Moonwell

Summary:

As part of the rollout of governance for the Moonwell Protocol, the Moonwell Community needs to establish and ratify a community multisig controlling one of the major safety mechanisms built into the Moonwell Governance Module.

Specifically, this community multisig will be able to formally declare an emergency, and cut over administrative control of arbitrary protocol components to the governanceReturnGuardian address defined in the MoonwellArtemisGovernor contract.

The following three community members have volunteered for this “Break Glass Guardian” role: x0s0l (https://twitter.com/x0s0l), a.k.a. Solar Ape - 0x2228375a0bd358fA2d04aAb70cf057cFf7C863C7, Solar Ape is an anonymous co-founder of the decentralized exchanges Solarbeam and Solarflare. He’s also a contributor to the Moonwell Apollo and Artemis protocols.

0xMaki (https://twitter.com/0xmaki) - 0x8C48d0Dd4074f4839fCc20EA6715e2982001ED7a, 0xMaki is a semi-anonymous contributor mainly known for cofounding Sushiswap, currently working towards an omnichain ecosystem via LayerZero, and for helping LPs maximize their yield at Aura finance. He is Daoist and while he isn’t angel investing, advising numerous projects, or signing transactions on the 10s of multisigs keeping him up at night (Aave, Stargate, Balancer, 88mph, etc.), he loves getting involved with NFT art with implication in the Moonbirds & Nouns communities.

Niko (https://twitter.com/n1kod3m) (myself) - 0xcCA82a517870b00fb31BC93A38025f042b5CC2EE, I am a co-founder of the decentralized trading platform Firefly and a quantum physicist by trade.

This multisig will have a 2/3 requirement such that any 2 of these parties working in tandem can declare a formal emergency in the protocol. The community multisig being established here is a hard blocker for rolling out formal governance on-chain. This multisig has been deployed and can be viewed here - https://multisig.moonbeam.network/mbeam:0x5402447a0db03EeE98c98b924F7d346bd19cdD17/settings/owners

Proposal:

Within the Moonwell Governance Module, there is a 2-party security mechanism built in to help the protocol recover in a decentralized manner in case of some sort of security vulnerability.

This 2-party mechanism involves a “Break Glass Guardian” role and a “Governance Return Guardian” role working together in order to give administrative control within the protocol to the address defined in the governanceReturnGuardian variable.

The “Break Glass Guardian” is responsible for declaring an emergency in the protocol, and the only action they can take is to set the administrator of the Moonwell Protocol components to the governanceReturnAddress, but importanty, the “Break Glass Guardian” can not set that variable.

The “Governance Return Guardian” is responsible for setting the governanceReturnAddress, and has no other abilities in the protocol.

Therefore, the “Break Glass Guardian” multisig needs to be established in order for the protocol’s governance to officially go live.

This proposal advocates for the “Break Glass Guardian” role to be fulfilled with a multisig initially made up of the following community members: x0s0l (https://twitter.com/x0s0l), a.k.a. Solar Ape - 0x2228375a0bd358fA2d04aAb70cf057cFf7C863C7, Solar Ape is an anonymous co-founder of the decentralized exchanges Solarbeam and Solarflare. He’s also a contributor to the Moonwell Apollo and Artemis protocols.

0xMaki (https://twitter.com/0xmaki) - 0x8C48d0Dd4074f4839fCc20EA6715e2982001ED7a, 0xMaki is a semi-anonymous contributor mainly known for cofounding Sushiswap, currently working towards an omnichain ecosystem via LayerZero, and for helping LPs maximize their yield at Aura finance. He is Daoist and while he isn’t angel investing, advising numerous projects, or signing transactions on the 10s of multisigs keeping him up at night (Aave, Stargate, Balancer, 88mph, etc.), he loves getting involved with NFT art with implication in the Moonbirds & Nouns communities.

Niko (https://twitter.com/n1kod3m) (myself) - 0xcCA82a517870b00fb31BC93A38025f042b5CC2EE, I am a co-founder of the decentralized trading platform Firefly and a quantum physicist by trade.

Additionally, it’s desirable to grow this multisig to at least 5 community members in the coming weeks, requiring at least 3 signers to come to a consensus and allowing for 2 key holders to sustain key loss without impacting the integrity of this functionality. Community members can be added/removed as desired with snapshot votes in the future.

Within the protocol, there is also the notion of a “Sunset Period”, controlled by the guardianSunset variable, currently set to end on1676142714, i.e. Saturday, February 11, 2023 7:11:54 PM GMT (https://www.epochconverter.com/?q=1676142714). After this period the DAO can elect to remove this functionality from the DAO contract and render the “Break Glass Guardian” and “Governance Return Guardian” roles inert.

Ratification:

If a majority of voters vote YAY on the protocol, the proposed community multisig (https://multisig.moonbeam.network/mbeam:0x5402447a0db03EeE98c98b924F7d346bd19cdD17/settings/owners) will be promoted to the protocol “break glass guardian” by setting breakGlassGuardian variable to 0x5402447a0db03EeE98c98b924F7d346bd19cdD17. If a majority of voters vote NAY, or the proposal fails to hit quorum, this proposal will be considered defeated.