Authors: @Bobby_StableLab , @Kene_StableLab References 1inch governance process

Simple Summary

1IP-XX introduces an alternative streamlined governance process to be used in an emergency, termed “Fast-Track Proposal”. Fast-track proposals will have a lifecycle of 72 hours due to the nature of the proposal.

Abstract

As 1inch DAO further decentralizes, a fast-track process will be necessary to address emergencies. These fast-track proposals will enable the DAO to take immediate action; instead of relying on the standard governance process.
1IP-XX outlines the domains or situations that permit a fast-track proposal and its scope to prevent malicious abuse.

Motivation

There will be emergencies where we will need to perform an urgent vote for the sake of the DAO. The existing Snapshot + Safesnap proposal lifecycle takes a minimum of 18 days, which makes rapid responses impossible.

Specification

1. Fast-track process
2. Scope of the fast-track process
3. Governance Council

Fast-track Process

1. Governance Thread for 24 hours
2. Snapshot Vote for 48 hours

Implementing a fast-track proposal would decrease the time to pass a proposal from 8 days to 3 days.

To indicate a fast-track proposal, community members will have to insert “[Fast-Track]” into the title of a proposal i.e., “[Fast-Track] 1IP-20: Deploy 1INCH on BASE”. This is to alert community members about the nature of the proposal. This will also introduce a new tag to the 1inch forum, “Fast-Track” to keep track of all fast-track proposals.

Scope of the fast-track process

This process can be utilized under the following circumstances.

1. Deploying 1INCH on new networks
2. Changes to the Governance Process i.e. Adding abstain, raising or decreasing quorum, adding a new gov process.
3. Changes surrounding the 1inch resolver

Whitelisted addresses

Due to the low governance participation in 1inch DAO, introducing a fast-track process can open the DAO to certain vulnerabilities. Malicious actors can take advantage of the fast-track process, so we recommend forming a public list of whitelisted addresses that are allowed to propose fast-track proposals. These addresses/individuals will be on the forums. We believe that the following community members should be on the initial whitelist:

• RoundElephant:0x824732D3F4Eb94a20254cca9DE10485Ce445Bb40
• Natalia: 0x94B85505Dd701f522cDA4F1e7Ea4bA855eef24bf
• StableLab: 0xea172676E4105e92Cc52DBf45fD93b274eC96676 *DAOplomats: Dmat-defi.pod.xyz

Due to its swift nature, these votes could go unnoticed; therefore, we must have a fast-track whitelist in place to prevent damaging behavior.

How to add whitelisted addresses:

For a new address to be whitelisted, an already whitelisted address must nominate the new addresses. This nomination would be done in a forum post, and subsequently, go through the 1inch DAO Governance Process, and finally go to a governance vote to determine if the address or addresses should be whitelisted.

SnapShot Subspace

To facilitate the fast-track process, 1inch DAO will need to set up a separate snapshot subspace. This is necessary because this snapshot currently does not allow for different lengths for different proposals. The newly created snapshot subspace would have a shorter voting period of 2 days.

Implementation

This is how the fast-track proposal would look in practice:

1. Whitelisted member post a fast-track proposal on the 1inch forum with “[Fast-Track]” in the title
2. Any non-whitelisted members who post a fast-track proposal to Snapshot, will have their proposals taken down.
3. After 24 hours, it will move forward to SnapShot.
4. 1inch token holders will now vote on a proposal via SnapShot.

Rationale

Every DAO needs a fast-track proposal process to cater to processes which require timely intervention; 1inch’s Governance process would require a large amount of time from discussion to voting duration to cater to an emergency. As the 1inch protocol decentralizes, the community needs this fast-track process to address time-sensitive emergencies.