PDIP 2 - The Paragons Council; delegated voting power for $PDT Holders

ParagonsDAO Improvement Proposal
1

Author - DeFi Ted

Summary

This PDIP aims to outline the shift from individuals with large holdings of PDT in the core team to a delegated voting model. This will allow token holders to vote in representatives of the community to form a governing council to oversee the decision making for new PDIPs and PCCPs in the future.

Abstract

Governance process today is a community wide PDT vote for all changes, with the core contributors left to manage all assets and processes with no transparency or accountability for decisions.

Specification

Overview

There are 2 components of the of the Paragons Council and the new governance system;

  1. Paragons Council
  2. Paragons DAO Proposals (PDIPs & PCCPs)
  • Paragons Council will consist of 7 nominees who are voted in by the Paragons DAO token holders which enables a small group of individuals to make decisions on proposals
  • Paragon’s Proposals are changes in the structure or nature of vision and or operations. These changes will be submitted to the Paragons Council space for voting and must reach full consensus to proceed.

Democratic Voting

Within each epoch there will be a nomination process for new changes to the Paragons Council members, the voting period will run throughout the current epoch and be a manual handover process at the end.

Council Payments

PDT will be paid to each Council Member for their role performed on the council. This will be paid out manually at the end of each Quarter. 10,000 PDT per member per month.

Meta-Governance

Any PCCPs that relate to the configuring of the values of this PDIP will need to be voted into place by the Paragons Council with a unanimous vote.

Rationale

This process allows for a token holder voted governance structure that accommodates for speed and execution. Delegated voting is more in line with the future goals of Paragons DAO.

Technical needs

  • Create a custom NFT contract that will be a placeholder NFT for the Paragons Council members.
  • Modify the snapshot spaces to include a space for Paragons Council to vote with their NFT.
  • Modification to current spaces to allow the election process for the Paragons Council.

Snapshot spaces will be needed for 2 voting reasons;

  • Paragons Council will use a newly created Snapshot space that will be used for all Council Member votes for Paragons Proposals
  • The current snapshot will be used for ongoing election processes of council members

Test Cases

  • Synthetix Council use of NFTs to identify council members for votes on proposals where the council has already been voted in by the token holders.

https://snapshot.org/#/snxgov.eth

Configurable Values (Via PCCP)

Council Nominations Deadline - initially set at 48 hours prior to when the Election Period begins.

Election Period Length - at the end of the Election Period the council members will be issued NFTs (voters may still change their votes within the current Council Epoch).

Council Epoch - the period after which token holders must redelegate their votes to new and existing council members (to prevent stagnation and ephemeral power), this will be for the period 1 month after the epoch opens.

Timelock period - period where the proposal is in review before being implemented, initially set at 24 hours.

Copyright

Copyright and related rights waived via CC0.

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