Preliminary thoughts on proxy delegation with Pablo Montagnes | a16z crypto research talks
Source: YouTube · a16z crypto · published Oct 31, 2023 · 1:08:40
The speaker advocates for delegation in Web3 governance by examining the evolution of corporate proxy voting, arguing that shifting from uniform index fund management to slate-based delegation can address low turnout and capture risks 2:46.
Key Takeaways:
• Delegation offers a potential fix for low Web3 turnout by allowing token holders to entrust votes to delegates who have stronger incentives to be informed and participate 2:46.
• In corporate governance, asset managers currently aggregate retail votes, resulting in high turnout but uniform outcomes where lack of variation signals governance issues 6:25.
• BlackRock is experimenting with "Vote Choice" mechanisms that devolve voting power to shareholders, delegate to itself, or select specific "slates" based on policy recommendations akin to ISS codes 19:30.
• "Slates" in corporate governance function like political parties or code books, a structure highly applicable to Web3 liquid democracy where delegates represent brands or ideological positions 21:49.
• To avoid a stalemate, Web3 projects should design markets that allow free entry for new policy slates, compensated by micropayments rather than relying on a duopoly of advisory firms 28:38.
While the ultimate goals of maximizing shareholder value and project value differ, the comparative analysis suggests that structured delegation mechanisms provide a more effective alternative to uninformed direct voting.
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First 800 characters of the transcript
all right great we're going to get started we're super excited to have our I believe our last official talk of uh on governance for governance week we have uh Pablo montanis from Emer University it's a professor in the political science department in the quantitative Theory and methods group or Department I think I have the right Department uh and he's going to talk about proxy voting and delegation Pablo we're really excited to have you take it away thank you thank you and thank you for having me um you know I'm a bit of an outsider to some of the work here uh but I've been listening and talking and reading this week and before and I try to think of like you know where some things I've been thinking about in other domains might might be somewhat applicable or or interesting and um and kin…