SSV DAO Proposal Batch [2] — 17 August 2023
A hearty hello to all of the ssv.network community members! The SSV DAO is excited to announce that the second batch of the DAO Proposals will go live in Snapshot in the next few days. They are currently live on the forum, where they can be viewed in their totality and discussed before being voted on. This blog post will give you an overview of each of the new proposals.
This round will be the first time voters can delegate their voting power to delegates using the brand new Karma dashboard. Don’t know what Karma and delegation is? Check out the official blog post with all of the details. For those not familiar with why and how the DAO’ve started batching proposals, find out all you need to know here.
Batch [2] DAO Proposals Overview
[DIP-2] Multi-Sig Committee
The proposal outlines the role and functions of the Multi-Sig Committee within the SSV DAO. This committee safeguards the DAO’s treasury, enhances security for community votes, and manages associated smart contracts. The proposal underscores the importance of committee members’ engagement in the crypto sector, validation expertise, and awareness of their responsibilities.
DIP-2 suggests replacing the four existing members with Elias Simos, Ryan Fang, Hyung-Kyu Choi, and Amitej Gajjala.
The committee is accountable for validating decisions, staying attentive to transactions, and ensuring coherent decision-making. Emergency procedures for various situations, the role of the Master of Coin, member management processes, and compensation details are also defined. The proposal aims to strengthen and clarify the Multi-Sig Committee’s structure and operations compared to the previous version.
[DIP-3] Quorum Proposal
The proposal aims to modify the current quorum requirement of the ssv.network DAO, which currently necessitates 5% of circulating supply for voting. The proposition suggests setting the quorum at 2.5% of the total supply and outlining conditions for quorum. The existing method of calculating circulating supply is intricate and involves locked tokens, DAO Treasury holdings, and non-voting tokens.
By transitioning to the total supply-based quorum, the process becomes more transparent and manageable for the community to validate. The adjustment also allows for direct implementation on Snapshot, simplifying the tracking of DAO vote progress. The change becomes effective upon the proposal’s approval and can be altered by future DAO votes.
[DIP-5] Grant Program and Committee
The Grant Program and Committee were established in response to a DAO resolution by ssv.network on May 27, 2022, with the goal of advancing projects within the ssv.network ecosystem. Funding for these projects will come from both the network DAO’s treasury and the creation of new SSV tokens. Changes in circumstances have prompted the need to revise the initial resolution.
Grants will be given to developers to encourage their involvement and contribution to the network’s development, spanning from fundamental aspects to enhancements. The previous budget allocated 150,000 SSV and 1,500,000 USDC, with additional SSV tokens minted for bug bounties. The current remaining budget includes 110.081 SSV and 1.166.475 USDC. The Committee requests a future budget of 2,000,000 USD in SSV and 1,000,000 USD in SSV tokens for bug bounties.
Grantees’ amounts will be determined based on USD-denominated values of SSV, with the Committee overseeing payments and evaluations. The Committee holds authority to manage applications, approve partners for ssv.network’s mainnet launch, allocate grants, and set internal processes. The Committee may withdraw grants if project progress is unsatisfactory. Membership in the Committee is specified, with procedures for adding or removing members, and each member receives compensation.
[DIP-11] Mainnet Proposal
The mainnet proposal for ssv.network seeks to establish a framework for the network’s development. Upon approval, operators and validators will be able to customize parameters and fees within set limits. The DAO will gain control of smart contracts prior to the network launch.
The proposal covers aspects like the applicability of phases in the rollout plan, designated smart contracts (ssvNetwork and ssvNetworkViews), and key network parameters. These parameters include a network fee transitioning from 0.5% to 1% of Ethereum Staking APR over two years, a minimum liquidation collateral of 1.6 SSV with a 30-day threshold, and a cycle-based operator fee system with a 10% maximum fee limit per cycle. These measures aim to facilitate the network’s transition and growth.
Play your part in the SSV DAO
This batch of proposals has some important implications for the SSV DAO. Use this opportunity to be a part of the DAO and cast your votes when they go live on Snapshot. For those unable to vote or struggling to make a decision, remember that the Karma delegation dashboard is online and you can delegate your voting power to a delegate of your choosing.
