Introduction
StakeWise DAO relies on the following tools for voting and transactions execution:
- Snapshot - the UI where voting happens. Users can use it to submit proposals, vote, and submit transactions for the execution using SafeSnap
- DAO Wallet - Holds the treasury and has a Gnosis multi-sig in place to stop malicious attempts to change the protocol or access the DAO treasury. More information is provided here.
- DAO Module - a module that is attached to the DAO Wallet and used to execute the transactions on its behalf. The escalation game through the reality module ensures that the off-chain voting has passed and the transactions attached can be executed. Read more on it here.
Current process for DAO transactions:
- Snapshot submitted for at least a 3-day voting period where SWISE holders are able to vote on their preferred outcome.
- If snapshot vote passes, 2 day of escalation game is entered. The escalation game requires the posting of bonds (currently 0.2 ETH) to testify whether a transaction should proceed or not. Each time an entity wants to change the outcome of a transaction, a further bond is required. The entity which is willing to post the largest bond will win the escalation game and the transaction will either proceed or be blocked based on the winning vote. The losing entity loses all capital placed as bonds.
- If the escalation game states that the transaction should continue, a final 1 day backstop is in place where members of the DAO committee can block a transaction if it is deemed malicious (described here).
Proposed changes
-
DAO Module is already deployed for the Gnosis Chain and is available here. Add DAO Module deployed on Gnosis Chain to the snapshot configuration, so that SWISE holders can interact with it through the UI. Namely, SWISE holders will be able to create proposals and attach transactions on Gnosis, Mainnet or both to it.
-
Reduce escalation game period from 2 days to 1 day, to speed up the execution of the transactions after a successful vote.
-
Switch DAO module on Mainnet from ETH to SWISE and set minimal bond to 100 000 SWISE (from 0.2 ETH). It will reduce the risk of ETH whale placing a large bond on an incorrect answer that the StakeWise community can’t beat.
-
Add quorum of 3 000 000 SWISE for every proposal. It will set the minimal amount of SWISE that must vote for the proposal to go through
-
Currently, only SWISE on mainnet can vote on snapshots, we propose to extend voting power to all the below groups:
- SWISE
- Vested SWISE
- Delegated SWISE
- SWISE on Gnosis Chain
- Delegated SWISE on Gnosis Chain
As a result, the total voting power will be calculated as a sum of the wallet’s balances from the groups above.
Apply described changes?
- Yes
- Some of them
- No
0 voters
