On Nov 27th, a community member proposed EIP-10 which details the creation of a treasury whose purpose is to fund protocol changes and various other activities that are voted upon by the community. This treasury will have a separate governance process that utilises the off-chain governance platform: Snapshot.page.
The proposed changes are as follows:
Protocol Changes
After discussion around the initial post by Andrew Kang, the part of the proposal that effects the core code is as follows:
- The protocol will one-time mint 500,000 ESD to the specified treasury address
- Going forward all expansions will contribute to the treasury. In a “coupon” expansion the split will be 77.5% Coupons, 20% LP, 2.5% Treasury. In a “supply” expansion the split will be 77.5% DAO, 20% LP, 2.5% Treasury
Treasury Specifics
The treasury that will receive the proceeds from the supply expansions has been setup as follows:
- Gnosis Safe with 7 signers, with a threshold requirement of 4 signers
- The treasury will only act upon the outcomes of proposals submitted to the ESD Snapshot Governance page
- Treasury signers have no specific executive authority over any of the funds and must purely enact voted budget proposals.
- All treasury funds will originate from supply expansion rewards, and not from any other sources (e.g. donations).
The treasury address is: 0x460661bd4A5364A3ABCc9cfc4a8cE7038d05Ea22
Treasury Signers
A diverse set of individuals have been proposed from the ESD community to act as signers of the Treasury multi-sig. They are committed to only enact budget proposals that have been approved by bonded token holder voting on the Snapshot governance platform and generally to act in the best interests of the project.
The signers are as follows:
Establishing the Treasury
The treasury is yet to be established and requires an on-chain governance vote to pass in order to modify the protocol to fund the treasury.
The proposal contract has been deployed and proposed. It is live for voting here. Please make sure you vote on this proposal!
