The Melon Council is pleased to announce its DAO on aragonOS is live. You can check it out here.
As announced back in February, the former Melonport team had made plans for the Melon Council to use aragonOS for keeping the decision-making system secure and transparent.
Before rushing into this governance framework, we (the current Melon Technical Council members) voted to conduct a deeper risk analysis on the use of such system and re-evaluate whether to use it or not. Over the past few months, we have analysed and assessed the implications of using aragonOS, and engaged in discussions with the Aragon One team. The main question was whether the benefits and convenience of using aragonOS outweighed the additional layer of complexity. Smart contracts systems security is tough and we wanted to get comfortable with it and make sure we would phase it in sensibly.
After internal discussions, review of the aragonOS audit reports, and a renewed vote by the MTC, we are delighted to announce we will be using the Melon Council DAO on aragonOS. We will phase that in progressively in a way we feel is sensible. aragonOS is so powerful that it could in theory be used to make any of the Melon Council’s decisions; protocol parameters, updating ENS subdomains, amgu price adjustments, resource spending and burning of un-spent tokens (inflation).
As a first step, we have transferred the ownership of the protocol — the Melon Council DAO. For the time being, the protocol’s financial resources (inflation mostly) will remain in a multi-sig account. When we feel confident enough with our DAO, we will consider progressively transferring the protocol’s financial resources to the Melon Council DAO.
As a result of this decision, the Melon Council will now be responsible for voting on matters on-chain such as:
- Council membership expansion/reduction: inviting new members (MEB/MTC) or revoking membership
- Adjusting the amgu price
- Protocol upgrades: updating the melonprotocol.eth ENS subdomains
- Updating any other network parameters (ex: exchange addresses, asset addresses etc.)
You can consult all of the decisions being made in real time here: https://aragon.mainnet.aragonpm.com/#/0xfe1f2de598f42ce67bb9aad5ad473f0272d09b74
All votes can be monitored under the “Voting” label on the left side of the screen. Once you click on “Voting” you will see that votes fall under three categories. That is because, as per our Articles of Association, different decisions need different quorum from either the Melon Council as a whole (MGM) or the Melon Technical Council (MTC)
- MGM (50%): decisions that require 50% approval of the entire Melon Council
- MGM (67%): decisions that require 67% approval of the entire Melon Council
- MTC (50%): decisions that require 50% approval of the Melon Technical Council
The different decisions to be made and their required approval are detailed in our governance blog: https://medium.com/melonprotocol/introduction-to-the-melon-governance-system-f6ff73c70eb0
We’d like to thank the community for their patience while we work on setting up all our internal processes.
This is going to be a long and exciting ride, we want to make sure we are comfortably set up to support the upcoming development of the Melon Ecosystem.