Fei Money

Summary:

Upgrade DAO to OZ Governor, remove voting delay, extend voting period to 13000 blocks (~48h)

Motivation:

Fei is currently using the GovernorAlpha as our DAO contract (developed by Compound). Compound has since migrated to the GovernorBravo which allows for specifying a voting-reason when voting, and adjusting parameters such as quorum and proposal threshold.

OpenZeppelin developed a modular governance library that is compatible with the GovernorBravo interface known as the “OZ Governor”. This is the current state-of-the-art, and will likely receive future upgrades by the OZ team. We should upgrade our code to this to prevent incompatibility issues such as the recent Tally UI bug.

As part of the upgrade, we should also remove the voting delay and extend the voting period. Delays are generally useful for giving TRIBE holders time to migrate and delegate before the “snapshot block” that determines voting weight. However, in practice most DAOs do not employ a voting delay so voting can start immediately after a proposal is submitted.

To compensate for the removal of the voting delay, we should expand the voting period to 48h to maintain a 72h DAO cycle.

Proposal:

Upgrade DAO to OZ Governor found here: https://github.com/fei-protocol/fei-protocol-core/pull/187 Reduce voting delay from 3333 blocks to 1 block Increase voting period from 10000 blocks to 13000

Voting Rules:

This is a non-binding, single-choice vote. The quorum is 10M TRIBE. The two options are:

• yes, upgrade to OZ governor
• no, do nothing

If yes wins, the OZ governor upgrade will be submitted for DAO vote on-chain.