Summary:
This proposal aims to create emergency DAOs for the sdAngle/Angle, sdFXS/FXS and sdCRV/CRV Liquid Lockers.
Context :
This proposal follows the discussion that took place when a proposal was published on Curve to add sdToken/Token pools to the Curve gauge controller, ie: sdAngle/Angle, sdFXS/FXS and sdCRV/CRV pools.
The aim for Stake DAO was to create all these gauges as part of its new product: The Liquid Lockers.
However, some potential risks were highlighted by the various stakeholders, including Convex, Curve and Angle and their communities. The main concerns were regarding the manipulation of votes, leading to possible governance attacks via the metagovernance offered by the Liquid Lockers.
Rationale:
In order to address the community’s concerns, and to reduce all risks as much as possible, Stake DAO has put in place various preventative measures.
These measures include, among others, the veSDT veto right, the time weighted average voting power mechanism, and the creation of an Emergency DAO. Presented as an additional means of guarding against malicious voting, the emergency DAO will be a further bulwark against malicious or suspicious voting. A malicious vote can be defined as « any governance vote which puts the underlying protocol at risk ».
Therefore, Stake DAO has agreed with Frax, Angle, Curve and Convex to create an Emergency DAO, which will be able to close any vote that seems malicious and disregard the final result.
The idea of the Emergency DAO was pioneered by Curve, serving to empower a small trusted group to “kill” pools and gauges in the event of malicious activity and/or potential loss of funds.
In this case, it will be used to veto any suspicious votes in the three Liquid Lockers ie. sdAngle/Angle, sdFXS/FXS and sdCRV/CRV. It should also be noted that, in the medium term, as with Curve, the Emergency DAO will have the power to kill a gauge if necessary.
Each of the Liquid Lockers will have their own Emergency DAO. This Emergency DAO will comprise of two members from each of the underlying protocols; two members from Stake DAO, and two independent members from the ecosystem, to be chosen by the four other members. An emergency DAO vote would require at least four votes to pass, each member has one vote. Any member may propose a vote. All members of the emergency DAO are entitled to raise their concerns if they deem a vote to be malicious.
Curve Liquid Locker Emergency Dao will be composed of :
- Mich (Curve)
- PilotVietnam (Curve)
- Julien (Stake DAO)
- Q (Stake DAO)
- C2Tp (Convex)
- Sam (Frax)
Angle Liquid Locker Emergency Dao will be composed of:
- Julien (Stake DAO)
- Hubert (Stake DAO)
- Pablo (Angle)
- Picodes (Angle)
- YK
- Seraphim (Euler Finance)
Frax Liquid Locker Emergency Dao will be composed of:
- Julien (Stake DAO)
- Hubert (Stake DAO)
- Sam (Frax)
- Travis (Frax)
- YK
- C2Tp (Convex)
Voting options:
- Yes, Create Emergency DAOs
- No, don’t create Emergency DAOs
- Abstain
0 voters