PIP-38 l DAO Multisig Election 6

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 & insurance fund 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 & fifth election has been made in November 2022, May 2023, November 2023 & April 2024 for a period of 6 months, it is now time to make new elections.

Rationale: 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.

Currently multisig signers are compensated in MIMO tokens every month with a scale based on the % of signatures made per month; this for the risks taken and the time spent to verify transactions:

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

In order to keep as many MIMO tokens as possible in the DAO's treasury and to guarantee stable compensation over time for signers, we propose to change the compensation token to paUSD, while keeping the monthly compensation on a scale based on the % of signatures made per month:

• 90 + signed: 100 $paUSD
• 70 + signed: 70 $paUSD
• 50 + signed: 50 $paUSD
• 30 + signed: 30 $paUSD
• 30 - signed: nothing

The total maximum cost would be 600 paUSD per member per 6 months (or up to 4,800 paUSD per 6 months for 8 signers). The compensation payment per member will continue to be published on the discord and on this google sheets every 6 months 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 on Polygon PoS.

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 October 30th 2024, elections will start on October 31st 2024. Members will be elected for a 6 month period, starting November 1st 2024.

Means:

• Human Resources: Multisig signers will need to sign transactions to execute the proposal
• Treasury Resources: Up to 100 paUSD per month per signer (or up to 4,800 paUSD per 6 months for 8 signers).

Technical implementation: After elections, new signers will be added to existing gnosis safe multisigs that control the protocol, the received MIMO inflation and the insurance fund.

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
  • Blast Mainnet: https://app.safe.global/home?safe=blast:0x88b8bea325864aefA05891B6EF816F7Fb8e3da28
• MIMO Inflation:
  • Ethereum Mainnet: https://app.safe.global/home?safe=eth:0x29391a7a809aC7dEe6a7F9a014F7EaB606fAA4E5
  • Polygon PoS Mainnet: https://app.safe.global/home?safe=matic:0x864e844bEF7D81c5e6bBC597ED2696b3e1dA9371
• Insurance Fund:
  • Ethereum Mainnet: https://app.safe.global/home?safe=eth:0x6aF71a3723D3c0Ed69f84EE259c9De3019C2a77c
  • Polygon PoS Mainnet: https://app.safe.global/home?safe=matic:0x2C6A1D01057258281eFE31bB34Bc0Df24C13086e

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

• Jean Brasse (0xBabB038737A7Ae0DcA02075E79ed5B7704C29827)
• Starny (0x79603115Df2Ba00659ADC63192325CF104ca529C)
• Sogiw (0xd7F639F56bc91DE6a7f9a2Fe981d9894553a6469)
• Squirrely (0x8222624aE36fA6d21e32801cCa2B5AF54669e290)
• Boka (0x4c5d1029c2c64fc6477529d5a391ca667a514b4c)
• George (0x35b3e718aAfd5F932450eeb8690D022a96AAd78a)
• Arjpet (0xD758e17c0d96a6C753995D86e891E07286858130)
• Lelba (0x06C24D990EaAC2659565827788BDDb8c8fe31142)

Authors: Jean Brasse from Mimo Labs