Executive summary
In this proposal, we seek StakeWise DAO approval to increase the amount of SWISE required to initiate an escalation game following a governance vote from 200,000 SWISE to 1,000,000 SWISE, with the intention of improving security of the StakeWise DAO’s governance process. We also seek approval to remove the Manifold relay from the list of relays supported by the Smoothing Pool, as the relay itself is no longer operational.
These changes represent configuration tweaks and bear no risk for the protocol.
Motivation
Historically, StakeWise DAO has always sought to be open and accessible to all token holders, with a permissionless process of initiating governance votes in place.
There is a caveat to this: to prevent low-quality and outright malicious proposals, the amount of SWISE required to submit a bond for the escalation game was first set to 10,000 SWISE in 2021, then 200,000 SWISE in 2024.
The recent price action has unfortunately meant that the economic barrier to initiating escalation games for potentially malicious proposals has become insignificant - 200,000 SWISE now costs less than $1,000, putting the protocol at additional risk of malicious votes being tried because they’re cheap to attempt. We can look no further than this latest example as evidence that this can become a recurrent problem.
To address the issue of security, we propose that the minimum amount of SWISE required to initiate the escalation game for a governance vote be increased to 1,000,000 SWISE, keeping the economic barrier low enough in dollar terms for involved users, but high enough to make any malicious attempt at influencing the DAO a costly one. We seek to implement the change on both Ethereum and Gnosis Chain.
As a bundle for this vote, we also propose to remove the Manifold relay from the list of relays allowed by the Smoothing Pool, as the relay itself is no longer operational.
Both changes are configuration changes and do not introduce any new code to the protocol.
Specification
Ethereum
[
{
“to”: “0x6B5815467da09DaA7DC83Db21c9239d98Bb487b5”,
“operation”: “0”,
“value”: “0.0”,
“data”: “0x8a76984d0000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000002e516d65437977446675705743376a7a3545444873553579456232756e41686e386953475742554564724d6a644d63000000000000000000000000000000000000”,
“method”: “updateConfig(string)”,
“params”: [
“QmeCywDfupWC7jz5EDHsU5yEb2unAhn8iSGWBUEdrMjdMc”
]
},
{
“to”: “0xB5cF5363c3e766e64B37b2fB9554bFE8D48ED1A0”,
“operation”: “0”,
“value”: “0.0”,
“data”: “0xcd3ef95100000000000000000000000000000000000000000000d3c21bcecceda1000000”,
“method”: “setMinimumBond(uint256)”,
“params”: [
“1000000000000000000000000”
]
}
]
Gnosis Chain
[
{
“to”: “0x479D00fF7Ed26803528dC3e3839ed8928f047321”,
“operation”: “0”,
“value”: “0.0”,
“data”: “0xcd3ef95100000000000000000000000000000000000000000000d3c21bcecceda1000000”,
“method”: “setMinimumBond(uint256)”,
“params”: [
“1000000000000000000000000”
]
}
]
Considerations
Security of the StakeWise DAO governance process has direct impact on the protocol safety, as contract upgrades and Treasury operations are tied to community votes. Hence, we consider raising the minimum SWISE bond to initiate escalation games for DAO votes very important for continued safety of our product.
Discussion & Vote
Please vote for this proposal on Snapshot:
If any questions or concerns arise, do not hesitate to drop them in this thread.