[Proposal] Transition Treasury Control to Governance Multisig

For some background on the governance multisig (hereafter referred to as the DAO multisig), you can check out this section of the docs: https://docs.balancer.fi/ecosystem/governance/multisig

Motivation

Currently the Balancer DAO treasury is controlled by Balancer Labs - handing over direct control to the DAO is a key step in furthering decentralization of our operations.

To be clear, this proposal does not give the DAO multisig any decision making powers. Its sole responsibility is to enact legitimately passed snapshot votes.

The current list of signers is as follows:

Alexander Lange (Inflection)
Ash Egan (Accomplice)
Solarcurve (Baller)
Fabien (Snapshot Labs)
Jake Brukhman (CoinFund)
Kain Warwick (Synthetix)
Mariano Conti (Ethereum)
David Hoffman (Bankless)
Trent McConaghy (Ocean Protocol)
Cooper Turley (Fire-eyes)

Kevin Owocki (Gitcoin) will be retiring as a signer. We thank him for his service!

As part of this proposal a list of replacement candidates has been prepared. In the event a signer wishes to voluntarily leave, someone from this list may be chosen at the discretion of the DAO Multisig as a replacement. Any replacement will be announced in discord and the @Balancer twitter account.

Danielmk (BeethovenX)
Bakamoto (Baller - Head of Liquidity Mining committee)
Zeb (Balancer Grants DAO)
Evgeny Yurtaev (CEO at Zerion)
Hart Lambur (Co-founder at UMA)

Note that BAL holders retain the ability to replace DAO multisig signers at any time and no one can be added as a signer without the approval of BAL holders unless they appear on the above list. Having the candidate list is intended to ease the transition period so operations can continue seamlessly in the event several signers decide to leave abruptly.

Additionally, a stipend of 500 BAL every six months will be payable to DAO multisig signers. They are free to opt out of this if they desire. The stipend will be distributed at the end of each six month period. If a signer leaves before that, they are eligible to receive it prorated. The first period will begin upon the approval of this proposal.

Specification

If approved, this proposal seeks to transfer control over Balancer DAO’s treasury funds, located at 0xb618f903ad1d00d6f7b92f5b0954dcdc056fc533, to the DAO multisig address 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f. All assets would be transferred by Balancer Labs to this new address.

Additionally, the DAO multisig signers would create a gnosis safe on Fantom to hold Balancer DAO’s allocation of BEETS as part of the recently passed friendly fork proposal. Note that in the future the DAO multisig could operate wallets on other networks as required by future friendly forks or other activities - these would not require governance votes but addresses and activities will always be public and transparent.

Note: some BAL still remains allocated as part of past Grant waves. Balancer Labs will determine the exact amount but this is the reason not all BAL might be transferred over to the DAO multisig.

Given I expect this to be a non-contentious proposal we’ll likely consider voting to begin in a week or so (weekend of Dec 4th). If you have any questions/concerns, please voice them ASAP.

  • Yes
  • No

0 voters

3 Likes

This is a great first step on the road to decentralization. I’m voicing my full support.

3 Likes

A big and important step for the DAO. Full support!

4 Likes

It’s a great proposal. Voted yes.

FYI, added Hart Lambur from UMA as a replacement candidate

1 Like

the governance council has agreed there is a soft consensus to proceed from the community. voting is set to begin December 3rd at 11am EST.

https://vote.balancer.fi/#/proposal/0xadd41023d90e4e66bc1af834f7a3951b7c6171388d24f3779afed4ca9ad75a9e