Tempus is now Tempus DAO
The Road to Decentralization
Introduction
The Tempus Labs Inc. team (“Tempus Labs”) has been committed to building and developing the Tempus protocol, a fully decentralized permissionless protocol specializing in structured DeFi products.
A decentralized financial system like Tempus must not have any single point of failure, technically or humanly.
To date, the Tempus Labs team has successfully raised $33.9m dollars in total contributions from several strategic investors and the Tempus community, a part of which has been given to the Tempus treasury.
The remaining funds raised to date give Tempus Labs the necessary runway to support the Tempus protocol for at least 4 years. However, our goal is to put in place the structure and processes necessary to make Tempus a fully decentralized autonomous organization (“DAO”) by the end of 2022.
By establishing Tempus to be a fully robust DAO, we will unlock the full potential of the Tempus community and the full potential of the Tempus protocol.
The Road to Decentralization
Below we will outline the key framework that will lead to the Tempus DAO becoming fully decentralized.
Tempus Labs Voting Guidelines
To ensure voting remains fair and equal amongst all TEMP token holders, the Tempus Labs team shall be able to vote with their vested TEMP tokens only. Neither Tempus Labs nor the Tempus DAO should participate in Snapshot voting.
Tempus DAO Contributors
The TEMP token holders should vote in the core contributors of the Tempus DAO via Snapshot voting. Tempus DAO contributors will be voted in for a one year term and can opt in for re-election each year.
Suppose there are severe concerns regarding a specific contributor due to performance or any other untoward reason. In that case, the TEMP token holders can propose the removal of the contributors from the Tempus DAO before the re-election period.
New contributors can be voted in by the Tempus DAO community off-cycle to either backfill contributors that have departed or if there is a need to grow the core contributors to achieve the Tempus DAO’s objectives.
Tempus DAO Remuneration
The Tempus Labs team will be remunerated directly by Tempus Labs and will not require further funding from the Tempus DAO treasury.
Tempus DAO contributors will be rewarded in line with the industry and based on the contributor’s experience. The recommended amounts will be published on the Tempus governance forum and are subject to change depending on the hiring environment.
Tempus Treasury Management
To avoid central points of failure, the Tempus treasury will be managed by a 3 out of 5 multisig across various signers split between Tempus Labs and external members. The multisig holders can be elected and removed by TEMP holders at any time by following the existing governance process.
More information on the current multisig signers can be found here.
DAO Governance Process
All proposals should go through public discourse to ensure as many points are covered and addressed before formalizing. A proposal can be made by anyone with access to an internet connection and the community can discuss the merits and drawbacks of the idea. Once the idea has been discussed, the discussion can proceed to a Temperature Check followed by a Snapshot vote. A Snapshot vote needs to reach a quorum of 3m $TEMP (subject to change). If a proposal succeeds in voting, it shall move towards the implementation phase and be executed by the Tempus DAO.
With the ultimate goal of becoming completely decentralized, anyone that holds at least 100,000 TEMP can propose a Snapshot vote.
DAO Tooling
As we build out the Tempus DAO, we will look to implement the DAO tooling available to make the process efficient and effective. These processes include (but not limited to): governance, community building, treasury management, reporting and more.
Final words
With a fully established DAO process and guidelines, the Tempus DAO can reach its full potential. The proposal above sets out a plan for Tempus to become fully decentralized with the TEMP token holders playing a more active and involved role.
We are excited about what the future holds for Tempus and consider these steps to be an important part of creating a key DeFi primitive in the years to come.
We intend to have this decentralization plan implemented by the end of 2022. Watch this space.
Disclaimer
The information provided in this article is provided for informational purposes only and does not constitute, and should not be construed as, investment advice, or a recommendation to buy, sell, or otherwise transact in any investment, including any products or services, or an invitation, offer, or solicitation to engage in any investment activity. You alone are responsible for determining whether any investment, investment strategy, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance. In addition, nothing in this article shall, or is intended to, constitute financial, legal, accounting, or tax advice. We recommend that you seek independent advice if you are in any doubt.
