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Marching Towards Ungovernance

Cutting the multisig umbilical cord and putting control of core modules in the hands of governance

Cutting the cord

  • Contracts that interact with or receive data from the outside world (oracles, ETH OSM, saviors)
  • Contracts that manage internal resources that are used to incentivize outside behavior (SF treasury, debt popper rewards, rewards relayers for oracles)
  • RAI controller contract/s
  • Contracts that are part of the governance module (e.g DS Pause)

Revoking the multisig

  1. We deployed the Reflexer DAO with the appropriate governance parameters: 3-day voting period, 1-day timelock execution delay, 3K FLX proposal submission threshold, and 20K FLX quorum required to pass.
  2. The multisig granted the Reflexer DAO access to the RAI protocol (tx link). The multisig was still the “owner” of the RAI system, but now the deployed governance could also submit and execute RAI protocol updates.
  3. Governance voted to change the timelock, which made it the owner of the RAI system, but with the multisig still having access such that the multisig could also make changes.
  4. Then, we tested the ability of governance to change parameters via the following proposals: update the gas oracle parameter and send a payment from the DAO treasury.
  5. The final step is revoking the multisig access, such that all future RAI protocol updates and treasury proposals MUST go through the RAI governance process.

What this means for RAI

  • All protocol parameter updates must happen via governance
  • Governance must approve DAO payrolls and incentives
  • Governance has total and exclusive control (no more multisigs)
  • Only governance can ungovern the governance



This is a research and news publication about RAI: a non pegged stable asset that is fully backed by ETH

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Reza Jafery

Ops @ PubDAO / Community @ Reflexer / Product @ Decrypt. Trying to change the rules and create a positive sum game.