0010 - DAO Multisig
Original Author(s): Christina Mills - [email protected], Oliver Zerhusen ([email protected]), Slimchance
Creation Date: 2022-07-01
Last Modified Date: 2022-08-29
Target Live Date: 2022-09-23
Last Version: Last Version Date: Last Version Author(s):
Tag(s): Advocate Program, Community Grant Program, Coordinape, DAOHaus, DAO Multisig, Financials, Governance, Guideline, Procedure
The purpose of the DAO Multisig (Multisig) is to transfer funds for approved requests that require payment in less than 14 days as well as to execute DAO-related payments directly. This enables the DAO to respond timely to numerous situations that may arise for approved grants and also allows expenses to be made directly.
The Multisig acts as a facilitator for funding disbursements, but it complies with established approval parameters in the DAO and committees. Therefore, Multisig signers do not have approval authority in themselves necessarily, but rather execute approved requests.
The time required for a transfer to be made or an expense to be paid out currently takes a minimum of 14 days and up to 28 days, depending on which vault must be used. Adoption of a Multisig wallet benefits the operations of Graph AdvocatesDAO by providing an avenue for the DAO to transfer funds that require the issuance of payment in fewer than 14 days (the length of a proposal on DAOhaus).
In the case of approved reimbursable expenses, funds may be sent directly to the account payable, reducing the need for members to use their own form of payment and subsequently request a reimbursement. The Multisig will allow the DAO to be more agile and reduce the points of contact with funds when needed.
Currently, there is no Multisig, and all transactions must go through either individual members who then require reimbursement or through a minimum 14-day process on DAOhaus.
Nine (9) DAO members shall be signers of a four (4) of nine (9) Gnosis Safe Multisig. Signers should be made up of active committee members and represent members from all committees and various time zones. Signers are responsible for reviewing and executing requests via the Multisg made for funding proposals by a committee as specified in this GOC. It is critical for the Multisig that signers are active committee members who are very actively engaged and who thus are likely to respond timely.
When a signer seat becomes vacant, an existing signer of the Multsig shall create a nomination post in the Forum announcing the open seat and inviting existing DAO Committee members to come forward to nominate themselves. The nomination period shall remain open for a period of seven (7) days.
If one nominee has come forward, then that nominee shall be added to the Multisig. An off-chain voting post shall be created if multiple nominees have come forward. The voting period shall last ten (10) days, and the candidate receiving the highest number of votes shall be added to the Multisig as a signer.
Multisig signers can step down voluntarily from their role at any time. Multisig signers who have stepped down from all committees demonstrate that they are not actively engaging in the Multsig. Therefore, a signer who has not been in any Coordinape circle for two (2) consecutive epochs shall be eligible for removal as a Multisig signer. To revoke signer access to the Multsig, an off-chain vote in the Forum shall be created over a period of ten (10) days and be approved with more yes than no votes to the proposal.
There are two types of funding requests that a committee can submit to the Multisig:
- Funding requests within the dollar limits specified for committee authorization approvals
- Advancing dispatch of DAO-approved funding proposals, even for amounts above the committee's authorization limits
A DAO Committee requiring disbursement of funds from the Multisig shall execute a vote within the committee according to its established approval parameters specified in a future GOC. Subsequent to a successful voting outcome, a representative committee member shall submit a request via ClickUp following the Multisig Guidelines (https://app.clickup.com/37437860/docs/13pgd4-12927/13pgd4-13327).
Multisig signers shall establish a collaborative process through which requests can be discussed prior to signing. Signers generally require a minimum of twelve (12) hours to review a request, a timeline that may be expedited on a case-by-case basis.
The Multisig does not act as an authority to approve funding but rather executes proposals that have reached agreement per defined parameters outlined in the Charter and respective GOCs. The Multisg signers are therefore required to validate that the necessary approval was obtained within the committee making the funding request.
A Multisig signer may potentially have voted on the request if the signer is a member of that respective committee. Once that request reaches the Multisig, such signer shall review the request with regards to its accuracy and voting requirements, and in the capacity as a signer, that member shall disregard the own support for the nature of that request.
The Multisig shall be supplied with funding up to a maximum of the equivalent of $30,000 USD. The Multisig shall be replenished with funding equal to the amounts requested by committees for past Multisig disbursements. Funds will be held in GRT until the time that they are ready to be disbursed, upon which they may be swapped for USDC. The Multisig signers shall establish an operating cadence through which disbursement occurs, which may be executed with a combination of Disperse Proposals (batch) or individual Funding Proposals.
In accordance with the spirit of establishing the Multisig, practical tools & add-ons to the Gnosis Safe may be considered for future implementation in an effort to further facilitate timely disbursement of funds. Multisig signers may collaborate on such proposals and make decisions via rough consensus.
GOC-0003 DOA COmmittees GOC-0006 Operations Committee GOC-0007 Committee Approval Authorities GOC-0008 DAO Funding GOC-0009 DAO Budgeting GOC-0011 Coordinape