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In a previous guide, we voted on a proposal with Snapshot. But there are times when casting your own vote may not seem like the best option. However, there is still a way to put your votes to use - delegation.
For this step of our DAO path, we’ll be delegating LDO tokens to the RabbitHole Metagovernance Pod. This will increase the voting power of RabbitHole’s MetaGov Pod and directly contribute to the positive impact we strive to make on the Lido ecosystem!
What Do I Need?
Before we delegate some voting power, let’s make sure you’ve got everything you need. In order to vote on a Snapshot, you will need:
- An Ethereum wallet, such as MetaMask or Rainbow
- ETH in that wallet
- LDO in that wallet
If you need help, head over to our YouTube Channel and watch our guide on setting up your wallet. And if you don’t have $LDO, you can acquire some from Uniswap. Check out this guide if you need help with swapping tokens on Uniswap.
Delegation & Snapshot
We already learned about the decentralized voting system, Snapshot, in a previous guide. But for today’s leg of our journey, we’ll be delegating instead of voting ourselves.
Delegation grants you the ability to appoint your governance tokens or voting power to an active, qualified representative while retaining ownership of those tokens. If for whatever reason you don’t feel comfortable voting on a proposal or will be unable to vote at the time it takes place, delegating allows another DAO, individual, or fellow DAO member of your choosing to vote on your behalf.
It’s important to note that delegated tokens never actually leave your wallet, so you still retain complete ownership of them. You also have the option to revoke or change your delegation at any time before voting closes. This can be useful if your chosen delegate decides to vote in a way that you are not comfortable with or decides not to vote at all. Similarly, you can still choose to cast your own vote, which will override your delegation automatically.
With that out of the way, let’s get started!
The Guide
Step 1
First, navigate to Snapshot’s delegation page - https://snapshot.org/#/delegate.
Step 2
Click Connect Wallet, choose your wallet provider, and then connect.
Step 3
Enter the wallet address or ENS name of the individual you wish to delegate your voting power to. In this instance, we’ll be delegating to RabbitHole’s Metagovernance wallet - 0x86C62a0DD8690fa2Ba6e3E3D9A18D021dBd2565A.
At RabbitHole, we are committed to being good stewards in the web3 space. But don’t just take our word for it. When delegating votes to anyone, you should always verify that they will be using that power appropriately. You can verify all of RabbitHole’s metagovernance decisions on our Metagovernance Pod Gitbook, and join in on these discussions yourself in our Discord.
Step 4
Then, click Limit delegation to a specific space and enter lido-snapshot.eth into the new box that appears. This ensures you are only delegating your voting power to this single space.
Step 5
Finally, click Confirm and then confirm the transaction in your wallet. This will be your first and final on-chain transaction, so it will require a small gas fee.
Congratulations!
Your transaction will take a few moments to confirm, and then you will see a Delegation Successful icon appear at the bottom of your screen. You have officially delegated your LDO tokens to the RabbitHole Metagovernance pod — thank you! Although the RabbitHole MetaGov Pod can now vote on your behalf, you still retain ownership of your tokens and are able take back your voting power at any time.
To continue down the DAO rabbit hole, check out our other guides for voting on Snapshot proposals and setting up a Gnosis Safe! You can also hop into RabbitHole’s DeFi or NFT paths, starting with staking ETH on Lido or minting an NFT on Zora!