RFP-1: DAO Proposal - Process

ATTENTION

This proposal (RFP-1) outlines the formation of the Radiant DAO including its criteria, composition and workflow. Should it pass, this proposal intends to serve as a reference point for all subsequent matters of governance.

Consequently, it is a comprehensive document that extends far beyond Snapshot’s character limit. Certain sections will be outlined directly in this post, but it is imperative for anyone who wishes to vote to read the entire proposal in full.

The entirety of RFP-1 can be viewed here, or via the embedded “Discussion” link at the end of this proposal.

PROPOSAL

This document proposes the structure of a Decentralized Autonomous Organization (DAO) to be governed by community members who lock RDNT, a decentralized ERC-20 token that the community intends to serve as the primary token for governing the Radiant Protocol.

PURPOSE

Supernova Holdings (the “Foundation”) will serve the Radiant DAO by fostering a community ethos of dialogue and innovation, and will provide the frameworks necessary for decentralized governance on both a granular and a macro level.

To achieve this, it is important to ensure that the processes of proposal submission and voting are restricted to Radiant DAO members. The sole requirement for membership in the DAO is to have any given amount of RDNT tokens held within Radiant’s MultiFeeDistribution smart contract (hereby referred to as “locked RDNT”). A user’s balance of locked RDNT will proportionally represent their voting weight on all proposals.

In alignment with the Foundation’s core value of transparency, all preliminary discussions, proposals, votes cast and outcomes will be publicly available to view.

FOUNDATION & VALUES

The Foundation, which will serve the Radiant DAO community and be governed by it, aims to be the executive arm of the protocol by implementing the consensus-driven will of the Radiant DAO.

The Radiant DAO community will have the power to submit proposals, vote on proposals, and bring those to fruition.

The Foundation adheres to four core values:

1. Innovation: We focus on ways to think big and bold to accelerate innovation across ecosystems.
2. Determination: We’d rather be iterating frequently than never trying. “Better a diamond with a flaw than a pebble without.”
3. Collective Benefit: Solve for the customer–not just their happiness, but also their success.
4. Transparency: “Sunlight is the best disinfectant.” -Louis Brandeis

As we grow, our processes and strategies may change, but these guiding values will remain the same.

SPECIFICATIONS

• DAO Hub: The Foundation website (radiant.capital), which will provide an interface to educate DAO members on the governance process and provide easy access to the channels described below in order to streamline the DAO’s operation and enhance its utility.
• Communication Channel: Discourse - community.radiant.capital
  • RDNT holders must go through a wallet authentication process to post ideas or give feedback to ideas via comments.
  • RFP Idea posts must be approved by a moderator to ensure they meet all predetermined guidelines and template requirements.
  • All posts and comments will be regularly monitored by both a team of moderators & administrators engaged by the Foundation and by the DAO community members themselves. There will be zero tolerance for hate speech anywhere on this platform.
  • The Author of an idea via a post in community.radiant.capital cannot edit the original post. If the Author wants to propose changes to the original idea, the Author must do this via the comments.
  • Seven (7) days after it has been posted, an RFP Idea is closed to community feedback and will be automatically locked by Discourse.
• Process for Draft Submission via Template:
  • Once an idea is approved in community.radiant.capital after the seven-day community feedback cycle, a moderator will contact the Author to provide the appropriate template.
  • The Author should then submit an official RFP draft to the Intake Administrator using the template.
  • The administrator may then continue communication with the Author to inform them of any incorrect or missing information that needs to be changed—or clarifications that need to be made— for the RFP Draft to move to the next step.
  • If the Author does not respond to the Administrator’s request to change, update, or make clarifications on the RFP Draft within seven (7) days, the RFP Draft will be automatically rejected.
• Platform where Live RFPs are Hosted: Snapshot - dao.radiant.capital
  • RDNT holders must go through a wallet authentication process to vote on Snapshot.
  • Council Members are the only ones allowed to launch RFPs on Snapshot as they must ensure each RFP has gone through the correct approval process.
  • The voting mechanics shall be:
    • Only locked RDNT will be eligible to vote.
    • New proposals that meet the required guidelines will be launched in batches every Thursday at 9PM ET.
    • User balance of locked RDNT will be referenced by block height at proposal launch.
    • There will be a 24 hour “warm-up” period in order to allow a final review period for any superficial errors, as well as to encourage maximum voter engagement.
    • The voting options for a Live RFP are “In favor”, “Against”, and “Abstain”. Voting “In favor” means the voter is in favor of implementing the RFP exactly as-is. Voting “Against” means the vote is against implementing the RFP exactly as-is – one may vote “Against” to encourage the Author to resubmit the RFP after making changes. Voting to “Abstain” means the vote is neither In Favor nor Against implementing the RFP, but the vote weight still will be counted towards quorum.
    • The voting for each proposal in each weekly batch will be open for voting for five (5) days, closing at approximately 9PM ET on the following Wednesday.
    • A vote must reach greater than 50% of votes cast “In favor” in order to pass.
    • Furthermore, a vote must meet a quorum of 10% of circulating locked RDNT supply, to be determined at current block height when vote is initiated.
    • Proposals that are approved by the holders of the requisite number of locked RDNT are moved to the Foundation for implementation.
    • Only Administrators can post RFPs to Snapshot in order to ensure that each one has gone through the correct approvals process.
• Procedural Exceptions
  • For the sake of expediency and the long-term health of the protocol, RFP-1 (DAO Proposal) and RFP-2 (Emission Reduction Proposal) will be expedited according to the following process:
    • RFP-1 and RFP-2 proposals will be submitted directly to Snapshot as “Approved to Vote” RFPs.
    • RFP-1 and RFP-2 will undergo a 24 hour warm-up period, followed by a 24 hour vote window.
    • In consideration of the expedited vote window, quorum will be adjusted to 2% of circulating locked RDNT supply, determined at block height when vote is initiated.

IMPLEMENTATION

TIMELINE

(Dated to EDT GMT-4)

• 14-September 2022 – Signing of Company Charter & Adoption Bylaws
• 15-September 2022 – RFP-1: DAO Proposal
• 17-September 2022 – DAO ratification (pending consensus)

PROCESSES

1. Discourse
   1. Setup
   2. Hire Intake Administrator
   3. Assign proposal moderators
   4. Implement token gating
   5. DNS redirect to community.radiant.capital
2. Snapshot 6. ENS domain registration 7. Snapshot registration 8. Locked RDNT vote weight strategy 9. DNS redirect to dao.radiant.capital
3. Assigned special council
4. Snapshot vote on RFP-1: DAO Proposal - Process to establish DAO

OUTLAY

Initial Setup
Setup Costs including domain purchases and fees, legal fees, DAO administration setup, Discourse administration and setup, and misc out of pocket costs.

• ENS Domain registration (radiantcapital.eth) - $175 (5 year)
• Legal fees

Recurring Fixed & Variable Monthly Expenses ($2700+/month)

• Discourse ($1500+/month)
  • Enterprise - $1500/month
  • Token Gate Hosting - Pending Discourse price quote
• Administration ($1200/month)
  • RFP Intake Administrator: a dedicated support role tasked with the ongoing RFP categorization, maintenance and operational support for Discourse and Snapshot – $1200/month
  • RFP-1 proposes community contributor Hung Vu to be hired for this position. Prior experience includes CPO/COO of Meridian, CTO of Ad Exchange and VBrick, with Blockchain Council certifications in both Blockchain & DeFi