In December of 2021, a number of individuals collectively expressed interest in creating an experiment through the DAO's Service Provider dao-lawfirm.eth.
- Could a new type of application framework, relying on smart contracts for organizational governance and accounting, operate in a completely decentralized way?
- Could decentralized applications and smart contracts facilitate greater change than traditional tools when addressing the needs of individuals and scaling to millions of communities?
As of August 14, 2022, under 100 unique externally owned addresses (EOA) and Gnosis Safes seeded over $16.5m into the DAO Gnosis Safe("Multi-signature wallet" or "Multi-sig").1 dao-lawfirm.eth, together with an appointed handful of individuals ("initial signers"), established the following guidelines:
- dao-lawfirm.eth will retain a veto right in order to protect governance during the "slow-start"2; and,
- the DAO shall bootstrap a community of contributors and developers to develop DAO tooling to enable maintaining communities;
- shall value the privacy and work product of its Members;
- shall recommend a structure to ensure compliance to applicable laws and regulations;
- must implement accounting and governance prior to consistent access to capital; and,
- shall not have any information asymmetry regarding any governance process.
In order to achieve these wishes, the following steps were taken:
- dao-lawfirm.eth created trusts and Gnosis Safes to fund the Multi-sig account;
- Multi-sig signers were appointed, and funds were secured to support the DAO until sufficient tooling could be deployed; and,
- proposals for payouts to individuals were limited to 3 months periods.
Initially, the Multi-sig threshold was set to 3 of 5 signers, and the following signers were appointed:
|ID||Ethereum Address||Contribution||Creation Date||Created By|
Future multisig reconfigurations are subject to the DAO governance process.
A Governance NFT was airdropped to the top 1,000 active decentralized governance pioneers, the juicebox.money community, and to the Tribute DAO community as an invitation to participate in DAO governance; and Twitter postings detailed the purpose. Additionally, individuals who consistently participated in the DAO's Discord, drafted proposals, and engaged in the community were given Governance NFTs at no cost.2 The NFT was a derivative of Bored Ape No. 1420..3
As of August 2022, the DAO's Gnosis Safe has not yet implemented any significant asset diversification strategies. The DAO should appoint a treasury committee in which individuals with prior experience managing at least $1,000,000 worth of cryptocurrency over an extended length of time (either individually or through Multi-sig wallets) can make written recommendations to the DAO. Community/contributor recommendations endorsed by committee Members should also be considered.
Initial Signer Requests
dao-lawfirm.eth, have made specific feature requests for the initial application:
- multi-token treasuries;
- bonding curve token emissions;
- integration with certain DeFi protocols;
- escrow voting strategies; a path to on-chain governance;
- NFT tooling for creators; and
- legal compliance,
and have also requested an expansion of the Multi-sig. Governance migration to voting escrow is essential, as dao-lawfirm.eth desires to signal their long-term commitments. dao-lawfirm.eth requested a follow up presentation within 60 days,5 to present a timeline for the DAO tooling version 1.0 release.
- June 15 through 30, 2022, about $450,000 DAI was swapped for ETH and has appreciated. This was included in the overview of the treasury balance. The Multi-sig transaction history is available at Gnosis.↩
- The slow-start "veto" was inspired by nouns.wtf. See the Governance 'Slow Start' section.↩
- Movement DAO's Ascended Ape Collection: as of August 10, 2022, there were 1.1k owners. All of the original Gnosis contributors were airdropped NFTs. The DAO's governance proposal and temperature-check's Snapshot voting strategy relies exclusively on the NFT, while the proposal ratification strategy is a weighted whitelist based on contributions to the Gnosis. This enables virtually anyone with interest to submit a proposal and participate in the DAO. See the Governance Process.↩
- The presentation to the initial-signers is scheduled for November of 2022, and is expected to be completed by December of 2022.↩