Olympus-2024-02: Establishment of a New Voting Mechanism

MOUNT OLYMPUS DAO LLC Proposal #Olympus-2024-2 Establishment of a New Voting Mechanism

Status: Ready for voting

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1. Proposal ID Olympus-2024-02
2. Proposal Summary The primary goal is to enhance the fairness and security of the voting process by lowering the quorum threshold, and updating the voting duration requirements, thereby enabling more effective and inclusive member participation.

If this resolution is approved, the following updates to the DAO’s governance framework will be enacted: 1. Reduction of Quorum Requirement: The quorum for any DAO vote will be decreased to 15 per cent of the total circulating supply as reported on https://coinmarketcap.com to vote on the matter at hand. 2. Change of ENS Identifier: The DAO’s ENS identifier will be changed to: mountolympusdao.eth, which currently directs to the Governance Smart Contract having the following Ethereum blockchain contract address: 0xD5672e941CFb1bAD117211ED6bf2C6a8f3fAa99a. 3. Designation of Primary Voting Venue: The primary DAO voting venue shall be accessible at: https://snapshot.org/#/mountolympusdao.eth 4. Voting Period Duration: The duration for voting on any resolution will be set with a minimum period of 3 days and a maximum period of 7 days. 5. Fallback for Voting Venue: In the event that the designated DAO voting venue becomes inaccessible or inoperable, the DAO members will be authorized to select and deploy a new one, which subsequently needs to be ratified through a vote. Such new venue must be sufficiently secure and decentralized, and compatible with the existing Governance Smart Contracts to the extent necessary. Authorization for Amendment of Operating Agreement: If this resolution is approved, Mount Olympus DAO LLC will be authorized and directed to amend its Operating Agreement to bring it into substantial conformity with the revised governance procedures detailed herein. The Initial Managing Member is hereby authorized to take any necessary actions, including the signing, execution, and filing of relevant documents or instruments required to effectuate these changes, as deemed reasonable or advisable. Do you approve the changes to the governance charter and voting mechanisms as outlined in this proposal? 3. Context and Background Currently, the governance of the MOUNT OLYMPUS DAO LLC is managed through the Governance Smart Contracts on the Ethereum blockchain, with a quorum requirement of 30% and no restrictions on centralized exchanges participating in voting. Furthermore, the current quorum thresholds may limit the effectiveness of the DAO.

Historically, the DAO has operated under a model that prioritizes inclusivity, but recent shifts in the ecosystem necessitate a more robust and secure voting framework to maintain the DAO's integrity and decentralized nature.

The first and previous vote by Mount Olympus DAO LLC to enter into an agreement with Quantix Capital LTD highlighted the quorum as a significant challenge, reaching 109% quorum only after considerable efforts to mobilize member participation. 4. Objectives and Goals The primary objectives of this proposal are: − To lower the quorum requirement from 30% to 15%, making it easier to reach the necessary quorum for valid voting outcomes. − To establish a minimum voting duration of 3 days and a maximum of 7 days, ensuring that members have sufficient time to participate in the voting process. − To update the ENS identifier and voting venue address in the charter, and to include a specific mechanism for changing this information if it becomes inaccessible.

Expected Outcomes and KPIs: − Increase efficiency in passing votes. − Enhanced decentralization in voting outcomes. 5. Ecosystem Impact Analysis Positive Impact: − Improved decentralization and fairness in voting processes. Negative Impact and Risks: − Potential reduction in participation from entities that may hold significant assets but are restricted under the new rules. Holder Impact Analysis: − Most token holders are expected to benefit from a more equitable and decentralized governance structure. 6. Financial Implications Budget breakdown and cost analysis: − This decision is expected to have no direct budgetary impact and will not incur any additional costs. Expected financial impact on the DAO's treasury and overall ecosystem economy.
− Improved governance could lead to better decision-making, indirectly benefiting the DAO’s financial health. Impact on the MOUNT OLYMPUS DAO LLC's financial strategy.
− Aligns with the DAO's strategy to ensure long-term sustainability through decentralized and fair governance.

7. Technical Considerations Overview of technical changes and implications for the ecosystem's infrastructure: − No significant technical challenges are expected as the proposed changes will be implemented using the standard option on the voting platform. Security and compliance considerations: − No compliance issues anticipated as the changes align with the DAO’s existing legal framework.

8. Proposer(s)

Proposed by Moe Linde ● Telegram: @moe_linde ● X: https://x.com/MoeLinde

Edits by Quin • Telegram: @Quin11010 9. Supporting Documents and References N/A