2021/12/13 DAO Call - Meeting Minutes and Recording


  • This is the launch week - intent is to get the community onboarded to official roles, and move the current devs into more of a community member role.
  • Some community members pointed out some accounts they believe botted - subjective, up to community to decide how to “punish” or not
    • Some accounts that did multiple accounts with similar txns
    • Connection between addresses, found some that send from one to another
    • Mikael’s opinion is that botted/other accounts should be excluded as it was harmful and added no value
    • Ivan/Mikael think that users that are finding wallet/bot farms should get a chunk of gear tokens (current thinking is about 10%)
  • Multisig signers - treasury (51% gear tokens and protocol fees) and technical multisig
    • Treasury - gear tokens un-transferable, protocol fees will be low due to low launch TVLs, ie should be somewhat inactive at first
    • Technical - initial team presents code, what it can do, what weak and strong points are. Community has to vote on the parameters.
      • What contracts are whitelisted (allowed tokens, allowed contracts)
      • Both of these will be put up for voting before launch
      • Liquidation threshold, tvl caps, withdrawal fees on supply liquidity side for first 2 weeks, etc.
      • All will be separate forum posts and discussions until the DAo votes for them (all at once I think?)
      • Need to be very careful - need to trust these protocols and decisions, any wrong decision with a malicious contract or token could be very bad. Do not trust - understand the code, understand what is happening, and then make your decision.
    • Tomorrow - discussions start (forums, discord, twitter, etc)
    • First vote is multisig - currently being screened, will be presented in next few days
    • Then technical multisig will initialize all the parameters
    • Protocol will likely be live next tuesday if everything is deployed properly
  • Discord $gear distribution
    • Discord address gathering will happen in the next few weeks, before $gear is transferable. The only sad thing is that you won’t be able to vote in the first few votes. Still very welcome to voice your opinion.
  • Credit account mining
    • This will happen around wednesday/thursday (audits are coming back right now, so far so good). Could delay a bit if gas goes wild.
    • Mikael went over an explanation of credit accounts (I didn’t type this out, see docs if you aren’t familiar yet)
    • Minting a credit account will be about 2.5m in gas
    • Some folk concerned with gas wars, per ivan there is not much retail hype right now which is good (trying to build a DAO of builders before launch)
    • Special UI for deploying with a static app to give users a chance to beat bots (merkle + salt mechanic)
    • Calculations are done step by step so only a portion of gas will be burned if txn fails
  • Open Discussion
    • Some more technical discussion about credit account mining (questions from Adam from DegenScore)
    • KalCrypto asked some questions who supported gearbox early on, if anyone? How do we ensure as a DAO that they are compensated fairly for work up to this point?
      • Mikael started at a hackathon, ETHGlobal, in January. Ilgiz and Ivan reached out to invest, and realized they really needed to be part of the team / do it together.
      • There is private funding, one stage, committed back in May. An article will be posted tomorrow or the day after for more clarity.
      • They have effectively worked without salaries (possible from decent investments in the past) - the initial funding was to incentivize other devs/partnerships to help out.
    • DAO is really looking for developers, people with skills in product development, other relevant blockchain/front end skills, or just want to provide some value - feel free to reach out or jump in and start getting involved.
    • Goal is not to make a corporate structure with defined working hours, etc.

AWESOME <3 Continue conversations in Discord!