Delegation is a mechanism through which veBAL holders can entrust their voting power in snapshot to one or more chosen delegates. This is done directly on Snapshot. These delegates can then vote using the veBAL power delegated to them. This voting power is only usable on Snapshot - delegated voting power does not apply to gauges. This is a permissonless system so anyone can delegate voting power to anyone else and they can end that delegation at any time.
Sometimes token holders don’t want to vote themselves, or think their vote will not “change the game” because they don’t have enough tokens. Delegation allows them to participate and have their voice heard.
Protocol Contributors who actively work to achieve the goals of BalancerDAO may not have much voting power; delegation can solve this issue.
Delegation helps to reduce the communication and direction barriers that arise in the governance of a big decentralized protocol.
When you have known delegates, with a known voting power, you can allow better coordination and communication between the ones who actually formulate proposals and the big voters.
This should help to better shape the desired goals & direction - both long-term and short-term - and achieve them in a faster and more efficient way.
In an effort to encourage a more transparent dialogue between large holders of veBAL and those making governance proposals we are creating a forum to connect prospective delegates with large veBAL holders. Being a delegate is open to any individual or organization and represents a commitment to engage actively in Balancer’s governance process.
Some of the expectations of a delegate include:
- Read, understand, and provide feedback if necessary on governance forum posts
- Actively vote on governance proposals and explain the thinking behind each vote
- Have a strong understanding of Balancer’s key metrics and ecosystem
Delegates will not initially be compensated but this could change in the future.