We have a shared mission with our community and partners to create a DAO that looks to work with others and welcome any partnership or contribution to bring about a decentralised economy.
Currently, three out of five in a multisig quorum govern protocol code updates. As mentioned in the latest update, we propose the addition of community members who are reputable and proactive to the multisig, increasing its threshold to five out of seven signers. We are open but exclusive, therefore we would like to include members of the community. We believe that this yields a more transparent and decentralised decision execution process.
The team would love to have community members like @thebillionnet, @Dannyo (Daniel W) @JoelJohn (LedgerPrime) & Aurum Law Firm onboard. Their active contribution and support - both in terms of social media activity & product advice - are much appreciated. However, we still want to give everyone in the community an opportunity to come forward and propose themselves as candidates.
If this proposal goes through and there is no other suitable candidate to be added to the multisig, we will onboard @thebillionet, @Dannyo (Daniel W), @JoelJohn (LedgerPrime) & Aurum Law Firm as signers.
Criteria and Specifications
Multisig participants must be responsible, constantly be involved in the project and take the necessary actions for its rapid development.
The ideal candidates would be:
- reasonably active and available for signing;
- have shown deep involvement, forum/discord/telegram activity or other forms of contribution;
- understand/ask what they are signing (as opposed to “I sign what you send to me”);
- (stars - not mandatory) understand smart contracts & keep themselves informed/updated on how the system functions.
Precautionary Measures Against Contingency
While we remain committed to transparency and decentralised processes, we find it necessary to exercise caution in time-sensitive scenarios. For example, the multisig members will immediately implement a contingency plan to protect the platform and its users if a security breach is detected.
Although governance votes should trigger the majority of the smart contract’s operations, multisig has to retain the ability to perform actions that require immediate response without a governance vote. Considering that:
- Vortex is still new - contracts & strategy are not battle-tested yet (both in terms of TVL and time since launch).
- Leaving all pauses or upgrades to governance proved to be a bad practice in the space, even with veteran DeFi protocols (see Compound exploit).
This practice does not mean a decrease in transparency, though. All such events would be announced for the public to verify. Please note that multisig members’ capacity is substantially limited to:
- Emergency cases: should an event to pause or upgrade the contracts arise, multisig signers may do it without a governance vote. Contracts upgrade would have at least 24 hours notice, and emergency cases with need to pause contracts would be announced as the decision is made.
- Cases approved by DAO: cases suggested & voted on by the community in the future governance proposals.
As the need and/or ability to change the power of multisig arise, there should be an additional governance proposal discussed and approved by the community.
The discussion will be open for 3 days & voting will start on Friday, Feb 4
AGAINST: Not adding community members to the multisig and declining the power of the multisig.