Radiant Capital

Abstract

RFP-22 seeks to obtain an updated consensus from the Radiant DAO on the token gating thresholds for Discourse governance workflow.

Motivation

The governance process of the Radiant DAO consists of two stages: Discourse and Snapshot. While our Snapshot vote strategy has been successfully updated to reflect the token balance of users within the Radiant v2 ecosystem, the Discourse side of the workflow was held up by a required overhaul to our token gating mechanism in order to accurately calculate vote power based on the updated system.

To address this issue, the Radiant team has explored different approaches and has successfully pivoted to using SIWE (Sign-In With Ethereum) architecture, which allows for the reinstatement of token gating on the Discourse platform.

This proposal aims to seek consensus on whether to maintain the original fixed RDNT amount for token gating or to recalibrate to a new fixed-point based on $100 USD value. The cutoff for DAO Membership, which remains at 1 RDNT, will not be affected.

The DAO should balance the goal of inclusivity with the need for proposals to come from individuals who have a meaningful stake in the Radiant ecosystem. The DAO will need to carefully weigh the pros and cons of both approaches to determine the most suitable token gating mechanism for the future of Radiant’s governance.

Key Terms

• DAO Author: Users who hold a predetermined amount of tokens (to be defined in this proposal) within the Radiant ecosystem and have verified their wallet on Discourse, granting them the ability to submit new RFP drafts for DAO consideration.
• DAO Member: Users who hold at least 1 RDNT token and have verified their wallet, granting them permission to comment and propose feedback on active RFP drafts.
• Simple Moving Average (SMA): A calculation of the average of a range of prices by the number of periods within that range.
• Sign in with Ethereum (SIWE): A decentralized authentication method where users can access services or applications by connecting their Ethereum wallet, enabling secure and user-controlled identity verification on the Ethereum blockchain.

Specifications

The DAO Snapshot strategy currently calculates a user’s actionable vote weight based on the summed total amount of user’s realized RDNT throughout the v2 ecosystem.

Included:

• Loose RDNT
• Fully-vested RDNT which has not yet been claimed
• The RDNT portion of loose dLP
• The RDNT portion of dLP locked within the Radiant protocol

Not included:

• Currently vesting (unrealized) v2 RDNT
• dLP staked in third-party contracts
• v1 RDNT

The Discourse token gating strategy has been retooled to reflect this system. What remains to be determined is the actual cutoff threshold for community-led RFP authorship.

Maintain Original Fixed RDNT Amount: Uphold the requirement of at least 2500 RDNT tokens for RFP authorship.

Recalibrate to Original Value: Set the RFP authorship requirement to a RDNT value of $100 USD, calculated based on a simple 30-day average of the RDNT token closing price leading up to this proposal. As of 24-July 2023, the 30-day simple moving average price of RDNT is $0.29. The token cutoff would be 344.83 RDNT tokens, equivalent to $100 USD in value.

For simplicity, this proposal option will be rounded to a 345 RDNT token cutoff.

This is a fixed-point amount, to remain in effect until readdressed via subsequent RFPs.

Steps to Implement

If RFP-22 passes, the Radiant team will update the token gating mechanism on the Discourse platform based on the consensus reached by the DAO. This will involve modifying the authentication system and ensuring the accurate calculation of token balances.

Overall Cost/Impact

The implementation of RFP-22 is a low-effort task, as the necessary groundwork for custom Snapshot strategy and the transition to SIWE authentication have already been completed. The impact of this proposal lies in the potential increase in the number of RFP authors and the reduction of the barrier to submission for RFPs, which may require additional resources from the Radiant team to handle any potential influx of proposals.

Timeline

To be implemented upon ratification.

Voting

Uphold Original Token Gate: Uphold the requirement of at least 2500 RDNT tokens for DAO authorship.

Recalibrate Token Gate: Adjust the RFP authorship requirement to at least 345 RDNT tokens for DAO authorship.

Abstain: Undecided, but contributing to quorum.