Happy new year everyone!
The DAO Autonomous Group has been growing a lot since its inception. We now have 10 members actively working to move towards the decentralized future of Maker. As our responsibilities have been scaling up, so have our bills. So far the Foundation has been able to cover most things through the grants program, but with the introduction of the community-led PSM we are now racking up costs which need to be covered. We believe it is time to take the next step towards the DAO funding operation of the protocol.
The DAO Autonomous Group proposes setting up a Gnosis multi-sig wallet for the end of the month owned by all mandated domain facilitators who opt-in. As of right now this would include:
By the end of the month there are potentially 3 more candidates to join the multi-sig:
We propose running this as a (N - 1) of N multi-sig so you need the signatures of 1 less than all the owners. We will also be whitelisting governance with full authority over the wallet, so they can take the funds back at any time. This allows us to keep a conservative threshold for fund distribution as there is no risk due to key loss. The Autonomous DAO group will keep public records of when and why funds are distributed. The DAO will also return any remaining funds if the number of signatories drops below 3.
To get things started we propose an initial budget of 100k DAI to cover previous expenses (~50k mostly for the PSM audit) as well as give us some budget for January and February. For perspective this is less than 2 days of protocol revenue at current numbers. We will be preparing a formal MIP in parallel as well to cover how funds are allocated on an ongoing basis. In the event the MIP fails the remainder of the 100k DAI will be returned to the surplus buffer, and another strategy will be devised. There is also a 1 year expiry in which the funds will also be returned.
- Yes, I want to proceed with this plan with 100k DAI
- Yes, I want to proceed with this plan, but 100k DAI is too much
- No, I do not want to proceed with this plan
This poll will be run for 2 weeks closing on Tuesday, January 19th which can be extended if there is significant controversy or discussion. If this poll passes then it will proceed to an on-chain governance vote for the week of February 1st to give time to confirm who the domain facilitators are. If the governance vote passes then the following executive will include a
vat.suck() to move 100k DAI from the surplus buffer to the multi-sig.