MIP-26 l DAO Multisig Election 5

Summary: The proposal aims to re-elect 8 signers for a 6 months period that will manage the DAO multisigs, including proposals execution, treasury management.

Context: 2 years ago Mimo Labs initiated the beginning of the decentralization of the Parallel Protocol with the creation of a DAO multisig which is owning the protocol (MIP-1). A second election, third election & fourth election has been made in November 2022, May 2023 & November 2023 for a period of 6 months, it is now time to make new elections.

Rationale: Until now the DAO multisigs were composed by 4 elected members and 4 members chosen by Mimo Labs. We first propose to remove Mimo Labs' ability to select signers in the multisig DAO. In other terms, the 8 DAO multisig signers will be elected by the DAO, starting with this election.

The multisig would still be composed by 8 members and would require at least 5 signatures to execute a transaction. Signers would be coordinated via a channel used solely for this purpose on the Parallel discord.

Being a multisig signer is not something to be taken lightly. Multisigs signers have full control over the protocol, the slightest mistake can have very important consequences for the users of the protocol as well as the protocol itself.

As multisig signers take risks and time to perform transactions, we propose to compensate them in MIMO tokens every month with a scale based on the % of signatures made per month:

• 90 + signed: 10,000 $MIMO
• 70 + signed: 7,000 $MIMO
• 50 + signed: 5,000 $MIMO
• 30 + signed: 3,000 $MIMO
• 30 - signed: nothing

The total maximum cost will be 60,000 MIMO per member per 6 months. The compensation payment per member will continue to be published on the discord and on this google sheets every month to keep the maximal transparency on treasury spending. Payment of compensations will be made at the end of the 6-month period by DAO Multisig.

If you wish to become a multisig signer, please introduce your application (with the address that would be used to sign) in this forum post before May 2nd 2024, elections will start on May 3rd 2024. Members will be elected for a 6 month period, starting May 1st 2024.

Means:

• Human Resources: Multisig signers will need to sign transactions to execute the proposal
• Treasury Resources: Up to 10,000 MIMO per month per signer (or up to 480,000 MIMO tokens per 6 months).

Technical implementation: After the elections, the new signers will be added to the existing gnosis safe who control the protocol and the gnosis safe will be updated to have 5/8 signatures required to execute a transaction.

• Safe Multisigs: Protocol:
  • Ethereum Mainnet: https://app.safe.global/home?safe=eth:0x25Fc7ffa8f9da3582a36633d04804F0004706F9b
  • Polygon PoS Mainnet: https://app.safe.global/home?safe=matic:0x2046c0416A558C40cb112E5ebB0Ca764c3C5c32a
  • Fantom Mainnet: https://safe.fantom.network/#/safes/0x174162ddecE9d0b7B68fd945e38c3372C4C818ba/balances
• MIMO Inflation:
  • Ethereum Mainnet: https://app.safe.global/home?safe=eth:0x29391a7a809aC7dEe6a7F9a014F7EaB606fAA4E5
  • Polygon PoS Mainnet: https://app.safe.global/home?safe=matic:0x864e844bEF7D81c5e6bBC597ED2696b3e1dA9371

Voting Options: This will be a cumulative vote, where 8 members are selected by the highest vote count.

• Jean Brasse
• Starny
• Boka
• Sogiw
• Arjpet
• Squirrely
• Evix
• Fred
• Abstain
• Against/Rework Proposal

Authors: Jean Brasse & Starny from Mimo Labs