Intro
One of the SSV DAOs formation cornerstones is the Multi-Sig Committee. The Multi-Sig Committee acts as the safekeeper of the DAO’s treasury and provides a layer of security when executing votes made by the community. It further controls smart contracts associated with the ssv.network project, and any other parameter within the control of the Committee’s wallet. This proposal aims to solidify the Multi-Sig Committee responsibilities, compensation, members and work procedures, and it shall replace the previously approved Multi-Sig Committee Formation.
Motivation
The composition of the committee has been subject to a few changes since its formation. We believe the project and community should strive to have a committee and members that meet the following criteria at all times:
- Diversification of the members: different locations, unrelated, independent, not reliant on one another or on the same third party financially or in any other form.
- Highly engaged with the crypto industry or the project, and thus familiar to the community and are trustworthy.
- Active and willing to invest the required time and effort in order to ensure smooth operations of the Committee by executing the DAO’s decision efficiently and compliantly.
- Understanding of the importance of the role and responsibilities.
- The know-how of validating and verifying multisig transactions.
Per the last proposal addressing the Multi-Sig Committee composition, the committee has nine (9) members, out of which one (1) is Master of Coin. Of the nine members, five shall be required to vote in order to execute transactions.
To account for the criterias above, we propose to replace 4 of the current members, thus creating the composition presented below.
Updates to the Committee structure
| Current Member | New Member | Wallet Address Associated with the Member | Discord Handle |
|---|---|---|---|
| Bitfly | Mitya Argunov | 0x9743F6adcE6Abd0Cedf450C4A5d47C49b83c44f4 | dargunov |
| Isankar | Ryan Fang, COO and Co-Founder at Ankr | 0xb9D75558ce9A88f3Bf8dDe4C564aF3dcC2991D77 | Ryan.dao |
| Fod | Hyung-Kyu Choi, CTO and Co-Founder at DSRV | 0x09B5e6D886966C020388BE105f0C4d302712d33f | hqueue |
| Tim Beiko | Amitej Gajjala (AG), Co-Founder at Stader | 0xa1d39fF560Bb5474C3507D93a52A41ac7b9d71B6 | AGCrypto |
| Preston | 0xf71E9C766Cdf169eDFbE2749490943C1DC6b8A55 | prestonvanloon | |
| Ben Affleck | 0x2de670a1D8c1DE83D8727295284704bB196bA117 | ben.affleck | |
| Yorick | 0xeCbb058Fc429941124a2b8d0984354c3132F536f | yorickdowne | |
| Sp00ky | 0x872Da650d6d727b87e56D8e46f62228a27f94B3d | sp00kyg | |
| Taiga | 0x78D71193A507287365b968dBf7D3Bc6C49d7Eb0b | zktaiga |
The remaining members - Sp00ky (Master of Coin), Ben Affleck, Taiga, Preston and Yorick - and their wallet addresses, shall remain the same.
Committee and Members’ obligations
- Validate, verify, and execute DAO’s decisions and exercise beneficial claims for the claims that the DAO treasury is a beneficiary of.
- If the DAO treasury has a DAO authorized, valid, impending or outstanding claim against the DAO treasury, the Committee is required and authorized to use any and all means to settle such a claim (including token minting) and prevent the DAO being exposed to late payment.
- Understand that your role requires diligence and critical decision making. As such, if the information that you as a member believe to be insufficient to approve a transaction, the transaction will not be approved until such information is attained by you, or the committee as a whole.
- Be attentive to pending transactions and requests. Engage with the Committee when needed and be involved with the project.
- Inform the Committee members and the DAO in due course about your wish to quit the Committee.
- Prior to executing DAO’s decisions, members of the multisig committee shall make sure DAO’s decisions are: (i) coherent, clear, and consistent; (ii) made in line with the DAO’s guidelines, thresholds, quorums, roles and responsibilities, as laid out in previous DAO’s decisions. If a majority of the Multisig Committee believes a DAO decision has not met the said criteria, it shall not execute the decision, but rather inform the DAO about the discrepancy and ask for a repeated vote.
- The Committee may determine its own guidelines and ways of conduct, subject to this proposal and any future DAO’s decisions, by way of a majority vote, as it sees fit.
Emergency Procedures
Due to its decision making procedures and nature, namely the time needed to execute any action or response, the ssv DAO may be unable to deal swiftly and decisively when critical vulnerabilities are discovered or situations arise that are likely to cause substantial harm to the ssv.network, the DAO, its members, or the Treasury. Hence, the following emergency powers are given to the Multisig Committee subject to the following procedures:
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Defined Emergency Situation
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a. A Defined Emergency Situation shall be any one of the following:
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i. Critical Vulnerability of the ssv.network protocol’s smart contracts;
Unforeseen or exploitable deficiencies of any part of the code relevant for the successful operation of the ssv.network protocol. Such deficiency could lead, or have led, to loss of funds or control over the ssv.network protocol.
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ii. Unauthorized access to or use of the ssv DAO Treasury;
Any situation where Access to the DAO Treasury has been obtained, or an action by the DAO Treasury has been executed, without proper approval. For the purpose of this section, Access shall mean gaining the ability to execute an action or transaction.Proper approval shall mean that Access is granted in accordance with the rules of the DAO, including, but not limited to, the quorum, the voting majority or other contingencies outlining the decision making process.
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b. Declaring a Defined Emergency Situation
- i. Any member of the Multi-Sig may request a declaration of a Defined Emergency Situation based on information the member has gathered or the information that has been brought to the attention of the member.
- ii. The request shall indicate the category of the Defined Emergency Situation with an elaborate explanation about its nature and necessities.
- iii. An absolute majority of the Multi-Sig members is sufficient to approve a request for a declaration of a Defined Emergency Situation within the first 24 (twenty-four) hours of a request being submitted. If an absolute majority were to vote for the declaration of a Defined Emergency Situation in the first 24 (twenty-four) hours but one or more members were to vote no, a ⅔ (two thirds) majority will be required to declare a Defined Emergency Situation. After the 24 (twenty-four) hours have elapsed following the submission of the request a majority of ⅔ (two thirds) shall be required in order for the request to be approved.
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A Detrimental Situation
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a. A Detrimental Situation shall be any unforeseen or detrimental situation not listed as a Defined Emergency Situation and meeting the Declaration requirement listed below.
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b. Declaring a Detrimental Situation
- i. Any Multi-Sig Member may call for a vote for a situation to be declared as a Detrimental Situation.
- ii. For a solution to be implemented(eight) 8 out of 9 (nine) Multi-Sig members are required to vote for a solution to a Detrimental Situation.
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In order for a Declaration of a Defined Emergency Situation or a Detrimental Situation to be valid and applicable, the Declaration should include one of the following:
- a. A solution to the matter that can be implemented by the Multi-Sig (e.g., a smart contract to be deployed).
- b. If a solution is not available at that time, a trusted third party to be appointed to research and provide a solution to be implemented by the Multi-Sig.
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Under no circumstances can a Declaration of an Defined Emergency Situation or Detrimental Situation include a solution that involves any of the following:
- a. The transfer of DAO’s assets from the Treasury or the control over any of the smart contracts in the core of the ssv.network, to a wallet not controlled by the Multi-Sig Committee.
- b. The immediate dismissal or replacement of more than 1 (one) member of the Committee. If a member were to be replaced, that member will be considered as an interim member of the Multi-Sig Committee. Such a member will be appointed to the Multi-Sig Committee for a time of (ninety) 90 days following the publication of such a decision by the Multi-Sig Committee. After the 90 days have elapsed, such a member will no longer be considered to be or allowed to participate as a part of the Multi-Sig Committee, unless he/she has been chosen to be a permanent member through a procedure designated for the adding or removing of Multi-Sig Committee members outside of Defined Emergency Situation or Detrimental Situations.
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Any solution to a Defined Emergency Situation or Detrimental Situation should address only the affected or procedure required to resolve the situation.
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All communication related to declaring a Defined Emergency Situation or Detrimental Situation, or request thereof, shall be shared, in full, with the community at the earliest convenience after the situation has been resolved, but in no case later than 96 hours the declaration, or request thereof. If the communication has been performed on a channel with no transcript (e.g., phone call that couldn’t be recorded), the Master of Coin shall publish a short summary of the events.
For the purpose of Defined Emergency Situation or Detrimental Situation, the voting will be completed by signing a transaction with a wallet designated by this Multi-Sig proposal. The signed transaction shall contain a message with text that reads either “Yes” or “No”. The text itself must not contain quotation marks and any or all letters can be capitalized in any fashion. Spacing before, after or in between the letters is allowed. Only a vote cast in the aforementioned fashion can be considered to be valid. If any of the members could not be reached through the aforementioned means, and the Master of Coin has verified the identity of a member, the latter may cast their vote through any other channel approved by the Master of Coin.
Master of Coin’s roles and obligations
- Lead the Committee and inform the DAO regularly on the committee activity.
- Review DAO-approved proposals and initiate signature requests (including any research, calculation, coordination, etc. required for initiating the said requests).
- Interact with Committee members and alert them on incoming requests.
- Inform the Committee members, in writing, if it deems any of the members inactive. Such notice shall be made along with an explanation to both the alleged inactive member and the committee on how this determination has been made. The Master of Coin shall allow the said member seven (7) days, as of making the notice, to submit a response to the committee members before initiating a removal vote (see below under “Adding and Removing Members”).
- Oversee the administrative aspects of the Committee.
Adding and Removing Members
- A DAO vote for replacing, adding, or removing a member, or amending the structure of the committee, is binding.
- Replacing one existing member with another, by naming both the removed member and the suggested replacement at the same time, can be done by a ⅔ majority of the members of the Multi-sig Committee, subject to informing the community at least fourteen (14) days prior to such a vote, thus allowing the community to express its will. This alternative is effective without a DAO confirmation, nonetheless any later contradicting DAO decision shall prevail.
- If a member of the Committee informed the Master of Coin or the Committee members about their wish to be removed, the Committee shall be allowed to replace the member by way of a simple majority. The requesting Committee member will maintain their seat and obligations for a period of twenty-one (21) days as of the request. The validity of such a replacement is subject to: (i) informing the community at least seven (7) days prior to the vote about who is the leaving member and who is the suggested replacement, and (ii) informing the community no more than seven (7) days after the vote on its results. No new member shall be added to the committee before the community has been informed.
- If the Master of Coin has informed the Committee in writing that a member is inactive, the Committee shall be able to replace the member by way of a simple majority after receiving the explained notice from the Master of Coin. The alleged inactive member will have 7 (seven) days to respond from the day the Master of Coin provides the explained notice to the Committee.
Committee Compensation
Member - US $1,000 worth of SSV token per calendar month.
Master of Coin - US $2,000 worth of SSV tokens per calendar month.
Compensation shall be paid once a month to all incumbent members for the past month in which they served as Committee members. In the situation of a member completing only part of the month as a Committee member, that member shall be paid the pro-rata sum.
SSV prices shall be calculated based on a 30-day trailing average calculated on the 1st day of the following month.
Important information
The proposal was voted ‘Yes’ by the community and reached the required quorum.