PIP-38 l DAO Multisig Election 6

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 & insurance fund 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 & fifth election has been made in November 2022, May 2023, November 2023 & April 2024 for a period of 6 months, it is now time to make new elections.

Rationale:

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.

Currently multisig signers are compensated in MIMO tokens every month with a scale based on the % of signatures made per month; this for the risks taken and the time spent to verify transactions:

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

In order to keep as many MIMO tokens as possible in the DAO’s treasury and to guarantee stable compensation over time for signers, we propose to change the compensation token to paUSD, while keeping the monthly compensation on a scale based on the % of signatures made per month:

  • 90 + signed: 100 $paUSD
  • 70 + signed: 70 $paUSD
  • 50 + signed: 50 $paUSD
  • 30 + signed: 30 $paUSD
  • 30 - signed: nothing

The total maximum cost would be 600 paUSD per member per 6 months (or up to 4,800 paUSD per 6 months for 8 signers). The compensation payment per member will continue to be published on the discord and on this google sheets every 6 months 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 on Polygon PoS.

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 October 31st 2024, elections will start on November 1st 2024. Members will be elected for a 6 month period, starting November 1st 2024.

Means:

  • Human Resources: Multisig signers will need to sign transactions to execute the proposal
  • Treasury Resources: Up to 100 paUSD per month per signer (or up to 4,800 paUSD per 6 months for 8 signers).

Technical implementation:

After elections, new signers will be added to existing gnosis safe multisigs that control the protocol, the received MIMO inflation and the insurance fund.

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 from Mimo Labs

1 Like
2

I’d like to run again as a DAO Multisigs signer for another 6-month term. 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 its inception, with over 99% of transactions signed (see here), and have initiated the majority of voted transactions after their votes.

My address: 0xBabB038737A7Ae0DcA02075E79ed5B7704C29827

4 Likes
3

I’m running as a candidate for the Multisig Election 5. I’m Starny, I worked at MimoLabs team for more than 2 years and I’m DeFi enthusiast.

I fully understand the responsibilities that come with this role and possess the required skills to be a valuable member of the multisig. I have extensive experience in transaction verification and implementing security measures to ensure seamless operations. Additionally, I am well-equipped with tools such as a Ledger to enhance security.

My address: 0x79603115Df2Ba00659ADC63192325CF104ca529C

5 Likes
4

Being a DAO multisig signer with already 6 months of experience, I would like to run for the Mimo Multisig Election 6 . 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.

Thanks for your trust.

My address : 0xd7F639F56bc91DE6a7f9a2Fe981d9894553a6469

5 Likes
5

Hereby I would like to run for the Mimo Multisig Election 6. With already 24 month of experience as DAO Multisig signer for the parallel protocol, it would be a pleasure to continue this journey 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.

My address: 0x8222624aE36fA6d21e32801cCa2B5AF54669e290

4 Likes
6

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.

My address: 0x4c5d1029c2c64fc6477529d5a391ca667a514b4c

4 Likes
7

I would like to introduce myself again as a Multisigsigner. I follow the project since the beginning and believe & support for the longterm succcess

My address:
0x35b3e718aAfd5F932450eeb8690D022a96AAd78a

5 Likes
8

Hi everyone!
I am a multisig signer of the very beginning of mimo/parallel prootocol, so i know what it takes to check and sign. Thnks for your trust the last years and hoping for your vote for the next 6 months.
Adress: 0xD758e17c0d96a6C753995D86e891E07286858130

4 Likes
9

I would like to nominate myself as a candidate for the DAO MultiSig signer election. I have been working with MimoLabs for almost 3 years as a Head of Finance and I am excited about the opportunity to contribute to the DAO’s governance.

I am confident in my ability to work collaboratively with fellow signers to uphold the integrity and security of the protocol.

Thank you for your consideration.

Address: 0x06C24D990EaAC2659565827788BDDb8c8fe31142

3 Likes
10

The proposal is now live on Snapshot from November 1st at 12pm CET until November 10th at 12pm CET: Snapshot

11

The vote has been approved by the DAO.

Elected signers:

Results: Snapshot

1 Like