Announcing changes to the Float Multi-Sig

As part of our ongoing commitment to good governance, we are today announcing that we are diversifying our multi-sig to include fewer team members and more community stakeholders to provide accountability to the Protocol moving forward.

As it stands

The multi-sig is made up of 4 team members of Float Protocol. A ¾ majority is needed to execute a transaction. This multi-sig currently controls:

Upgrading the BANK contract (through 2 Day Timelock)
Minting BANK (through 2 Day Timelock)
Add and Revoke Roles (through 2 Day Timelock)
Setting the Reward Distribution
Pausing BANK

By launch it will also control (through 2 Day Timelock):

The Treasury
The Monetary Policy
The choice of Oracle Contracts

Changes today

Starting soon, we will be replacing one team member as a signer with Encode Club. For those who don’t know, Encode is a hacker blockchain community operating across 75 universities. They have been awesome supporters of us from genesis and we came third in their hackathon a few months ago.

To clarify, the team member being replaced is not leaving the team, we are just replacing them as a signer so Abbey Road do not have a monopoly over the multi-sig.

The future

We plan to expand the multi-sig from 4 members to 7, where only 2 will be team members. A 5/7 majority will be needed to execute a transaction. We will announce the new 4 members in the next few weeks but this is expected to happen before we mint the treasury.

In terms of other governance changes, in due course we will be announcing the launch of a fully-fledged DAO to control our treasury and an on-chain governance process. Last week, we announced the procedure for making proposals within Float.

Socials

Website — https://www.floatprotocol.com/

Docs — https://docs-float.gitbook.io/docs/

Twitter — https://twitter.com/FloatProtocol

Telegram — https://t.me/officialfloatprotocol‌

Medium — https://medium.com/@floatprotocol

Github — https://github.com/FloatProtocol/

Discord — https://discord.gg/nVCZacJJqM

Scattershot (fork of Snapshot) — https://scattershot.page/#/snapshot.floatprotocol.eth

Forum — https://forum.floatprotocol.com