Community MultiSig Wallet Signers - Elegibility Requirements

Recently the community was discussing accelerating the handover of the Protocol from the X7 Anonymous to the DAO. The importance of DAO Mulitsig signers having skin in the game was raised.

"Should the community representatives on any wallet own a minimum number of DAO tokens. I think 1 million would be a good number, but some may want a higher number, say 2 million and others may want a lower number say 500,000.

The number cannot be too high to unduly restrict our choice of community representative, but high enough to make sure the representative has sufficient skin in the game.

Of course we could set a different number depending on the part of the X7 ecosystem the wallet would control e.g. ecosystem funds and liquidity might be 1 million, but lending contract upgrades might be 500,000.

If the representative reduces their position below the threshold, a replacement should be appointed.''

The discussion that followed raised a few concerns like:

• how would we check if somebody owns the number of X7DAO tokens?
• would they have to dox themselves?
• how would we know if they sold their X7DAO tokens and their balance fell below minimum?

Since then a gated DAO Proposer Telegram Channel has been launched. To be admitted to that Gated Telegram Channel you have to own 500,000 X7DAO tokens (the number required to submit a DAO proposal). If you sell tokens and drop below 500,000 you will lose access to the gated channel.

There are now approx 20 people who have verified they hold 500,000 X7DAO tokens and have been admitted to the gated channel. This addresses the objections to the skin in the game eligibility requirement relating to enforcement and doxing. It also gives the DAO a good number of potential volunteers with skin in the game.

Proposal

1. That all DAO Multisig Wallet signers should be members of the X7 Finance | DAO Gated Telegram Channel ( and therefore hold 500,000 X7DAO tokens).
2. If this proposal passes, members of the X7 Finance | DAO Gated Telegram Channel will have 7 days to volunteer to serve or continue to serve as a signer on DAO Multisig Wallets.
3. A proposal shall then be submitted for the community to elect the signers for the DAO Multisig Wallets.
4. Thereafter, elections shall be held on or about September 30th each year.
5. Elections to fill vacancies (because the signers X7DAO balance dropped below 500,000 or otherwise) should be held within 30 days of the vacancies arising.

In electing these signers, voters should be reminded of the value of institutional memory and for that reason they may want to give preference to relecting existing members where possible, providing of course they have been doing a good job.