[Proposal] FIP1: DAO Treasury Management
Authors(s): @Guzman_MassAdoption, @Hsuan-Ting
Label: #Governance #DAO
Furucombo has grown into becoming a key transaction aggregation tool to simplify the users experience amongst simultaneous protocols! Since launching nearly a year ago (Jan. 2021), Furucombo has experienced a 15,276% growth in new users cumulative on Ethereum (Total Unique Ethereum Users at the time of writing: 3,998). Since deploying on Polygon, Furucombo has been able to acquire a total of 5,099 unique users. Which brings Furucombo’s cumulative user-base to approximately 9,097 (at the time of writing).
As Furucombo continues to scale it is imperative that we raise the conversation of community contribution and overall governance. Answer certain questions such as: (1) How will this governance process be structured? And most importantly (2) Why do we need this DAO?
The simple and easy answer to the latter is: because we want the community to be a part of the ecosystem both now and into the future of the protocol.
In order to stimulate community participation/contribution, the establishment of autonomous working groups should be arranged. The first of many Furucombo cohorts should focus on Treasury Management along with a Marketing working group (a separate proposal will be submitted in detail regarding this working group).
Treasury Management will be executed amongst 12 key holders:
- 4 keys from the core team
- 4 keys from Protocol Partners
- 4 keys to community elected delegates
The 4 community key holders will maintain their role for the duration of 3 months and can be re-elected upon the completion of their term. If the community believes that another individual is better-suited for the role, a proposal must be submitted within the Furucombo Forum, deliberated, and escalated to a Snapshot vote.
Similar to what was proposed by @HelloShreyas in his Aave Guardian Update, the purpose of having these keyholders (‘guardians’ as Shreyas calls them) is to protect the decentralized integrity of the Furucombo protocol while enabling community contributorship, ownership, and reputation development.
With community members at the helm as being keyholders, they alongside the core team members and partners can steer Furucombo in the direction that will most effectively enhance the protocol, stimulate contributorship, and ensure transparency.
All 12 key holders should adhere to following principled duties as a code of conduct:
- Duty of Care: A Fiduciary duty meant to limit a partner (keyholder) from engaging in grossly, negligent, reckless conduct or intentional misconduct.
- Duty of Loyalty: Each partner (keyholder) owes the other (the community) something greater than just ordinary honesty. A partner cannot compete against another partner.
- Duty of Good Faith and Fair Dealing: Each partner must deal honestly and fairly in their dealings pertaining to the partnership/community.
- Duty to Disclose: Partners have a duty to disclose material information to other partners, even without asking.
[Reference: Managing DAO Treasuries]
There are currently 4 community member keyholder positions available. Those that are interested in becoming a Furucombo keyholder, please respond to this post with the following:
- Interest in the role
- Involvement in Furucombo
- Proposal for why you fit this position
As stated in previous sections, this 4 keyholder positions will be subject for (re)election after 3 months.
Once community members have submitted their proposal/responses, a poll will be conducted highlighting each interested candidate. The community will then cast their vote to (re)elect the next Furucombo Keyholders. This process will remain as so until the deployment of Furucombo’s Snapshot page.
Once this is launched, the voting process will migrate over to Snapshot.