SIP-177: Formalize Kwenta TreasuryDAO

Author
Discussions-Tohttps://research.synthetix.io/t/sip-kwenta-treasurydao/466
StatusApproved
Created2021-08-13

Summary

This SIP proposes a decentralized structure to manage the Kwenta treasury.

Abstract

As Kwenta begins to develop its own protocol, the community will need a structure in place to manage its treasury. The treasuryDAO will be composed of the three community members selected by the council until Kwenta governance has matured to the point where the treasuryDAO deems governance fit to manage the treasury.

Motivation

There is currently no decentralized mechanism in place for the financial management of the Kwenta DAO. The treasuryDAO will manage the funding used to compensate Core Contributors, fuel early Kwenta growth, and ensure funds are well managed.

Specification

The treasuryDAO formation is specified below:

  1. An open nomination process will be announced that is aligned with the governance epochs specified in SIP-137
  2. Any member of the Kwenta community may nominate themselves for the treasuryDAO
  3. The Spartan Council will select three individuals they feel are the best candidates to manage the Kwenta treasury
  4. The Spartan Council must reach a near-consensus (unanimous minus one as a minimum) on the composition of TreasuryDAO
  5. The individuals selected for the treasuryDAO will not be disclosed outside the Spartan Council for OpSec reasons
  6. Whenever a new Spartan Council is formed at the end of an epoch, a new Kwenta TreasuryDAO will be selected following the above model
  7. A multisig wallet for treasury management will be set up by the protocolDAO. Transactions will require ⅔ signers
  8. Once Kwenta governance has matured the Spartan Council can migrate the Kwenta treasuryDAO over to Kwenta governance management via an SIP

Copyright and related rights waived via CC0.