Importance of Tidy REP

REP is the measurement unit that DXdao uses to govern.

This post outlines some factors affecting the correctness of REP and some things we can do to get it back into order.

DXdao has started doing much of its active governance on Gnosis Chain. Regular contributors, community REP earners and others are usually asking for REP on Gnosis Chain but based off of reference REP on mainnet. The community is not doing regular REP syncs to mainnet and the REP distribution is becoming very stale on mainnet. Yet, we continue to do REP requests based off of the current stale REP on mainnet.

This causes a few identifiable issues:

  1. Contributors are earning REP at a lower rate than the expected 0.16666% per month for full-time contributors.

  2. Voting power is not being transferred from stale REP holders to active contributing REP earners at the expected and targeted rate.

  3. Contributors who are capped at 4% of mainnet REP are not actually at 4% REP

  4. New contributors are climbing an inaccurate hill. The newest contributors earning governance say are being affected highly.

Decentralization is critical to DXdao. DXdao governance needs more participation and more stakeholders. More (accurate) REP distributed to newer and smaller REP holders means more decentralization.

See past forum post Claiming Mainnet REP awards on Mainnet from May 2021 for earlier info on topic.

Summary

Mainnet REP is currently 1,769,722 (May 17th, 2022)

Based on %ages earned in contributor proposals alone (see REP tracking doc), Mainnet REP should be at least 2,100,000 REP

If Mainnet REP was accurate, full time contributors would be owed much more than the average ~2950 REP per month. (18.6% higher)

Increased Mainnet REP means increased REP earned each month. Example: 0.1667% of 2,100,000 Mainnet REP = 3,500 REP per month.

There are also other distributions of REP over the past 12-18 months that also happened primarily on Gnosis Chain. This includes REP Boosts and Discord REP Boosts.

Proposed solutions:

Very important quarterly mainnet REP syncs is a practice that would greatly improve this issue.

Required REP syncs are hard in a decentralized world.

Incentivized REP syncs could be one method?

There is also the ability for the community to do REP syncs without a REP holder’s permission, but this is probably not a good practice. But it IS affecting others more than a single user might understand.

REP is currently a person’s ability to voice their opinion on-chain in DXdao. Not having this voice is a problem for all.

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A post on how to get help with rep/how to sync rep will follow! :raised_hands:

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