GIP-79: V3 Governance Framework

Summary

This proposal aims at separating different multisig roles and improving V3 governance in preparation for possible L2 deployments, in case the DAO votes for them in early 2024. It also includes a motion to reshuffle guards [multisigs] participants in order to keep the execution of transactions safe and fast. That includes both the technical as well as the treasury guards.

1. Guards [Multisigs] Reshuffle

First of all, it’s good to point out that Gearbox security is always improving. Specifically, the addition of timelock last quarter: https://snapshot.org/#/gearbox.eth/proposal/0x42657a818e4ec43dc952f1e73deb3059b21dc0087a84ec058398d0925c16e40c. With this proposal, the motion is to lightly update the signer list with competent signers who are available for the work at stake and have experience. The signers rotating out have requested to be removed due to being too busy with their other commitments, there is no beef. They have been chads, thanks to them. The up-to-date information is here: https://docs.gearbox.finance/governance/setup/guards-multisigs

Technical Guard: (-) 0xngmi (+) Lekhovitsky, Gearbox protocol developer: 0x8cC8c75013D561Ad81D7d08591836Fc78585aE34п (+) Ignacio, builder from Stakely: 0xFd660518dC1b52d9F67FAcd42bbBA962B06b8E54 (+) Van0k, Gearbox protocol developer: 0xb9b7Db94D57fe25907620eAae42b9780176CceeA

Stays on 6 but now from 6/12. Emergency guards consisting of the same signers will get the same updates: introducing new signers and removing the ones who opted out.

Treasury Guard: (-) Allan (+) NDW from Castle Capital: 0xC16C60fcDe4c2D4B4C53bE2680602d6938aC9eC9

Stays as 5/9.

2. Veto Admin role creation

As the article on the new V3 framework points out, there is a possibility for a veto admin role. This role functions as a rapid-response (3/12) multisig, capable of flagging a transaction. It’s designed to provide a swift reaction in cases where an added transaction is identified as erroneous or malicious. It can later on be separated to have different signing members.

3. Fee Treasury Guard [Multisig]

V3 framework also features a possibility to have a different destination for fees coming from V3 (V1 and V2 can’t change and will continue streaming into the same destination as before). The new multisig can later on be repurposed for whatever the DAO decides to do with the fees, separate from the foundation operational budget which was secured with the DAO rounds in 2022. The signer list for this multisig can later on be updated after subsequent votes if any.

This motion also includes transferring the fees obtained so far (around $613,000 over V1 and V2) to that same fee multisig. That will keep the activity of the foundation and developers separate from fee accrual and possible token models. Those fees are easy to calculate from V1 and V2, because they were taken in the form of Gearbox passive LP tokens, aka diesel dTokens: https://debank.com/profile/0x7b065fcb0760df0cea8cfd144e08554f3cea73d1.