MIP-11┃Mimo Emergency Guardians

Improvement Protocol (PIP) Approved PIPs
1

Summary:

This proposal is to approve the intervention of all Multisig Signers in case of emergency situations on every chain where the Mimo Protocol is deployed.

Context:

So far, no emergency situation has occurred since the introduction of the DAO multisig. However, this kind of situation could arise in the future and this topic had not been discussed earlier.

Currently, the Multisig is a 5/8 with 4 Mimo Labs team members and 4 DAO members. (More informations here)

Rationale:

Considering the importance of timing in certain situations, this proposal aims to prepare the DAO for any potential emergency action that might have to be done by allowing any Multisig Signers to initiate transactions from the multisig(s) to stop an emergency situation (and execute it after verification and signatures from others signers).

Tier 1 risk

Scope: User funds are at risk
Actions: Immediate intervention by pausing the system, then a governance discussion 24h vote time for further actions.

Tier 2 risk

Scope: Risk on protocol economic activity (eg: Bug on Mimo allowing to mint infinite of PAR etc, or any economic attack/exploit possible)

Actions: 1-3h feedback emergency on the forum. If the attack happens 24h before the distribution, the reaction should be immediate and follows the same process as Tier-1. The action should be to pause the compromised module only, if possible. A post-mortem is also needed in this case.

Means:

  • Human resources: If the proposal is approved, the DAO Multisig signers will have the capacity to intervene in emergency situations.
  • Treasury resources: There is no treasury cost.

Technical implementation:

No technical implementation required

Voting options:

  • Accept to let Multisig Signers intervene in emergency situations
  • Against letting Multisig Signers intervene in emergency situations
  • Abstain

Authors: @starny & @JeanBrasse from Mimo Labs

Note: The proposal has been edited the February 10th at 2:16AM CET to provide more details about the process in case of emergency situation.

Community poll:

  • Accept to let Multisig Signers intervene in emergency situations
  • Against letting Multisig Signers intervene in emergency situations
  • Abstain

0 voters

2 Likes
2

:zap: MIP-11┃Mimo Emergency Guardians is now live on @SnapshotLabs !

The vote started today at 10am CET and finishes on February 20th at 10am CET.

:ballot_box: Vote here :point_down:
https://snapshot.org/#/mimo.eth/proposal/0x2ca4f1cbfa9d927eb8bc41546b02dbeaf5a54839e2846516273d2aeeb460b847

1 Like
3

:white_check_mark: With over 5,8M votes from vMIMO holders, MIP-11 was approved at 100%.

The Mimo DAO will allow the intervention of all Multisig Signers in case of emergency situations on every chain where the Mimo Protocol is deployed.

Result:
https://snapshot.org/#/mimo.eth/proposal/0x2ca4f1cbfa9d927eb8bc41546b02dbeaf5a54839e2846516273d2aeeb460b847

1 Like