Bankless DAO

BACKGROUND

Since genesis, the Bankless DAO treasury multisig has been controlled by the genesis team. This is because the wallet had to be created before the DAO was launched and stabilized so that there would be a place to store the treasury.

We are now midway through season 1 and the DAO seems to have stabilized enough to allow ownership of the DAO treasury multisig from the genesis team to the DAO. MISSION & VALUES ALIGNMENT

This proposal would further decentralized the DAO by transferring ownership from a “centralized” genesis team to the DAO. SPECIFICATION

Timing & Tenure

One month before the start of a season elections will be held to determine the multisig wallet holders for the upcoming season.

Eligibility

Any DAO member is eligible to apply.
There are no term limits.

Election

A forum post will be made to General soliciting applications.

Applicants reply to the post with their application.

After 7 days, the application period closes. If there are not 7+ applicants, applications will remain open until 7+ applications are received.

A new post is then created for voting.

Voting lasts for 7 days. DAO members will be allowed to vote for 7 candidates.

The 7 applicants with the most votes are submitted to the DAO for approval via a snapshot vote

Voting lasts for 7 days and quorum is 20%+ of BANK

If the vote passes

New multisig wallet holders are added

Existing multisig wallet holders that will not be on it for the next season are removed

If the vote fails

Ops Guild gets feedback from the DAO and ensures the feedback is disseminated

The election process takes place again. Anyone is free to reuse an existing application

The existing multisig wallet holders remain until new holders are elected

Application

Discord handle
Reason for applying
Describe your involvement thus far at BanklessDAO
Qualifications - What will you bring to the committee?
How many hours can you commit to the DAO per week?
Sponsor(s) (i.e. people who will second your nomination. The more the better)

Removal of a Signer

If a multisig wallet holder becomes inactive or acts against the best interests of the DAO, they can be removed with a super-majority vote from the other multisig wallet holders

Special Election

Multisig wallet holders can initiate a special election to fill any vacant seats, provide the special election would not overlap with the election for the next season.
Special Elections would follow the same process as season elections, except the election would be for the number of open seats and DAO members would get votes equal to the number of open seats.

FINANCIAL IMPLICATIONS

The DAO will have to pay a transaction fee to update the signers.
The DAO members that have the authority to distribute treasury funds will change.

NEXT STEPS

Conduct election for new multisig owners
Update multisig