Posted by a representative of the current mStable protocolDAO
The signers of the current protocolDAO are proposing to begin the migration process to a new on-chain entity with an updated signer structure. This is part of mStable’s ongoing decentralisation process, and would introduce the following changes:
- 2 new independent signers not directly affiliated with the Genesis team, and an increase from 5 to 8 signers in total with a 5/8 majority needed for execution.
- Increasingly independent DAO governance processes separate from the Genesis team
- Newer multi-signature software (moving from the old Gnosis multisig wallet to Gnosis Safe)
The protocolDAO exists at the service of Meta Governors; its core responsibility is to execute protocol upgrades passed by Meta Governors. The protocolDAO is currently the only entity that can formally move a discussion from discord to an MIP, forum discussion and Meta vote.
This migration process has been initiated, and will finalise on 23/02/21 at 1500 CET.
Should Meta Governors disagree with this migration to the new entity and signer list, they can signal to veto the process on Snapshot.
Should they choose to veto, the migration will be cancelled and the legacy multisig will continue being used.
The Meta Governor vote is up for 5 days, and will end on Sunday 21/02/21. For independence the members of the protocolDAO are voiding any right to vote.