TDP 55 - TreasuryDAO & ProtocolDAO Signer Compensation and Replacements

As part of MIP 29, normal governance processes, including scheduled signer elections, were temporarily put on hold.

It is proposed that in order to ensure the security of the TreasuryDAO going forward, the changes outlines below are agreed upon and enacted if this proposal passes successfully.

Signer Compensation

It is suggested that signer compensation of 1000 USDC per month is reinstated, effective from the 1st of April 2023, until the multisigs are no longer required or until this proposal is superseded by another.

For the ProtocolDAO, compensation of signers would be stopped when the ProtocolDAO relinquished ownership of the Nexus contract. For the TreasuryDAO, compensation would be stopped if the amount of assets custodied by the DAO dropped below $20,000 USD in value. At this point, signers would be requested to remain in their positions without compensation in case their services were needed in the future.

Signer Structure and Replacement Process

Both the TreasuryDAO and ProtocolDAO must maintain a 4/6 signer structure at all times to ensure security as outlined in TDP 44.

If a signer expresses a desire to leave their position outside of a regular election process (which may not be required in the future depending on the outcome of MIP 30) , the signer group should work together to find and suggest a new trusted signer and the change should be ratified through a governance vote.

If signer compensation is stopped due to the conditions described in the previous section being met, signer structure could be reduced to a 3/5, 2/3 or 2/4 multisig by agreement within the signer group to allow for easier execution of any required transactions and to allow for any signers who may not wish to be available without compensation.

Current Signer Changes

The current signer group have been asked if they are willing to continue on as signers to avoid the need for a full election cycle at this time. One member of the TreasuryDAO has indicated that they would like to be rotated out of signer positions. As part of this TDP, it is therefore proposed that this signer, who is a core contributor, is replaced by another core contributor. The incoming core contributor would prefer to keep their identities private but other team members will be able to vouch for their trustworthiness here.

TreasuryDAO

• Nesk (0xBb330652D70eF1204d39d0880896B017a1BB1774) replaced by core contributor (0xA31DD58278Ef3777718AD6faFB8b0cebbB23b975).

Links

• RFC: TreasuryDAO and ProtocolDAO Signer Compensation and Replacements
• Proposal: TDP 55: TreasuryDAO & ProtocolDAO Signer Compensation and Replacements
• Discussion: TDP 55 - TreasuryDAO & ProtocolDAO Signer Compensation and Replacements

Should signer compensation be reinstated and the signer change be performed as specified in TDP 55?