QIP197: Activation of QiDao Guardians Initiative

Introduction

The proposed "QiDao Guardians" initiative is designed to bring together key contributors from our protocol and entities from the broader crypto space, creating a robust 4/6 multisig mechanism. Inspired by Aave Guardians, the QiDao Guardians will serve as a safety component of the protocol, ensuring the integrity and security of the QiDao ecosystem.

The name "Guardians" reflects their vigilant watchfulness and commitment to proactively safeguard the QiDao ecosystem, combining their comprehensive understanding of decentralized finances with their contributions to the protocol.

Overview

The QiDao Guardians will be integrants of a multisig that serves as admin for MAI, QI, and Vault contracts. Decisions related to the management of these contracts will still be handled by governance. This multisig will also have a specific timelock for critical functions to delay executions, adding another layer of decentralization and security to the protocol.

In line with the ethos of QiDao, the Guardians are intended to:

• Protect QiDao Protocol against potential governance attacks.
• Manage the minting and burning of MAI to handle debt ceilings for collateral vaults
• Manage bridge diversification allocations for both MAI and QI.
• Act as a failsafe emergency actor if necessary

Furthermore, Guardians are also expected to:

• Engage actively in multisig operations by being alert, responsive, and swift in action when necessary.
• Uphold the protocol's best interest, promptly disclosing any potential conflict of interests.

QiDao Guardians composition

Current

• 0xNacho from QiDao Community
• Benjamin.lens from QiDao Protocol
• Pablo the Penguin from QiDao Protocol
• Lao zi from QiDao Protocol (to be removed if this proposal passes)

Potential additions - All, some, or none of the signers below could be added to QiDao Guardians.

• Marc Zeller from Aave Chan Initiative
• Hamzah Khan from Polygon Labs
• Weso from Beefy Finance

Implementation

The inception of this initiative is contingent upon the approval of this proposal. Should it pass, existing multisigs will be adapted for implementation. Any alterations to the multisig composition must be adequately communicated to the community in advance.

Implementation requirements

• Activation of the QiDao Guardians
• Addition of the Timelock to the multisig

Quorum Standards

For an option to be approved, it must receive over 50% approval.

• If reject receives over 50% approve, the 4 original signers will remain.
• If 1 new signer is approved, Guardians will consist of 4 signers, 3 required to execute.
• If 2 new signers are approved, Guardians will consist of 5 signers, 4 required to execute.
• If 3 new signers are approved, Guardians will consist of 6 signers, 4 required to execute.

Voting Guide

To approve signers, select each signer that you wish to approve. You may choose some, all, or none of the signers listed in the options. You may also reject the proposal, which will maintain the current signer setup.

Abstain option is listed for those that wish to participate on the vote but do not want to influence the decision. Abstain does not count towards the proposal decision.