IDIP-3: Adopting an IreneDAO constitution

Summary

In this proposal, IreneDAO members will vote on approving a simple constitution. This includes electing a core team and setting up a mission, simponomics, and governance structure for IreneDAO.

Background

The DAO has gained an immense amount of traction since its inception last week. Because of this, we need to put a stable team in place to focus on IreneDAO and take it to the next level. We believe the project has immense potential - not just as a viral meme but also as a vehicle to help create lasting value for digital-native creators, the existing community, and other female-led projects. We have the potential to become the leading-edge incubator in experimenting and pushing the boundaries of how Web3 can enable creators to fully exploit Web3 technology, and we are just getting started.

Vision & Mission

IreneDAO is a global grassroots movement aimed at disrupting the creator economy.

The DAO’s mission is three-fold – 1) to ensure creator Irene Zhao gets paid for doing what she loves – creating content, 2) to create wealth for Passholders while supporting their Queen, and 3) to maintain the DAO’s position as the leader in the broader SIMP movement, helping to grow and support the whole web3 creator ecosystem (with a special focus on female-led projects).

Values

Our core values are: Sincerity, Integrity, Meaning, and Purpose.

Team

After an internal discord vote, we propose @mgoesdistance (irene, irene) to assume the role of Community Lead / Chief Irenooor. He will work closely with the founding team and the rest of the Core and be the chief point of accountability on delivering on the vision above and the wishes of the community. The rest of the new core team will be as follows:

1/ Community Initiatives - @Divs (irene, irene) In charge of gathering feedback from the community on the direction the DAO wants to take and on the initiatives that bring value to the community and our partners. Taking the lead on executing these initiatives, with the help of the DAO.

2/ Mod Lead / Community engagement - @TheLandlord (irene, irene) In charge of using his hammer of justice to keep the FUD away. In charge of keeping the internal and external community happy, engaged, and well behaved.

3/ Business Development - @kevin (irene, irene) Focusing on partners that want to work with IreneDAO or partners the community vote on that we should work with. Actively establish new partnerships, both in the crypto ecosystem and IRL, that are of high quality and that bring value to holders. Manage ongoing relationships with our existing partners.

4/ Treasury - @McCray (irene, irene) In charge of exploring ideas what the treasury should be used for - expenses, investment to build simp culture, marketing etc. Ensuring we are well capitalised with enough runway at all times. Exploring new simponomic initiatives, as appropriate.

Simponomics (v1)

The DAO recognizes that @irenezhao (hereon the Queen) and and Passholders (hereon the SIMPs) are connected by the IreneDao Tribe Pass NFT (ethereum contract 0x13015585932752A8e6Dc24bE6c07c420381AF53d). The value of the IreneDAO Pass NFT is the primary monetary measurement of success for the DAO and all strategies, efforts, and initiatives we will be focused on.

Each core team member will receive a USDC 1k / month fixed fee for their role (USDC 2k / mo for Team Lead), paid out of the treasury. We will also allocate 15% of trading fees each month for the team’s reward pool. The core team will discuss and vote amongst themselves how to distribute this reward pool according to each person’s role and contribution, each month. If there is disagreement, we will let the community adjudicate.

The core team will also let the community vote quarterly on their performance and the community will have the power to replace the core team, should they be unhappy with their performance or should there be better candidates for the job. Under exceptional circumstances, members of the core team can be replaced outside of this window (vote has to be triggered by a core team member or endorsed by at least 10 SIMPs).

The purpose of rewarding core with % of trading fees is that we currently don’t have a fungible token to allocate instead. That said, of course, this is subject to change in the future, upon approval by the DAO. We believe for now the above will create the most fair incentive structure to make sure we drive value for the SIMPS and help us all win together.

Furthermore, we will allocate 10% of trading fees to our Queen Irene herself. She has requested no compensation but we believe it’s important for her to be aligned with the success of the DAO and to get her fair share from us SIMPS, which she duly deserves.

All in all, this will leave us with 75% of trading fees inside the treasury each month, to be used for projects, initiatives, and causes that bring value to the DAO and align with our mission statement.

Governance

Core team will have a mandate from the DAO to execute day-to-day operations independently. The core team hereby pledges to act with utmost integrity and to deliver on the wishes and direction set by the community at all times. That said, any initiatives that require the use of Irene’s time or name (separate from the IreneDAO name) will require the Queen’s approval.

The treasury shall be accessed via a multisig (2/3 multisig with Irene, @birb, and @mgoesdistance as signers). The team will have a monthly discretionary budget of 5 ETH max, to be used to fund essential operations, expenses, and community rewards (this can never be used towards core team’s compensation). There will be complete transparency within the DAO as to what any ETH spent below this threshold is going towards.

Any monthly spending above this threshold or any spending on strategic initiatives has to be approved by a DAO majority vote (more than 50% of voters in favour). Any strategic changes in direction, governance, team, or anything else defined herein has to be approved by a DAO majority vote. The minimum voting period is 48 hours, unless there is an emergency (must be agreed by the DAO).

Every SIMP has the right to contribute ideas and suggestions to the DAO. All of this is to be initiated within our discord, where space is to be given to the community to discuss, feedback on, and refine ideas. The DAO will come up with more detailed guidelines on this process which will be refined, as we evolve. What is most important is that any idea which has reached soft consensus within discord and has been endorsed by at least 10 SIMPs or the core team will always have the right to be escalated to snapshot.

Vote

For: I am in favour of adopting this constitution for IreneDAO. Against: I am against the adoption of this constitution. Abstain: I wish to abstain from voting.