There have been several situations where having a method to quickly enact governance action/direction could have potentially saved the treasury millions of dollars. Holders should have a process in place to address time sensitive concerns that could potentially save the treasury money or need to be addressed more expediently. For instance, what if we had a more efficient/quick process to address Convex bribes or other urgent matters in a process that didn’t take a month to complete?
I’m proposing a Emergency WIP Governance Procedure as follows:
Any concern or issue that a holder feels need to be addressed urgently can be discussed on the discord with other holders and presented to mods as an application for “Emergency WIP Process”. It can be posted as a [Emergency DAO Discussion] and voted on by the moderators. It would receive “Emergency WIP” eligibility if at least 5/8 of the paid mods agree to allow it (should be done within 24-48 hours). It would then move to WIP for another 48 hours before moving to a final snapshot vote. Entire process should take around 10 days to enact a new WIP from the point of idea generation to the Snapshot being completed. This would be used for emergent matters only that are time sensitive (for instance to prevent further damage to the treasury) or to make minor changes to WIPs that have already passed.
Note: This would not make any changes to existing governance, other than allowing for a means to expediate emergent issues that are time sensitive.
This might help solve some issues however I can see some other emergent issues that 10 days would seem like an eternity and could have negative outcomes due to delays.
I agree with the thought behind the procedure but like was said, it needs to be faster. Emergency kind of implies ASAP so I would rather think hours instead of days. And also can we do it anywhere else then on discord? I hate that crappy platform and refuse to use it!
Honestly, if it’s an emergency, do we even need a vote ?
Like I’m not exactly sure what we are trying to solve. Do we want to give people a certain discretion to act in the DAO’s best interest when shit hit the fan ?
Or are we simply trying to have WIP go faster ?
Having an emergency WIP pass doesn’t mean it will be implemented quickly. The current structure still has us at the mercy of the Core Team.
If it’s money related, TM can act as required, and be at the mercy of the multisig. The Convex bribe for example is a treasury management issue. Loosing millions on it is due to a disfunction/diverging priorities in management and not because the DAO doesn’t have the ability to act quickly.
Who makes the final call if its urgent or not ? Are there criterias ? A threshold of engagement ? What if we cant find someone with 100 TIME to post the snapshot ?
Now I know this is just the initial discussion and those things can be fleshed out as we move along, but ideally, we would have people in place to act in case of emergencies and not rely on some sort of application process.
Convex bribe is not a TM issue if the TM says himself its a governance issue, lol. SkyH is proposing a lot of treasury management be done through governance and if that’s what he wants we need methods to implement changes quickly, because lets face it—crypto changes quickly. He is discussing governance related to stable coin allocations and other things that may need to be changed in the future. Also, these are just examples related to treasury management. Other emergencies will come up in the future related to other DAO issues. This is also just a discussion at this stage and nothing more at the moment.
Just cause the TM wants to deal with it through governance, it doesnt make it a “governance issue”.
If he wants the DAO to be more involved in the treasury management, he can propose a framework or structure (like he did to set some parameters) or just implement, without the need for a vote, how he wants to involve the community in the treasury management since that falls under his power.
If this proposal is about how to handle the treasury decisions more efficiently, I’d change the title.
If it’s about handling emergencies, then I stand by my point that we are not efficient enough to deal with emergencies through WIPs and should elect people that will handle those when they arise.
I will like to point out that the objectives and mandates of the Treasury hasn’t been set.
At first, it was in Sifu’s wallet - which allowed for full discretion of trading that occurred.
The thesis here was, “Allow Sifu to do as he feels best”. However, I would like all of you to remember that despite being a mathematically obvious and logically obvious action, Sifu also had an increasingly difficult time on buyback program implementation. Possibly this may have been a partial reason for his de facto ouster.
Now comes an odd point for future TMs. To what extent are mandates made and kept if the person with the most discretionary authority eventually and ulimately have it.
Governance, has Deal says is the way to deal with this. WIP processes simply take too long and must be adjusted. Crypto moves in days, not years.
I totally agree with what you outline here, but if this is the intent of this DAO Discussion, it is far from clear in my opinion.
It would make more sense to propose a framework where the TM can post votes, let’s call them Treasury Management Proposal (TMP), or whatever we come up with, where the TM can post a TMP and give options to the community.
Let’s say we would keep the CVX, but the TM wants the community to decide where to vote.
Example:
Option 1 - Highest bribes.
Option 2 - Helping Abra
Option 3 - Voting for a certain protocol and have some kind of side deal
Option 4 - Don’t vote for X/y reasons.
A TMP can be posted explaining the pros/cons of each and set w/e time they need for the vote to last. Its announced (straight to vote), people vote, when its over the TM does what ever the result was.
Could be on snapshot to be more official or even a poll here on the forum to keep it more informal.
But if this discussion is to handle “emergencies” then I’m still not sure what kind of emergencies can wait that long to be addressed.
Sifu was doing a decent job. It was FUD and the mass hysteria that followed that made things go to the crapper. All the misery that followed could have been prevented if certain drama queens would have stopped throwing a tantrum.
This being said I feel that situations that require direct actions should be at the discretion of a small team not the DAO. When the situation calls for it we must be able to act and not hours or days after because by then it will be too late. Want a good example on such a structure not working, just look at the European Union
I think a lot of people in this community have better ideas than myself, so I just kind of put this out there as a singular idea to generate discussion. This is more of a free-flowing discussion (for the time being) with an intent to generate ideas to find a solution to future concerns that may need to be solved with better expediency than the traditional WIP process. Look, I think people need to look at where we are headed (into a bear market) and with potentially fewer people actively involved–in other words, potentially less active governance. I’m not suggesting we scrap governance, but that we complement it with a secondary system. We may need to discuss delegating a team of people that can review and expedite matters directly to snapshot for instance. Your TMP idea is interesting, but the timing may not be the best if SkyH decides to leave as the oncoming TM may have a completely different management style. Of course, we may also have no TM at all, in which case we have even bigger problems and risks. We need to find ways to become more agile in a choppy market. The sluggishness of our current framework can be very limiting and damaging to the protocol long-term. Overall, my goal is to hash this out and than we can re-work the original idea into something more finalized. Perhaps this will need to be split up into two separate ideas (or the discussion renamed/retitled): one for emergencies, and another for high priority issues, leaving the traditional framework for matters that are less time sensitive.
I like this idea, but how do we differentiate what should go through traditional governance, versus what should go through a small team? Would the team just be for high priority or emergent issues and then go directly to snapshot voting? How would this process work?
