Governance power in other protocols phase 2

Ok, so the voting is complete and we agreed to let the team use the governance power on our behalf. https://snapshot.org/#/frax.eth/proposal/0xc5d46dd859f1ab7dee2ee3c94373467fac038a6c0e96bff1c42a171de31e1606

Now its time to address the issue of making this more decentralized. To do this i would like to propose the following.

Right now we have a group of people controlling the governance power FRAX holds , lets call this group the “FRAX committee”. Right now all the roles in the FRAX committee are held by team members, as we just voted for them to have the voting power.

I propose we have a round of voting to add 1 person to the FRAX committee thats not a team member, we can make a thread for interested investors to express their interest in taking on the role and make their case for being voted in to the FRAX committee. Once some time has passed we could then list all the interested parties in a vote and the FXS holders can vote in the person they wish to be added to the committee.

Every 3 months we can repeat the process and vote in another member until we reach the ideal number of people to run the FRAX committee.

Once we reach the ideal number we could carry on voting people in but as new people join a FRAX team member steps down from the role (the FRAX team can choose who steps down).

We then carry on voting people in until there is 1 FRAX team member left and the FRAX committee is made up of 1 team member and the people voted in.

To do this we would need to agree on the ideal number of people to have on the committee, personally i think 7 people is ideal to start with, but we may need to increase this as we gain more voting power in a wider selection of protocols. This number can be increased at a later date if needed but i feel 7 is a good starting place.

We should agree on some basic’s for all people applying for the positions.

must be able to communicate in good English must be an active FRAX community member must have a good understanding of FRAX’s long term goals must be able to work well in a group

As before, any time the FRAX committee votes on a proposal it should be posted to the community and should be in the interest of FRAX.

If this part of the governance proposal is voted in i foresee it taking 18-24 months to play out as we have a vote every few months. The reason for this sort of time frame is stability , having a slow and steady hand over of power is much better then just changing everything in a few weeks.

FOR = action the plan above

AGAINST = do nothing