Governance
Current Parameters
| Category | Component | Comment | Status |
|---|---|---|---|
Custody | BitDAO Core Treasury | Safe (previously known as Gnosis Safe) | Official |
Custody | Gnosis Safe Owner | Multi-sig | Official |
Custody | Gnosis Snapshot Space Owner | Multi-sig | Official |
Discussion | Soft proposals and discussions | Discourse https://discourse.bitdao.io/ | Guidance |
Discussion | Forum discussion period | Minimum 7 days | Guidance |
Voting | Voting Module (Governance Module) | Gnosis Snapshot https://snapshot.org/#/bitdao.eth | Official |
Voting | Governance Token | BIT, instance of COMP token 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5 | Official |
Voting | Delegated Voting | Enabled for Delegate All only. BIT holders must delegate before voting (can delegate to themselves). https://delegate.bitdao.io/ | Official |
Voting | Snapshot Strategy | "COMP-like" 1 delegated BIT = 1 vote weight | Official |
Voting | Proposal Threshold | 200,000 BIT, see BIP-3 | Official |
Voting | Vote Duration | Minimum 7 days | Official |
Voting | Vote Threshold (Quorum) | 100,000,000 BIT (1.0% of token supply) | Official |
Details
BitDAO Treasury (Safe)
The official asset custody solution is https://safe.global/ (previously known as Gnosis Safe)
BitDAO core Treasury uses a direct implementation of Safe to store its treasury assets.
BitDAO's main treasury contract is upgradable and can be found at the following Ethereum address: https://etherscan.io/address/0x78605Df79524164911C144801f41e9811B7DB73D
Safe is a widely used standard for enabling multi-sig control over an Ethereum address.
Safe's extensive testing suite, bug bounty program, and security audits. For additional information regarding the contract, please refer to the Safe documentation.
Do not transfer assets into the BitDAO Treasury unless you intend on making a donation. Transferring assets into the BitDAO Treasury will not return any BIT tokens or any other tokens. Any assets transferred into the BitDAO Treasury address cannot be recovered unless there is a DAO proposal and vote to do so.
Governance Module (Snapshot)
The official governance module is: Gnosis Snapshot.
The official Snapshot Space is: https://snapshot.org/#/bitdao.eth
Snapshot is an off-chain vote aggregation platform.
Snapshot was chosen to make governance simple and transparent for our users. It is a tried and true solution with a great user interface and user experience, and used by many industry leading projects such as Balancer, Yearn Finance, SushiSwap, Uniswap, Bancor, The Graph, and Aave.
Snapshot-based governance, is commonly referred to as "soft" governance as the result of the vote is not automatically implemented. A development and operations team is required to perform subsequent actions.
Governance Token (BIT)
BitDAO’s governance token, BIT, is an instance of Compound Finance’s governance token COMP.
This has been selected instead of a standard ERC-20 token, as it supports 1) delegated voting, and 2) off-chain vote aggregation with the potential of moving to on-chain governance at a later phase.
The BIT token contract address is: https://etherscan.io/address/0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5
Governance Discussions (Forum)
The recommended forum for discussions regarding the $BIT ecosystem is: https://discourse.bitdao.io/
Ideas that garner enough community support can be submitted for voting.
A community member may draft a soft proposal or discussion, that leads to an official BitDAO vote. Such proposals act as a “temperature test” or a poll, but do not guarantee implementation.
The idea needs to be adopted by a development team, with finalized code audited and submitted, then deployed by the multi-sig administrators.
Delegated Voting
BIT holders cannot vote or create proposals until they delegate their voting rights to an address.
Delegation can be given to one address at a time, including the holder’s own address.
More details can be found here: https://docs.bitdao.io/litepaper-1/delegation
Multi-Sig Administrators
BitDAO treasury (Gnosis Safe) and Snapshot Space are administered by a multi-sig wallet.
Community suggestions will be considered to distribute the signing keys more widely.
Proposed changes to multi-sig signers or rules will require a BitDAO vote.
Snapshot Space Administration
Key settings (Snapshot Strategy, Proposal Threshold, Vote Duration, Vote Threshold) are managed by the BitDAO Snapshot Space who have been nominated by the bitdao.eth dns multi-sig owners.
These settings are enforced by policy and not code, as such BitDAO affiliated product teams, and multi-sig administrators will not recognize any proposals that do not comply with settings.
Snapshot Strategy
Defines the vote weight of each token.
Our initial setting is 1 BIT = 1 vote weight, so each BIT has equal voting power.
Future strategies may include: allocating vote weight to xBIT or BIT-ETH LP tokens to enable BIT holders who have staked, wrapped, or provided liquidity to retain voting power.
Snapshot Proposal Threshold
"Proposal Threshold" is typically defined as the number of votes required to create a proposal.
In BitDAO Snapshot Space this is done through a visual filter, to only display proposals from users who have at least the threshold number of BIT tokens delegated to their address.
Snapshot Vote Duration
The length of time between voting start and voting end.
Snapshot Vote Threshold
The minimum number vote weight (BIT tokens) required to vote on a proposal for the vote to be effective.
If this minimum is not met, the vote is unsuccessful even if the majority of voters voted yes.
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