The day has come for us to finally vote on Migrating to our brand new DAO!
You can find the Vote here on the Agave snapshot space
When we launched our initial DAO it was meant to be a temporary organisation. its goal was to control the initial distribution of the
AGVE token, enable polling and store the LP tokens from the launch.
Our goal for v1 was far more ambitious than just another lending market. We set out to bring together the products and technologies developed by 1Hive, into a protocol that would serve our community and the other ideologically aligned projects in our ecosystem.
With the launch of Gardens, we are now ready to move our protocol governance and funds to become truly decentralised.
The new DAO has been deployed here. I have created this thread to discuss the parameters. It has been created with some defaults but these are something that the community as a whole should discuss and tweak. This thread is for discussing the move generally and what it means for Agave.
As mentioned before, our current DAO, being designed as a temporary setup is quite barebones. Our new DAO is based on the Gardens template and below are some of the important features;
Agreements enable us to define and enforce subjective rules that cannot be easily encoded in smart contracts. These can be things obvious to a human like ‘51% attacks are not valid votes’, or more subjective rules like ‘we will not list scam tokens’.
Every member of our DAO will sign the agreement before they are allowed to create or vote on proposals. If a proposal is created or even passed that anyone (member or not) believes violated the agreement, this proposal can be challenged in Celeste.
This opens up entirely new ways individuals interact with DAOs and how DAOs can cooperate with other DAOs. The listing and delisting requirement (as well as other rules) will be encoded in our Agave Agreement and its evolution will be governed by our stakeholders.
In our original DAO, all decisions were made by
AGVE holders. this made sense as
AGVE holders have the most skin in the game. If the token holders make good decisions then number go up, they make bad decisions then number go down.
AGVE tokenholders are not the only stakeholders in the organisation. Those who stake
stkAGVE have their tokens are locked for at least 10 days and thus have arguably more skin in the game. With the voting aggregator, we can combine the balance of multiple tokens for voting weight.
stkAGVE are enabled in the new DAO (with equal weight). The DAO could decide to also give
HNY or any other token (including NFTs!) voting power. The weight these tokens have is also configurable.
TAO Voting (formally known as Disputable Voting) is the regular token weighted voting app with some new additions. TAO votes are disputable, They also have deligative voting capability, and prevent votes from being flipped at the last minute. You can find an in-depth discussion on all the configurable parameters here.
TAO voting uses the Voting aggregator as a power source. after the migration, All the
AGVE held in the DAO will initially be governed by TAO voting. The emergency pause and unpause functions of the AGVE protocol will remain with the AGVE multisig (detailed below) however the rest of the admin functions will be controllable via TAO votes
Conviction voting is also enabled in the new DAO. you can find more information on how conviction voting works here. Conviction voting has been effectively used to fund development within the 1hive ecosystem for a while now. In the Agave DAO, we also can fund further development of the protocol, auxiliary products and services.
The payout token is
stkAGVE, which means any grants given out cannot be instantly dumped and it accrues more
AGVE incentivising those receiving funds to hold them. Currently due to the limitation of the conviction voting app only one token is capable of voting this token is
gAGVE which you can obtain by wrapping
In the Agave protocol, there are two configurable admin addresses
This account has the ability to pause lending and borrowing on the protocol. This is the pattern from the original Aave contracts which we have not changed. The rationale is in the case of an attack, the community voting process would not be quick enough to halt the damage. This power will remain with the Agave gnosis safe multisig until a new community elected multisig is formed.
This account is the root owner of the protocol. it can make call all other admin functions including those to change the Emergency admin address. Currently, this is set to the Agave gnosis safe multisig address. After the migration, this will be set to the DAOs agent controlled by TAO Voting.
- the 74,000
AGVEis transferred from the old DAO to the new one
AGVE/WETHLP tokens are transferred from the old DAO to the new
- The Agave Multisig will also relinquish its control over the Agave contracts (barring the emergency pause function)
- The remaining 5000
AGVEearmarked for 1Hive will also be sent to the 1Hive DAO
Before we create the official vote in the current DAO, we have created a signalling vote on snapshot. The reason for creating this vote first is given the amount of
AGVE staked, no proposal is likely to reach quorum without the tokens in the
AGVE multisig also voting. While we could just create the vote now and vote with the tokens, this would be unethical. Until we transfer the assets and control of the protocol to the new DAO, we are still caretakers, not owners. We can only do what the community want us to do.