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