Summary
This proposal aims to establish an Oversight Committee (hereafter: “FOC”) for the SSV Foundation (hereafter: “Foundation”).
Motivation
Ever since the inception of the Foundation, the DAO has chosen to shift much of the real-world and operations work to the Foundation. These include:
- A complete shift in the entirety of the DAO’s marketing being handled by the Foundation, yielding significant efficiencies when dealing with KOLs, PRs, publications, and the community.
- Daily market maker communication and supervision, which, prior to the DAO market making proposal, was extremely difficult.
- Granular application, enforcement, and adaptability of the DAO’s 4 year budget proposal.
- All AML/CTF procedures instituted and operated by the Foundation for the whole of the DAO.
- Bookings of flights, events, payment, and IT infrastructure.
- Continuous legal support for all DAO agendas.
As a consequence of these DAO decisions, the Foundation became a major factor in the operations of the DAO, holding much power and substantial budgets. Unlike the DAO itself with its on-chain activity and publicly visible discussions, the Foundation, as expected and planned, operates like a legacy company.
With this in mind, the proposal suggests a Transparency Report to be published by the Foundation and the establishment of the OC. The former should allow the community at large to receive updates without any act or dependency. Since the information in these updates will be limited due to privacy and the will not to hinder smooth operations, the latter will allow representatives of the community to proactively ask for any information, and in some cases even overrule decisions.
Proposal particulars
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Foundation Transparency Report
-
Foundation Oversight Committee
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Community Representative
Foundation Transparency Report
On the 30th day since the start of each quarter, the Foundation will publish to the ssv.network forum a report that contains a balance sheet breakdown as follows:
- General and Administrative expenses
- Employees and Contractors
- Grants & BD
- Legal
- Marketing
- Insurance
- IT
The Foundation will exercise its discretion to accurately label all of its expenses and finances into the abovementioned categories.
Oversight Committee
If this proposal were to pass, the Foundation will be subject to an FOC that is hereby established. The Foundation is hereby instructed to execute and deliver all such operational steps, including, but not limited to, signing agreements and/or amending its Bylaws and/or Memorandum, if needed, in order to guarantee the implementation of this proposal.
The members of the FOC will be the following individuals or representatives:
- ssv.network DAO Grants Committee (hereinafter: “GC”) lead;
- ssv.network DAO Multi-Sig Committee (hereinafter: “MC”) lead;
- Largest grant recipient of the DAO representative;
- Second largest grant recipient of the DAO representative;
- Community Representative;
The top two grant recipients are determined by the historical USD value of their grants awarded directly from the DAO. If one or both were to reject the seat on the FOC, the DAO will continue to the next in line grant recipient.
Members of the FOC will not be compensated.
The FOC will have continuous access to all Foundation information, including communications, documents, and finances (hereinafter: “Information”). The specific method for granting this access will be determined collaboratively by the FOC and the Foundation, taking into consideration both the ultimate goal of granting access on one hand, and security concerns on the other.
Irrespective of the above, any FOC member, at any time, can request information to be provided to them by sending an email to the Foundation at finance@ssv.network. The Foundation must comply with such requests within 14 days. If a member believes that the information made available to him reveals willful misconduct, gross negligence, continuing negligence, misuse of funds, or any action not consistent with the mandate granted to the Foundation by the DAO, he may request the FOC to take one of the following steps:
- Make the relevant information public. Such a request must be approved by an absolute majority of the members.
- Instruct the Foundation to refrain from taking action. Such an instruction will require the approval of all members of the FOC.
- Instruct the Foundation to cancel or revoke a decision or act already taken. Such an instruction will require the approval of all members of the FOC.
The FOC will not make any decision before allowing the Foundation to argue and present its case, for as long as this right is not abused. Whether this right of the foundation is abused or not is decided by a majority of the members of the FOC.
Approved votes will be published by the FOC to the DAO forum or snapshot.
If a legal concern arises, the Foundation will facilitate reasonable legal advice from its legal counsel.
Community Representative
Every 1st of January and 1st of July, the Community Representative will be chosen by the FOC. However, if this proposal were to pass, the CR will be chosen and his mandate will last only until the previously mentioned timeframe.
At this point in time, the FOC will look at the Karma Dashboard, the CR will be the person with the highest Total Voting Power (personal holdings of SSV + delegated SSV), and a complete Karma profile according to the guidelines established in the DAO’s delegation program or future revisions.
The FOC will attempt to reach out to this person or entity. If such an attempt fails, is rejected, or if the attempt is successful but the person or entity fails a KYC/KYB check of the Foundation, the FOC will attempt the same process with the next in line. If the FOC runs out of candidates, a current core contributor will be chosen by the FOC out of a pool of ambassadors at random. If only one Ambassador is available, they will be chosen as the CR for the current mandate.
The KYC/KYB check of the Foundation can only consist of the bare minimum necessary to be compliant with sanctions and other AML/CTF regulations, while respecting the privacy of such persons or entities as much as possible.
No contractor, employee, or statutory representative of the Foundation or a person associated with an existing FOC member can be a CR member.
