Authors: @Bobby_StableLab_ , _@Kene_StableLab
References
1inch governance process
Simple Summary
1IP-XX introduces an alternative streamlined governance process to be used in an emergency, termed “Fast-Track Proposal”. Fast-track proposals will have a lifecycle of 72 hours due to the nature of the proposal.
Abstract
As 1inch DAO further decentralizes, a fast-track process will be necessary to address emergencies. These fast-track proposals will enable the DAO to take immediate action; instead of relying on the standard governance process.
1IP-XX outlines the domains or situations that permit a fast-track proposal and its scope to prevent malicious abuse.
Motivation
There will be emergencies where we will need to perform an urgent vote for the sake of the DAO. The existing Snapshot + Safesnap proposal lifecycle takes a minimum of 18 days, which makes rapid responses impossible. For example, 1inch DAO missed a recent claim to the $SAFE airdrop due to not reaching quorum, and we could have enacted an emergency vote to claim
Specification
- Fast-track process
- Scope of the fast-track process
- Governance Council
Fast-track Process
- Governance Thread for 24 hours
- Snapshot Vote for 48 hours
Implementing a fast-track proposal would decrease the time to pass a proposal from 8 days to 3 days.
To indicate a fast-track proposal, community members will have to insert “[Fast-Track]” into the title of a proposal i.e., “[Fast-Track] 1IP-20: Distribute st1inch rewards”. This is to alert community members about the nature of the proposal. This will also introduce a new tag to the 1inch forum, “Fast-Track” to keep track of all fast-track proposals.
Scope of the fast-track process
This process can be utilized under the following circumstances.
- In addressing a vulnerability, whether potential or actual, that could put assets or 1inch technological infrastructure at risk.
- Where market conditions necessitate a quick change in the protocol’s risk parameters or smart contracts.
- The fast-track proposal process shall have a spending limit of $100,000. This means that a fast-track proposal can not spend more than $100,000.
The fast-track process can also be used in any emergency where time is of the essence.
**Whitelisted addresses **
Due to the low governance participation in 1inch DAO, introducing a fast-track process can open the DAO to certain vulnerabilities. Malicious actors can take advantage of the fast-track process, so we recommend forming a public list of whitelisted addresses that are allowed to propose fast-track proposals.
These addresses/individuals will be on the forums.
We believe that the following community members should be on the initial whitelist:
- RoundElephant:0x824732D3F4Eb94a20254cca9DE10485Ce445Bb40
- Natalia: 0x94B85505Dd701f522cDA4F1e7Ea4bA855eef24bf
- StableLab: 0xea172676E4105e92Cc52DBf45fD93b274eC96676
- DAOplomats: 0x7C2A118717Acf3C821C584506FA5a080cfa6105C
Due to its swift nature, these votes could go unnoticed; therefore, we must have a fast-track whitelist in place to prevent damaging behavior.
How to add whitelisted addresses:
For a new address to be whitelisted, an already whitelisted address must nominate the new addresses. This nomination would be done in a forum post, and subsequently, go through the 1inch DAO Governance Process, and finally go to a governance vote to determine if the address or addresses should be whitelisted.
SnapShot Subspace
To facilitate the fast-track process, 1inch DAO will need to set up a separate snapshot subspace. This is necessary because this snapshot currently does not allow for different lengths for different proposals.
The newly created snapshot subspace would have a shorter voting period of 2 days.
Implementation
This is how the fast-track proposal would look in practice:
- Whitelisted member post a _fast-track _proposal on the 1inch forum with “[Fast-Track]” in the title
- Any non-whitelisted members who post a fast-track proposal to Snapshot, will have their proposals taken down.
- After 24 hours, it will move forward to SnapShot.
- 1inch token holders will now vote on a proposal via SnapShot.
Rationale
Every DAO needs a fast-track proposal process to cater to emergencies; 1inch’s Governance process would require a large amount of time from discussion to voting duration to cater to an emergency. As the 1inch protocol decentralizes, the community needs this fast-track process to address time-sensitive emergencies.
Next Steps
- Discuss the Proposal
- Forum temperature check
- Move it to a vote
- [Yes]: Implement the fast-track proposal as a part of the governance process
- [No]: Do not implement the fast-track proposal as a part of the governance process