Below is draft of text for a proposal to formally anoint the xDXdao base on xDai in order to outsource certain activities, particularly worker payments. This proposal also includes a 100 ETH transfer to the developer multi-sig to be converted into xDai and deposited into xDXdao base. Please comment with any suggestions below.
DXdao’s home base is on mainnet Ethereum, but with the rising price of ETH and gas, it has become prohibitively expensive to operate all DAO functions on mainnet. This proposal is meant to identify
0xe716ec63c5673b3a4732d22909b38d779fa47c3f as the DXdao base on the xDai Chain. This base will serve three primary functions:
- Govern DXdao products on xDai
- Vote on worker proposal submissions and handle worker payments
- Vote on signal proposals related to DXdao governance
It should be noted that in any discrepancy, DXdao’s home on Ethereum mainnet supersedes xDXdao in all cases.
Initial funding and worker proposals
Simultaneously, this proposal sends 100 ETH to the developer mult-sig,
0x5F239a6671BC6d2bAEf6D7Cd892296e678810882, which has been used previously for Treasury Authorization proposals and with the 5 owners verified as REP holders with at least 0.5% REP. This multi-sig will be responsible for converting the ETH to Dai, bridging to xDai and depositing it into the xDXdao base identified above.
Moving forward, worker proposals should be submitted to xDXdao under the same process outlined in the Worker Compensation guidelines and the soon to be updated Contributor Guidelines. All base compensation should be requested in xDai; contributors will be responsible for withdrawing the xDai to Ethereum mainnet or another withdrawal method. DXD compensation and REP awards will not be done through xDXdao. Contributors should record these in their proposal on xDai.
- xDXdao REP is not the same as DXdao REP. How different DXdao bases reconcile REP is outside of the purview of this proposal.
- There was a lengthy process to deploy xDXdao with a REP distribution based on DXdao home base on Ethereum mainnet. Not all mainnet REP was ported, specifically to Gnosis Safe users; there is a process for mainnet REP addresses to map an xDai address to hold its REP. Any address with mainnet REP is entitled to the same amount of REP in xDXdao.
- Mainnet REP will remain the source of truth for DXdao. Mainnet REP requests should be noted in xDai proposals, but the actual mainnet REP awards will happen through DXdao home base on Ethereum mainnet and be batched in quarterly or half yearly increments and potentially in rewards to multiple addresses.
Risks and Concerns
xDai is a sidechain, so its risk properties are based on the validator set, which is small. Additionally, bridging assets requires trust from workers to move their funds off of xDai. As a result, the value of assets stored in xDXdao should not exceed $500k.