Governance Discussion: Wed Aug 19 15:00 UTC

Meeting date: Wednesday, August 19, 2020
Hong Kong: 11:00pm
CEST (Berlin): 5:00pm
UTC Time: 3:00pm
Buenos Aires: 12:00pm
Brooklyn: 11:00am
Houston: 10:00am
Denver: 9:00am
San Francisco: 8:00am
Meeting link:


Budget and REP distribution

  • DXD voting rights
  • Treasury - getting more aggressive (or diversify the treasury)
  • Worker’s compensation - potential updates, including non-technical positions + compensation structure (and DXD as salary)

Documentation and Manifesto

  • Manifesto - latest iteration and forum discussion . Please read - would like to finalize and get proposal for next home page update
  • Documentation - outside of manifesto, what documentation is needed from governance. How can this help Biz dev and product documentation. For @PeteSmeet’s proposal, what ‘docs’ are most sorely needed

Governance as a service/product

  • Gas costs and voting - reimbursing voters and coming up with cheaper solutions (Kovan?)
  • DMG - finding a DXambassador

Proposal Roundup - some proposals this week!

What’s in the forums - roundup of interesting posts/discussions

Anything else? feel free to add below or dm me.


I’ve summarised thoughts on worker guidelines here: DXdao Worker Compensation Guidelines 2020

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Budget and REP distribution:

  • DXD voting rights - discussion around plans for DXD holders’ say in governance. Community seemed to agree on need for DXD input in governance and creating a long-term alignment of REP and DXD interests. @JohnKelleher discussed two possible paths:
    1. DXD ERC20 Guild - DXD holders can vote on every proposal in the DXD Guild, which has a certain allotment of REP to vote in DXdao governance (either as one block or % reflecting the original DXD vote). @AugustoL has some code on this but still a technical lift.
    2. DXD lock for REP - DXD holders could lock DXD for a certain time period and receive REP in return. Necdao has a sketch of this scheme.
  • The Curve - Bonding curve modifications forum post
    • [@CLCL] the curve was a fundraising tool to fund the treasury, but with over $4m ETH and $10m in treasury, it is no longer needed. It dampens the price of DXD by minting more and prevents price discovery between secondary markets and the curve
    • Technical discussion on how the curve could be ‘turned off’ (by setting a high minimum buy price) and how that would change revenue that’s routed to the curve.
  • Treasury: picking up from Governance discussion three weeks ago
    • [Powers] Treasury has grown and we have previously mapped out estimated 6 month costs for operations. Moving forward, need to decide 1. Asset breakdown (just stablecoins?) 2. Putting some into DXswap or other DXdao products 3. Putting the treasury in other DeFi products (ie Compound)
    • [@CLCL] We could get more aggressive and consider exchange listings for better liquidity
    • [Chris P] I’m not sure that fits with the mission of the DXdao
    • [@sky] Some people may request compensation in Dai, so the treasury could convert some ETH to Dai to draw down from. Like a lot of things, we need to start small and iterate.
    • [Followup] I’ll work with community to get a plan for treasury allocation.

Documentation & manifesto

  • Manifesto - latest draft
    • [Powers] Moved around some of the formatting and combined the last sections. This manifesto does not include forward-looking goals (like REP inflation or centralization). Where to publish? 1. DXdao proposal 2. (PDF?) 3. Decentralized blogging service?
    • [Sky] The reason for the product logos is that since this will be updated every year, it will show how DXdao has grown yoy

Governance as a service

  • Reimbursing voters for high gas costs
    • [@AugustoL] @nico is working on a script to reimburse gas costs for proposal submission and votes.
    • [@sky] Might this be a waste of money if a proposal is already going to pass?
    • [Augusto] There isn’t true consensus until it’s on chain. We’re also working on deploying a Kovan voting system, where REP holders could sign messages on Kovan (for free) and then those are batched in a single transaction to mainnet DAO, greatly reducing gas costs
    • [Sky] Gnosis Safe, which a lot of rep holders use, doesn’t support Kovan.
  • DXambassadors - looking for someone or group to take active role in DMG governance (and potentially others). Researching and updating DXdao on DMG ecosystem, previous thread here.


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