MIP-26 l DAO Multisig Election 5

Improvement Protocol (PIP) Approved PIPs
1

Summary:

The proposal aims to re-elect 8 signers for a 6 months period that will manage the DAO multisigs, including proposals execution, treasury management.

Context:

2 years ago Mimo Labs initiated the beginning of the decentralization of the Parallel Protocol with the creation of a DAO multisig which is owning the protocol (MIP-1). A second election, third election & fourth election has been made in November 2022, May 2023 & November 2023 for a period of 6 months, it is now time to make new elections.

Rationale:

Until now the DAO multisigs were composed by 4 elected members and 4 members chosen by Mimo Labs. We first propose to remove Mimo Labs’ ability to select signers in the multisig DAO. In other terms, the 8 DAO multisig signers will be elected by the DAO, starting with this election.

The multisig would still be composed by 8 members and would require at least 5 signatures to execute a transaction.

Signers would be coordinated via a channel used solely for this purpose on the Parallel discord.

Being a multisig signer is not something to be taken lightly. Multisigs signers have full control over the protocol, the slightest mistake can have very important consequences for the users of the protocol as well as the protocol itself.

As multisig signers take risks and time to perform transactions, we propose to compensate them in MIMO tokens every month with a scale based on the % of signatures made per month:

  • 90 + signed: 10,000 $MIMO
  • 70 + signed: 7,000 $MIMO
  • 50 + signed: 5,000 $MIMO
  • 30 + signed: 3,000 $MIMO
  • 30 - signed: nothing

The total maximum cost will be 60,000 MIMO per member per 6 months. The compensation payment per member will continue to be published on the discord and on this google sheets every month to keep the maximal transparency on treasury spending. Payment of compensations will be made at the end of the 6-month period by DAO Multisig.

If you wish to become a multisig signer, please introduce your application (with the address that would be used to sign) in this forum post before May 2nd 2024, elections will start on May 3rd 2024. Members will be elected for a 6 month period, starting May 1st 2024.

Means:

  • Human Resources: Multisig signers will need to sign transactions to execute the proposal
  • Treasury Resources: Up to 10,000 MIMO per month per signer (or up to 480,000 MIMO tokens per 6 months).

Technical implementation:

After the elections, the new signers will be added to the existing gnosis safe who control the protocol and the gnosis safe will be updated to have 5/8 signatures required to execute a transaction.

Safe Multisigs:

Voting Options:

This will be a cumulative vote, where 8 members are selected by the highest vote count.

  • Signer 1
  • Signer 2
  • Signer 3
  • Signer 4
  • ….
  • Abstain
  • Against / Rework the Proposal

Authors: @JeanBrasse & @Starny from Mimo Labs

2 Likes
2

I’d like to introduce myself as a DAO Multisigs signer. I’ve been working at Mimo Labs for over 2 years now as Head of DeFi, initiating multiple proposals (see the forum). I’ve also been a Multisigs DAO signer since their inception, with over 99% of transactions signed (see here) and have initiated the majority of transactions voted after their votes.

My address: 0xBabB038737A7Ae0DcA02075E79ed5B7704C29827

2 Likes
3

I’m running as a candidate for the Multisig Election 5. I’m Starny, part of the MimoLabs team for more than a year now and a DeFi enthusiast from Belgium.

I am fully aware of the stakes that such a role involves, I have the necessary skills to be part of the multisig, including transaction verification and implementing security measures to ensure everything runs smoothly.

I am applying today to become a multisig member. If you have any questions, I am at your disposal.

My address: 0x79603115Df2Ba00659ADC63192325CF104ca529C

Thank you for your support!

2 Likes
4

Hi everyone,

I’ve been following the Parallel protocol for a number of years now, & believing in the values & long term potential of this protocol, I wish to run for this election as a DAO Multisigs signatory.
Working in DeFi full time for many years now, I know the importance, weight & goals of governance to make DeFi protocols evolve.
Jeanbrasse & Starny are good candidates, and my profile will add diversity! Let’s go!

My address: 0x4c5d1029c2c64fc6477529d5a391ca667a514b4c

3 Likes
5

I’m interested in joining the multisig wallet of Parallel protocol. I understand the critical role multisig wallets in DeFi. I am confident I can work effectively with other members to ensure the security of the protocol & keep a sustainable governance.

Thank you for your time and consideration.

My address : 0xd7F639F56bc91DE6a7f9a2Fe981d9894553a6469

3 Likes
6

Hi everyone. I am a current member of the dao multisig team for mimo for 2 years now. I did almost 100% of all transactions so far and would love to do so for 6 more months!

Thnks for your trust!

2 Likes
7

Hello *,

beeing a DAO multisig signer with already 18 month of experience, I would like to run for the Mimo Multisig Election 5. As I am reading/ thinking through every proposal, it would be a pleasure for me also to continue acting as DAO multisig signer for the next six month. I am aware of the responsibiltiy which goes along and acting with best intentions to ensure that the results from the community votes are implemented and followed.

2 Likes
8

Gm,

I have been part of the multisig for 1 year now.

I did my best to meet expectations during this 2 mandates and I would like to repeat a third time.

Thanks

2 Likes
9

hi, fred here. i’ve been working at Mimo since the inception of the parallel protocol. I’ve been signing/executing transactions regularly and would love to continue contributing to the continuous development of the DAO.
my address: 0xAfb96AFae3f780565406E42aC4A20165ecf99883

1 Like
10

The vote is now live on Snapshot: Snapshot

1 Like
11

Hey if this should come to a second vote or if someone is dropping out i would like to introduce myself as a multisigmember, for this time it seems to late.

I‘ve been multisigmember since the beginning & know the process and have a lot of interest to support the protocol in any way possible

My address:
0x35b3e718aAfd5F932450eeb8690D022a96AAd78a

1 Like
12

The proposal has been approved, congratulations to everyone, result: Snapshot

1 Like