Please volunteer below, and see criteria for more info.
How to apply?
- Indicate your willingness here or on twitter
- Mention if you are able to handle technical or financial multisig
- Mention your approximate time zone to know your response availability
- Mention if you have been on other multisigs before / are now
We are days away from the protocol being handed over to the community, and days away from the protocol actual launch after the community votes on and deploys all the remaining pieces. As the governance process has been outlined (read here) - it’s now time to select the most qualified multisig volunteers to become the executors of the community votes, and the last-resort enforceability of the protocol decisions.
The process of choosing multisig signers:
- volunteers submit their willingness to participate (on forum / twitter);
- a simple report on the “who and how” on volunteers will be presented to show the signers’ possible conflict of interest, previous multisig inclusion, approximate timezone, etc. Here is an example of what the report and the public data can look like, to give everyone an objective view on a signer;
- post token distribution around mid this week, DAO will vote for the multisig signers right away.
Multisig roles were split into a (1) financial-treasury and (2) technical. Both multisigs were created prior to the deployment ceremony by previous initial core members, as contracts needed to know the wallet addresses. Then, multisig members and a signer count requirement were added after DAO voting procedures. All this can be verified on-chain and Etherscan in logs of respective contracts.
- Multisig must execute whatever proposal reaches winning quorum. Given that multisig are members previously enacted by token holders, meaning the DAO, and are semi-public people with big reputation - in extreme cases they could voice against implementing some proposal. However, that could breach trust in the governance model and require immediate action and restructuring.
- Initial core members will be represented by 1-2 members in each ONLY. Ex-team will not have a majority signature, because we should all will prioritize people who are not SAFT holders or having previously been involved with Gearbox. This is important both for the accountability in front of the token DAO community, as well as from the legal standpoint. The decision on who gets to be in the multisig will be carried out after the token distribution, so all token holders can vote.
- It would be ideal to have different members in both multisigs, but finding so many volunteers at once is difficult. As such, if some roles cross, it’s acceptable. Later on, it can be expanded.
This multisig is practically able to change protocol parameters, add new assets, add new protocols, and anything else that is customizable within the Gearbox Protocol modular architecture. See docs.
In the first couple of weeks especially, given that this multisig will execute voting results (on pools, parameters, allowed policy list, etc.) - it will be very active. Please take this into account. Being on this multisig requires technical knowledge as it is a very security-sensitive role.
Technical Multisig will not have a timelock function just yet, to function as an emergency multisig in the first few weeks / months of the protocol being live. This role was not split into 2 separate multisigs (yet), so this role is accessible to the technical multisig. Later on, timelock should be added.
This multisig will be:
- holding 51% of the GEAR DAO tokens (see distribution)
- managing treasury of fees from the protocol (see fee model)
- doing grants and DAO payments when those begin
At first, there will practically be almost no work for this multisig. GEAR will be untransferable in the first weeks or even months (up until voting decides to change that) and the protocol fees would be almost none granted that the protocol will have TVL caps on depositing (supplying capital) and thus naturally on the borrowing amounts as well. This multisig will be less active and doesn’t require complex tech knowledge.
We are of the opinion that multisig work should be rewarded by the DAO given it’s an important and a complicated task (the technical multisig especially). The DAO should decide on this later. We cannot make a decision on this as ex-core initial members though, to not create any dependability.