Yearn

Author

@lehnberg

Summary

Extend Multi-sig powers by another three months until end of May 2021 whilst an in-progress replacement proposal matures further.

Abstract

If adopted, this proposal seeks to extend the existing Multisig empowerment as was established by YIP-41[1] for another three months until May 24 2021. This is done in order for a currently in-progress governance architecture proposal to mature further, and ultimately have longer time to be discussed in the community, prior to it being proposed.

Rationale

The existing mandate expires on February 24 2021. As is stated in YIP-41, the Multisig was empowered for rapid decision making until the protocol transitioned to a “multi-DAO structure”. A plan to decentralize power away from the Multisig, led by @tracheopteryx, is in-progress of being finalized. It has been delayed due to recent Governance activities.

The three month extension would be used to introduce the proposal to the wider community, iterate on it further to incorporate feedback, without being rushed by the somewhat arbitrary deadline that the mandate expiration sets.

Alternatives considered

Rush the new governance proposal

One alternative would have been to instead publish the current draft of the proposal as is, and hurry to have it adopted by YFI voters before the existing empowerment expires on February 24. The outcome of this process is uncertain. It is likely to result in a less mature YIP being adopted, if one is adopted at all.

Let mandate expire, replace with some alternative

Another alternative would be to let the Multisig mandate expire, and be replaced by some other Governance alternative. It is unlikely that a feasible alternative solution could be devised, proposed, and finalized in the little time that remains before expiry.

Specification

• Extend the current Multisig authority and remit as was granted by YIP-41 for an additional three months, expiring on May 24 2021.
• Do not change or modify the existing mandate in any way.
• Any changes made by YIPs adopted after YIP-41 still apply.
• Further changes to the mandate can be made through Yearn’s Governance process.

References

1. https://yips.yearn.finance/YIPS/yip-41