Hello Community, Here's a quick update. We will begin moving to deploy on the Testnet. Please bring issues over to the community
Discord .
Mechanisms
A few key features include, but are not limited to:- DAO is governed by and for the Movement community.
- DAO has a treasury that can hold and manage ERC-20 or ERC-721 tokens.
- DAO can interact with any external contract (Uniswap, NFT minting, etc) that an EOA can.
- Current MVT token holders can request to swap their MVT for the new Movement DAO token (MDT).
- DAO tokens (MDT) are transferable just like the old MVT token.
- DAO tokens (MDT) now give MVT holders the right to participate in signaling votes, treasury management, and DAO upgrades/parameter changes.
MDT TokenThe Movement DAO will have a transferable token. The name of this token is MDT (Movement DAO Token.)
Token requestsSince Movement already has a token (MVT), the community needs to migrate to the DAO and it’s new token. Doing this all at once is likely to be disruptive. It will also take a lot of effort to replace exchange listings and community balances. To make this easier for all parties involved we will make the token migration gradual and opt-in. This would look like adding a token request app to the Movement DAO so that MVT holders can request to exchange MVT (old Movement token) for the new Movement DAO token (MDT.
This is similar to a staking mechanism that locks up tokens to give people voting rights, but rather than staking here token holders would make a swap. The idea here being that people who want to engage with the Movement DAO can opt-in to doing so. All new activity (votes, capital, etc) will go through the DAO, so this creates an incentive to participate. Because the migration is opt-in there’s no pressure to migrate right away, but people who want to continue engaging with Movement have a clear and simple way to do so.
When people want to migrate from the old MVT token to the new Movement DAO token (MDT) they will submit a token request. This will be a simple 1 to 1 exchange of MVT <> MDT.
In addition to exchanging MVT for MDT, you can also whitelist any ERC-20 to be swapped for DAO tokens. You can add/remove tokens from the token request whitelists at any time via the built-in console. The commands for this are:
- exec/0xc24448448c34b08847730adb3a7f9f5d757c04ce/addToken(TOKEN_ADDRESS)
- exec/0xc24448448c34b08847730adb3a7f9f5d757c04ce/removeToken(TOKEN_ADDRESS)
Note: when you execute an action in the console it does not immediately happen. The requested action will go to a DAO vote for MDT token holders to decide on.We will whitelist the following tokens when we set up the Movement DAO:
- MVT - The original Movement token.
VotingVoting overviewThe voting app is the heart of the Movement DAO. It will control all of the DAO’s functions including, but not limited to:
- DAO infrastructure upgrades
- Whitelisting tokens for token requests
- Approving new token requests
The DAO will be fully autonomous in that it can upgrade it’s own code. This is done by voting to change permissions and/or add new apps. As a result, DAO token holders will be able to change things in the future if they want.Initial voting parameters
Movement Dao time box voting. In the future, if MDT token holders want to add a new governance mechanism they will be able to do so.
The voting app parameters need to balance security with efficiency. Too much friction and engaging with the DAO will be painful, but not enough and there won’t be any checks and balances.
A 0% quorum requirement allows members to create and pass votes on their own, but only if no other members object. This replicates the design principles of rough consensus but in a programmatic way. Any member can propose a vote and it is expected that they vote yes on their own proposal. Any member can then vote on that proposal, but they don’t have to if they don’t object to it because it’ll pass as is. If they do object, however, then they can easily vote to veto the proposal. As a result, people are unlikely to propose anything that isn’t supported by the group. This achieves aligned outcomes for all parties involved with the least amount of effort possible.
A 60% voting approval requirement means that of those who participate, the majority need to approve the vote. Setting this higher than 50% makes it easier for members to veto malicious or contentious proposals with minimal effort.
A 7-day voting window gives token holders time to participate in decision making. It’s important that this window is long enough that people aren’t rushed to participate or make snap decisions, esp for things like DAO parameter changes and upgrades.
AgentThe Movement DAO will have an Agent as a DAO bank. You can think of Agent as a vault for the DAO, but a “smart vault” in that it can execute arbitrary Solidity code and interact with any external contract that an EOA can interact with. There are a variety of ways to engage Agent to make external contract calls (Aragon CLI, Aragon client console, Frame), but all actions will need to go through a MDT token holder vote before executing.
Just like most people use their Ethereum accounts to hold and send tokens, you’ll probably mostly use Agent as a treasury for the Movement community. You’ll be able to receive, hold, and send any ERC-20 or ERC-721 token.
I hope this message finds you all well.
gumshed
