mStable protocolDAO migration and upgrade

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.

5 Likes

I am in support of this.

I can say that this is one key step in a broader decentralisation plan that empowers MTA holders and stakers as has been the project’s mission from day 1.

Happy to help answer any questions the community may have as this is an important vote

3 Likes

disclaimer - I am a protocolDAO signer, so will be refraining from voting on this.

Naturally, I support this proposal. Its another step towards true decentralisation, introduces truly independent signers into the DAO’s signer structure, and gives us a more secure signer setup (5/8 over 3/5 previously).

It is a real step toward distributing authority and executive power over the protocol from the core team to a broader stakeholder base, so the fact that it scares me a little is actually proof that we’re decentralising in a real way. I hope the community feels we as a team are still worthy custodians of mStable, and trust us to continue decentralising further as we continue to build mStable. The DAOs are just the first step :rocket:

Good to see that mStable is quickly becoming one of the most decentralized projects in crypto, and this is one step on that journey.

2 Likes

I already voted yesterday on this, but definitely a big fan of this move, both in terms of distributing responsibility to more entities outside of the core team, as well as the move to Gnosis Safe.

Especially with the current uncertainty around future legislations, making such an important decision now to split key parts of the business into different branches that are each governed by separate entities really makes me extremely bullish on the entire project as a whole, and shows the farsighted vision the team continuously puts on the table.

3 Likes

Wow, well said @shubidoobi :pray: Totally agree

1 Like