Hello everyone,
As you might have noticed, the on-chain proposal failed as it didn’t reach Quorum. The points and the steps weren’t formulated clearly enough, and the overall proposal lacked clarity. We also failed to properly communicate and share this proposal with the community, leading to an overall lack of participation. The sentiment over the proposal seemed mostly positive, though we observed some people voting no and opposing the proposal as it stood.
For those reasons, I’d like to suggest rewritten and updated proposals around those topics, hopefully, laid out more clearly.
For clarity, I’ll suggest creating two separate on-chain proposals that I’ll detail here:
Proposal 1 - Ratify the Constitution and the Code of Conduct.
- Constitution: https://forum.marinade.finance/t/marinade-dao-constitution/468
- Code of Conduct: https://forum.marinade.finance/t/marinade-dao-code-of-conduct/470
As mentioned in the posts above, those two documents would clarify the structure and the bounds of Marinade DAO, as well as the ownership distribution in Marinade.
Ratifying it collectively as a DAO, through its own on-chain vote sounds like the best thing to do.
As a summary, following the success of this proposal, here is how Marinade DAO powers would be distributed:
Marinade DAO (MNDE holders)
- Power over the MNDE treasury
- Control over a percentage of Marinade’s stake via the MNDE gauges.
Marinade Council (4/7 multisig)
- Control over Marinade’s contracts parameters (currently held by the operational multisig) and Delegation strategy parameters
- Control over the liquidity incentives of Marinade (within a budget approved by the Marinade DAO)
- Control over the protocol fees
- Control over the Marketing budget
The grant committee would still conserve control over grant-related topics. Marinade’s Council would unlock funds based on the committee’s requests.
Note: As the Marinade DAO (MNDE holders) will fund from the treasury all the budgets requested by the Council, MNDE holders effectively have the possibility to veto any budget request coming from the existing Council, and act as the effective control over Marinade’s Council.
—> The vision, in the future, will be to move the upgrade authority over the Marinade contract to the Marinade DAO. For now, the upgrade authority over Marinade’s main smart contract would still be held by the ecosystem multisig (6/13 multisig).
In a second time, I want to suggest a second proposal regarding the migration of our on-chain infrastructure to Realms instead of Tribeca.
Proposal 2: Launch phase one of the migration to Realms
As mentioned in the post above, the migration plan changed quite a bit recently in order to achieve the best end setup as possible for Marinade’s governance. In this proposal, we would confirm that:
- Marinade will move its multisigs to Realms (Operational & Treasury).
- All the voting for MNDE holders (gauges & proposals) will stay on Tribeca for the time being and all activities related to the treasury or the smart contracts parameters will be performed by the team and transparently visible on Realms.
The treasury control would be owned by the Marinade Council until the second phase of the migration. Nonetheless, all treasury transfers will become visible on Realms.
After this first step, everyone will be able to see on Realms:
- Any fund transfer signed by the Marinade Council
- Any update to the parameters of our contracts (Stake pool, Unstake pool, etc.)
- Actions related to the Liquidity Mining program
The details of Phase two of the migration, including deprecating Tribeca, and moving all of Marinade’s governance to Realms, will be described in a separate Forum post and voted on-chain separately.
I’ll put those 2 proposals up for a vote on-chain soon and will hopefully see Marinade’s DAO sentiment on those two topics!