MIP-29 l Update the Governance Framework

Summary: The proposal aims to update the governance framework in order to fit better with latest protocol updates.

Context: In April 2022 was introduced the Parallel governance framework, with the aim of having a clear, universally known and structured framework for DAO governance discussions and votes. After minor modifications approved in June 2022, the governance framework remains unchanged, performing as intended. In order to keep the discussion framework aligned with the protocol changes, we propose an update of the governance framework.

Rationale:

I) Required informations for any proposal:

• Governance forum post: Each proposal should be posted on the governance forum for at least 48 hours before posting the snapshot, which allows the dao members to give feedbacks, propose changes, and vote on a sentiment poll.
• Proposal type, number and name: Each proposal must be easily identifiable and correctly classified.
  • Type: PIR - PGP - PIP. This will be detailed in the second part of the proposal Name: The name must be the same on the forum post and snapshot (Around 15 words)
  • Number: Each proposal must have a number that represents the post order on the forum and on snapshot
• Summary: Short description of the proposal (1-2 sentences max)
• Rationale: Detailed explanation of the proposal and milestones for its execution.
• Means: Resources needed for this proposal
  • Human resources: Special skills required (dev or others)
  • Treasury ressources: Proposal cost (in MIMO and in $), % of the treasury required
• Technical implementation: Highlight the technical implementations of this proposal if any
• Voting options: Mention the options that will be included on the snapshot vote, including an “Abstain” one.

II) Proposals types and formats:

Below is a TL;DR of the current, in production governance framework:

(You can find more detailed informations in the docs)

Below is a TL;DR of the proposed updated governance framework:

Parallel Integration Request (PIR): Proposal to add a token to Parallel, short term partnerships.

• Project Presentation: (After summary)
  • Protocol name
  • Token requested
  • Token contract address
  • Audit(s) links
  • Chain requested: Ethereum/Polygon/Fantom
  • Relation with the project
  • Twitter/Discord/Telegram links
• Token metrics: (After project presentation)
• Risk assessment:
  • Smart Contract risk: maturity, transactions
  • Counterparty risk: holders, permission
  • Market Risk: market cap, average volume, normalized volatility
  • Use the Parallel Methodology (more here)
  • Community size on Twitter/Discord/Telegram
• Sentiment poll: (After voting options)
  • A poll on the governance forum post to get a first sentiment at least 48 hours before submitting a snapshot proposal
• Considering that the integrations proposals can happen quite often, and that the risk for the protocol is lower than other proposal types, we could consider the following parameters:
  • Admin: DAO Multisig
  • Quorum: 0.3% of the total supply (3M vMIMO)
  • Voting duration: 5 days

Parallel Governance Proposal (PGP): PGPs are about common governance proposals, especially the ones related to the treasury of the protocol and the DAO organization.

• The PGPs would concern but wouldn’t be limited to:
  • Treasury allocation strategy & budgets
  • Liquidity mining votes
  • Grant program if any
  • Contributors/Dao committees rewards
  • Long term partnerships (i.e Dao Swaps)
• PGPs concern the protocol treasury directly, which is why it might be best to define more conservative parameters than PIR ones:
  • Admin: DAO Multisig
  • Quorum: 0.4% of the total supply (4M vMIMO)
  • Voting duration: 7 days

Parallel Improvement Protocol (PIP): PIPs are about the most important modifications either on the governance framework, or on the protocol directly.

• This type of proposal should include, in addition to all the points mentioned in the first part:
  • Context: What’s the modification and why it’s needed.
• PIPs would concern but wouldn’t be limited to:
  • New version of the protocol
  • Modification of a smart contract
  • Updates on the initial parameters
  • Modification of the governance framework
  • Add/Remove a signer on the treasury multisig
• PIPs are the most critical and important types of proposals, as it’s directly about the core product of Parallel or a major change in the functioning of governance.
• It’s very important to get as much dao members aware of this kind of proposal for them to vote accordingly, which is why we should consider more conservative parameters, and a longer voting period:
  • Admin: DAO Multisig
  • Quorum: 0.5% of the total supply (5M vMIMO)
  • Voting duration: 9 days

Means:

• Human Resources: No resources needed.
• Treasury Resources: There will be no treasury resources needed to execute the proposal.

Technical implementation: No technical implementation required.

Voting Options:

• Accept the Update
• Against/Rework the proposal
• Abstain

Authors: Starny and Jean Brasse from Mimo Labs