Diva Staking

Description

This proposal discusses the unpausing of the Diva Staking DAO’s DIVA governance token. Currently, DIVA is non-transferable.

Motivation

On June 28th 2023, the Diva Staking DAO was created via a distribution and claim process which resulted in 4,553 distinct wallets holding DIVA. The claim period ended on August 16th, 2023.

As the token is currently locked, the set of token holders has remained static for approximately 1.5 years at the time of this writing. This has allowed the project and community to mature organically.

On April 1st 2024, official audits started for Diva Staking including well known firms like like Trail of Bits, Spearbit, Thesis Defense and Renascense.

On April 10th 2024, members of the Diva Staking and Nektar Network team including Raúl, Prada, Kotler, and Niko made a surprise announcement of Nektar Network a “Multilayered Restaking Network” built on top of Diva Staking. Existing Diva channels like its Twitter and Discord accounts were rebranded as Nektar Network.

On November 22nd 2024, the Nektar Foundation announced and distributed the NET token to investors, team members and community members via an airdrop.

This month, the Nektar discord was rebranded back to “Diva Staking”.

This is a good moment to discuss the future of the DIVA token, as input for the team.

While Diva Staking is still in testnet mode, it has secured over 10k ETH in pre-launch vaults and Octant has announced a commitment of up to 100k ETH.

This proposal aims to collect votes on whether DIVA should be unlocked, subject to Diva DAO approval thresholds.

Specification

This proposal requires a smart contract interaction to remove the transfer restriction on the DIVA token, which is done by [calling the `unpause` method from ERC20Pausable from the Diva Governor](https://github.com/staking-foundation/diva-governor/blob/2ad4b7a522d97228ea073c67eb094b19b46411ab/contracts/DivaToken.sol#L90-L97)

Rationale

The DAO has now reached a stage where the core functionality is established.

Unlocking transferability with this vote would allow for a few weeks of potential discussions and votes. Community discussions on the merits of unlocking DIVA have been been extensively carried on Discord and Reddit, with both community and team members discussing its pros and cons.

Disclaimer

This proposal is submitted purely as a technical governance matter for community consideration, without any recommendation on whether it should be approved. The proposer is submitting this for discussion only and will abstain from voting. The proposer:

- Makes no representations about the legal status of DIVA tokens

- Does not encourage or promote any trading of tokens

- Takes no position on whether transfers should be enabled

- Is not providing financial, legal or investment advice

- Has no control over or responsibility for how tokens may be used if transferability is enabled

- Is acting solely in a technical capacity to enable community governance

Community members should:

- Conduct their own comprehensive analysis before voting

- Consult qualified counsel about regulatory implications

- Make independent decisions about participation

- Comply with all applicable laws and regulations in their jurisdiction

This proposal does not constitute an offer or solicitation and implies no promises about future value or utility. The proposer disclaims any liability for how the community chooses to vote or subsequent use of tokens.

Additional Considerations

• Backwards Compatibility: No impact.
• Reference Implementation: See source code from Diva Governor.
• Classification: Medium (based on the Community Guidelines).

Copyright

Copyright and related rights waived via CC0