FIP-21: Optimistic Approval

This proposal introduces a mechanism called Optimistic Approval (OA) to the Fei ecosystem. Under OA, a multisig is created that is able to modify a narrowly defined set of protocol parameters. The sole mandate of the OA multisig is to enact the results of snapshot votes. Any actions carried out by the OA multisig are timelocked and can be veto’d by either the DAO or by a Guardian. Proposals will still be required to be posted in the Forum and be discussed before being posted in Snapshot. Social consensus will enforce these rules.

The main benefit of OA is significantly increasing voting participation by eliminating gas fees and allowing staked TRIBE to vote. It will also allow for more efficient iterations on specific protocol parameters, especially those related to integrations such as Rari and TribalChief staking.

Each OA multisig can have a specific limited set of protocol parameters that it is able to modify. For the foreseeable future, multisigs will not have the ability to mint/burn FEI, to modify contracts, or to modify core protocol parameters. To maximize security and impose checks and balances, any actions carried out by the OA multisig are timelocked and can be veto’d by either the DAO or by a Guardian.

Snapshots must satisfy the following conditions to fall under the scope of OA:

• Must reach 10 million vote quorum in favor of proposal
• Must be live for >= 2 days

OA multi-sig holders must abide by the following policies:

• Vote in line with snapshots: All multisig votes should be supported by the results of snapshot votes. Failure to do so will result in removal from the multisig.
• Use it or lose it: Holders that are inactive over a long period of time will be removed from the multisig

For the first iteration of OA, we propose creating a multisig that is able to call any functions on the TribalChief contract except increasing emissions or withdrawing TRIBE. This functionality includes 1) creating new pools, 2) changing pool reward weights, 3) changing the block reward rate.

Holders of the multisig must be trusted members of the community that are highly engaged and highly knowledgeable about Fei. For the first iteration of OA, the following 7 community members are both qualified and have self-signalled interest to participate in the multisig:

1. Bruno
2. CountVidal
3. cozeno
4. DioDionysos
5. fei.saver
6. Meertitan
7. pavel

Each multisig holder will be expected to be generally available to vote when need be. Each holder will be paid 1000 TRIBE at the end of the one month trial for their efforts.

This will be a 1 month trial period. This policy should be considered an experiment and expected to change in future iterations. Future iterations of optimistic approval might vary in 1) the scope of protocol parameters they are allowed to control, 2) the timescale on which they will be able to modify protocol parameters, 3) the holders of the multisig and the total number of holders, 4) the amount paid to holders of the multisig.

It is important to reiterate that OA is NOT a conventional multisig. Its powers are narrowly defined, its mandate is merely to enact snapshot votes on-chain, and all of its actions are gated by a timelock and can be veto’d by the DAO or Guardian before they take effect on-chain.