are you looking to vote, but your small share of tokens dissuades you from spending the gas?
You can propose yourself as a delegate and any token holder can delegate to you! Small holders can do so knowing that their gas will be covered, and large holders can distribute voting power among many delegates to help decentralize the protocol.
Do you hold (any amount of) tokens, but can’t see yourself investing the time to read through proposals and vote on them?
Take advantage of the gasless delegation to pick someone to represent your goals for the protocol. You can even choose me 😉 Just note, the minimum number of tokens you need to delegate to qualify for a gasless voting is 50 POOL.
Update: gasless delegation has been extended to one full month, until June 22nd. This extension is for PoolTogether delegators only.
To create your delegate profile, to view other delegates profiles, to delegate your voting share, or vote on active proposals, head over to tally.xyz and connect your wallet to get started.
But Wait, There's More!
As an added bonus for those who take the time to participate, the PoolTogether community will be awarding prize delegations to 5 randomly selected nominees from amongst participating DAOs. I'll explain how to participate below, but first, what even are prize delegations?
Prize delegations are actually a bit like vote delegations. Allow me to explain.
When USDC is deposited into PoolTogether, the depositor receives a deposit token called something like PTaUSDC (it varies slightly depending on the particular chain) and that deposit token has chances to win prizes proportional to its value.
As I explained in the post Sharing is Caring, anyone can delegate their chance to win to another wallet, for however long they want. So for example, if I had a million dollars, I could deposit it into PoolTogether, keep my million dollars, but delegate the prizes it earns to someone else. This can be a great way to support a charity, fund a child’s college fund, or reward event participants!
For Delegation Week, PoolTogether is putting up $200k in prize delegations 🤑
On March 23, a nomination thread will be shared on twitter where DAO members can nominate delegates. Nominations will be open until Thursday, 1 pm EDT. At the end of the week, 5 nominees will be chosen via random draw to receive the prize.
Update: here's the thread! ⬇️
Each winner will receive a 1-month prize delegation on Optimism of $40,000 USDC
So, there you have it! Getting involved in DAO governance can be fun and rewarding, too. And this Delegation week, I implore you to find out for yourself.
Tally will be running a bunch of twitter spaces all week long, so make sure to listen in if you want to learn.
Until next time 👋