XIP#28 Change DAO Voting Time

Authors

• Javery

Glossary

• DAO
• Aragon

Summary

This proposal seeks approval to change the voting time for Aragon executions from 24 hours to 7 days.

Rationale

The timeframe for votes to be created and passed on Aragon was set to 24 hours at the beginning of the NFTX project as the DAO wanted to be able to make agile changes to the direction of the project without too much time overhead.

Now that NFTX has matured and there are a number of integrations to the core protocol, it is an opportunity to extend the voting timeframes. This provides token holders with a longer period of time to vote on potential changes, and allows integrators to be more comfortable that any potential updates will have a minimum window of seven days’ notice.

Specifications

Due to the nature of the Aragon DAO the update to voting times is not a GUI interface, but instead a script that is run. To protect the DAO against any potential issues (see Risk) the vote to change the time also requires some changes the treasury holdings and permissions to execute changes to the contracts.

NFTX will set a new owner (NFTX multsig) for:

• MultiProxyController
• VaultFactory

And transfer the treasury assets to the NFTX multsig:

• NFTX
• USDC
• PUNK
• xPUNK
• GLYPH
• PUNK/WETH (sushi ERC20)
• NFTX/WETH (uniV3 NFT)

Once the voting time has been updated to 7 days the NFTX multisig would then reallocate permissions back to Aragon and transfer the treasury assets back to the Treasury.

Risk

If the permissions and treasury are not moved out of the DAO something could occur on the script which changes the voting time be too short, too long, or cause the votes to not work at all.

Funding request

No.

Communication

• Discord: NFTX
• Forum: NFTX

Quorum (for Snapshot)

Minimum Quorum: More than 10% of circulating, non-treasury NFTX must participate for a proposal to Pass.

For changes to the NFTX contract, more than 70% of voting tokens must vote FOR for the XIP to pass.