What we previously hinted at is finally at a stage where we can share it with the wider mStable community:
SafeSnap from the good folks over at Gnosis has been successfully deployed on our mStableDAO Safe multi-sig!
SafeSnap provides us with the option to bind the off-chain voting process on Snapshot to a decentralized on-chain execution of those results by combining the powerful SnapShot Plugin with the SafeSnap Module for Gnosis Safe.
This essentially allows the mStableDAO to outsource the entire resolution process after the initial posting of the proposal on Snapshot to everyone in the space, thus greatly increasing decentralization, and helping us solve the need to further act as governing entity over the successful and accurate execution of the outcome. Gnosis had also provided a fantastic demo that showcases SafeSnap in greater detail.
mStable ♥️ Decentralization
We hear a lot about the term progressive decentralization, but it’s not until you start diving deep into the governance processes and tools available today that you realize that we’re still some steps away from completely decentralized autonomous organizations that can execute the will of stakeholders in an easy-to-use and meaningful way.
SafeSnap now bridges this gap from having the mStableDAO multi-sig act as a direct proxy to execute the decision of Meta Governors, to becoming only a safeguard in case of a malicious actor or emergency, directly empowering every voter that casts their ballot for each proposal.
Put differently, this is the equivalent of you casting your vote, and as you’re putting the ballot in the box, having executive power on the bill put in front of you, rather than putting the trust in someone else — nice!
mStable’s First Public SafeSnap Transaction
We are excited to share the very first transaction that was publicly voted on by all Meta Governors on Snapshot, and resolved via SafeSnap in the following way:
- Resolved Snapshot vote was brought to the reality.eth oracle to find crowd-sourced verification
- The oracle resolution was delivered back to the Snapshot plugin
- Execution of the embedded tx in the vote on-chain through SafeSnap Module (anyone can do this!)
As you can see, this time we embedded the entire transaction flow as a binding part of the proposal inside the Snapshot, and left the execution in the hands of Meta Governors and SafeSnap.
In our case, and as a great milestone for all of us here, this was the movement of c. 2.08m mUSD from our mStableDAO treasury into the mStableDAO Funding subDAO.
From here, the mUSD will be used to fund the ongoing development of mStable for the coming 12 months, and ensure that the protocol and all of it’s users and governors will continue to see the rapid development they’ve come to expect from our core contributors and dedicated community of Metanauts.
The benefits of this are of a myriad nature, but the key here is decentralization and censorship resistance down the line. Since everyone participates in the voting process and oracle resolution process, and any entity can ultimately execute the proposal, it becomes extremely difficult for a malicious actor to shut these autonomously executed transactions down.
Thanks to Gnosis
As contributors to mStable, we have always been careful when evaluating integrations to our core infrastructure. We base our selections on code quality, decentralization guarantees, previous track-record, and alignment to our own core values.
Gnosis has been on the forefront of development in the Ethereum ecosystem as one of the true crypto OGs in the space, and we praise the committed team and workflow we were able to witness from them in this collaboration.
They helped us navigate this difficult terrain of decentralized governance, and were always just a chat message away from troubleshooting approaches we could take to craft the transactions within the module. They gave us an excellent outlook of possibilities that this form of decentralized governance enables.
Built to Last
We’re excited to see what comes next from this collaboration, and we’re proud to be amongst the first to utilize this groundbreaking technology for our own needs, and hope to eventually have SafeSnap as a staple in our governance toolkit.
Safety First
We’ve taken every precaution possible to ensure that our treasury is as protected and safe as it can be. We can dynamically choose when we want to introduce a SafeSnap proposal, or when we want to go down the more traditional way of on-chain execution via multi-sig.
While the prospect of a completely autonomous instance of governance is exciting (and possible!), it is equally scary to know there is no fail-safe to protect the protocol, users, and treasury from unforeseen incidents during the initial rollout.
For this reason, the mStableDAO signer group still currently possesses the power to veto any resolved answer of a proposal during the cooldown period (set to 7 days). This gives the DAO ample time to rectify any false resolution as an additional safety net.
We’re also monitoring the smart contract that controls the SafeSnap module 24/7 to scan for any unauthorized or suspicious activity.
As we become more comfortable with SafeSnap and the idea of the autonomous execution of proposals, we intend to further decentralize these aspects, and give them into the hands of the community of Metanauts and decentralized arbitrators like Kleros, where they rightfully belong.
Power to People
In closing, we’re now at the forefront and bleeding edge of a completely new economic and financial future that will develop and unfold over the coming years.
Everyone that is interested in shaping this future together with us is hereby formally invited to do via the channels below.
We’re moving forward to enable everyone to have a financial system that is open, free, and fair.
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