Angle Governance Multisig Composition

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Hey everyone,

Posting this message to give an update on the Angle Governance Multisig and share some thoughts we were having here.

Context

With the new governance system, it was decided to change the governance system to a setup where proposals are voting off-chain on Snapshot and implemented by a governance multisig.
The address of the governance multisig is the following: GnosisSafeProxy | 0xdC4e6DFe07EFCa50a197DF15D9200883eF4Eb1c8

So far it is a Gnosis 2/3 multisig with 3 Core Team Members: Guillaume, Picodes and myself (Pablo).

While the idea was to have in the multisig Core Team members which have the best knowledge of the protocol, community members with valuable insights and also influential and trusted people in the crypto ecosystem, we also knew that we, as Core Team members, needed for the governance upgrade to be final before moving forward on this!

Good news is: we’re now ready to get the multisig live and running!

The main role of the multisig is simply to push the button and enforce what has been collectively decided for veANGLE holders. Since it could be a single point of failure, it is necessary to keep in it people which will respect the will of veANGLE holders, regardless if their own interest.

It is also necessary to make sure that there is a sufficiently high threshold needed for votes to pass and that no small coalition within the multisig could be made to withdraw funds of the protocol or of its treasury.

Proposal

With this in mind, I’d like to propose here a first composition of the multisig and some ideas for its evolution.

In the first place we propose the multisig to be a 4 out of 6 multisig with as signers:

  • The same 3 Core Team members: Picodes, Guillaume and myself
  • SebVentures from Maker DAO: Seb has been an active community member super early on, he has built the best Dune Analytics dashboard on the protocol, he is deeply involved in Maker’s governance, understands all the risks linked to stablecoin protocols and how to manage them. We feel he is perfectly suited for this role and can be trusted on this.
  • Julien Bouteloup: Julien has been deeply involved in Angle since the beginning and has helped the project a lot. Among other things, it is thanks to him that many people in the crypto community know about Angle. Beyond that he is a Core team member of Curve and of StakeDAO.
  • 0xMaki: he has already lead big projects like Sushiswap, and has been involved in several projects’ multisig. He is one of the most respected builders of the ecosystem and his network and voice could for sure be super useful to the Angle Protocol as a whole.

For them to have enough skin in the game and to be rewarded for their involvement, we propose here a 20k yearly ANGLE allocation to non Core-Team members who are signers of the multisig. This is also a simple mechanism to implement!

Perspective

My belief is that this multisig, if voted by veANGLE holders is not final at all, and that its composition is meant to evolve. This multisig could be a tool to bring more people to Angle. As such, in the future, we may have some team members stepping down from the multisig, and new people with a voice joining it to increase the reliability and decentralization of it.
All evolutions around this multisig should however be voted!

In the next weeks, we’ll post a governance framework explaining the exact role of the governance multisig to show what depends on it, what actions it can undertake and what actions/powers can be delegated to the guardian multisig.

This is just a proposal, and so if you feel that the setup described here can be improved in any way (new signer idea, better reward mechanism, …), let’s discuss it here and on Discord so that we collectively arrive to the best outcome for the protocol.

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Thanks for the proposal, I think that having more participants in the multisig is an essential step to ensure the lively development of a community/DAO. SebVentures & Maki look like great picks.

This said, I question the choice of adding Julien: he is already an investor in the project and essentially part of the core team if we’re to believe the tight links that exist between stakedao and angle – he essentially has the same interest as the core team and his addition does not help diversify the key holders.

Why not just a multisig 3 of 5 with Seb & Maki? Or add Ruski if he feels so inclined?

Congrats on the great work so far!

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Thanks for the reply!
Hearing your thoughts on Julien, it’s true that he is close to us, even though his interest are not exactly the same as ours: like he may be pushing more for StakeDAO while we’ll always defend Angle.

3/5 would mean that we as Core Team members could pass all the votes as we want, which is what we want to avoid with this new design.

People like Ruski are definitely the kind of people we would want to have in the multisig. There is however a trade-off when working with anonymous people (cf the 0xSifu case for Abracadabra and Wonderland) where you want to know to some extent with who you are working and if these people can be fully trusted.

But this remains a good idea, and I am personally not close to it

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Thanks for the reply. 3/5 would still provide more balance than the 4/6 you propose IMO.

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Hi guys,

I’m a core dev at Fei Protocol, most of you don’t know me, because I am not very active in your community, but I have been in touch with the Angle core team and keeping up with what you are building for a while.

I would be interested in being part of your multisig. We all share the ambition to build a good decentralized stablecoin, and in some ways our projects are similar. I am doxxed and have my reputation to lose if I ever misbehave on your multisig (and I’d lose my job…). I’m also on Fei’s 3/7 guardian multisig and help operate the Fei 3/7 optimistic approval multisig (not as a signer).

Not sure if this kind of “external profile” would be interesting to you, but as far as I’m concerned, it’s a good way to be closer to the Angle project, and see how a second stablecoin protocol operates in day-to-day operations, so I’m down.

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Thanks for your interest in here! We’re open to any proposition here!
I think it’s super important to have people who deeply understand stablecoins in the multisig.

However, I also think that we could take this opportunity of the multisig to bring top influential people in the ecosystem, who could be vocal about the project which deserves imo to be better known.

This does not mean that we should want only these people but a good thing to keep in mind

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