PDIP 3 - Paragons Treasury Council; transparent and accountable asset management

Author - DeFi Ted

Summary

The ParagonsDAO is currently run via just the core team making decisions on the use of the treasury and assets without transparent oversight. This proposal looks to ratify that with an elected group of individuals tasked with managing the Treasury and the multisig.

This process will truly put the treasury and the DAO in the hands of the community and $PDT holders.

Abstract

The Treasury Council’s main function is to manage all aspects of the Treasury including managing assets, opex and budget for remuneration, in a transparent and accountable fashion. The closed nature of decisions today does not align to the decentralised nature of the DAO.

Motivation

This will remove the attack vectors of centralized risk on an individual and move to a multi-jurisdiction decentralized governance model without the risk of any single person, while giving the community an open and transparent process in order to review for audit and performance.

Specification

Overview

The proposal puts in place the framework for the new Council, with 5 members (configurable with PCCP) and voted on by token holders using the current Epoch time frame as outlined by the Paragons Council. Currently 3 Months as default.

The Treasury Council will have the responsibility for making daily as well as strategic decisions for the duration of the epoch with a presentation of major decisions and results during community governance calls.

The following functions will be under the control and discretion of the Treasury Council;

  • Treasury Management (Including approvals for strategic deals)
  • Governance Remunerations
  • Funding of Core Contributor Council
  • Budgets for Grants
  • Opex costs for DAO
  • Issuing discretionary incentives

Rationale

Treasury Management

The protection and investment of treasury funds and assets to ensure that operating expenses are covered for future DAO needs.

Use and pricing of bonds will remain at the discretion of the Treasury Council.

0x12267aefd8Bb461817Df348CE16c933e76C1Aa0D currently holds all $PDT and associated assets

The Treasury Council would take over this as multisig holders and signers.

Governance Remunerations

The Treasury Council members will receive 10,000 PDT per month remuneration in line with the Paragons Council. The Treasury Council will set the payments of all elected members of eligible governing bodies including the Treasury Council itself.

Bodies for remuneration;

Paragons Council
Grants DAO
Ambassador DAO
Core Contributor Committee

The remuneration process will be monitored by the Treasury Council during quarterly reviews to ensure that the amount of funding being received by managed bodies meet conditions of the market.

To ensure no conflict of interest both Paragon’s Council and the Treasury Council will receive equal, transparent amounts that will be correlated with each other if any changes are to be made on their remuneration.

Core Contributor Committee

The Treasury council will also negotiate with the CCC to set quarterly and yearly budgets for CC expenses and will provide this funding in advance to the CCC. At the outset to de-risk this transition the TC will be provided three years of operating expenses. This amount YTD.

Grants DAO (Yet to be formalized)

The Grants DAO will need to have a yearly budget applied to it by the Treasury Council. This will be negotiated with the finalized grants DAO members.

OPEX Costs

The Treasury Council will provide the necessary funds to maintain all operating costs for the DAO, this includes things like website hosting costs, integration costs, membership fees and licences for products.

The Treasury Council will monitor these costs quarterly and review changes at their discretion.

Issuing discretionary incentives

Discretionary flexibility is crucial to keeping agile in an ever changing environment and thus having discretionary funding to push certain aspects of development that are deemed crucial or time sensitive is imperative. The Treasury Council will budget a discretionary fund that can be used in these times.

Configurable Values (Via SCCP)

  • The number of members on the Treasury Council
  • The Epoch Length of the Treasury Council

Copyright

Copyright and related rights waived via CC0.

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