Lion’s Mane is currently finalising a governance interface for Tracer DAO, which will be released in the coming week. This interface will read and write directly on-chain to Tracer DAO smart contract CustomUpgradeableProxy | 0xa84918f3280d488eb3369cb713ec53ce386b6cba, as an alternative to DAO governors voting on proposals via Etherscan.
With the volatile and expensive Ethereum gas prices, participating in governance is costly, and may become more so. Operationally, many governance systems have been interrupted as a direct impact of the increased gas prices, where proposals take long periods of time to be passed, or are not passed at all. Single proposals for DAOs with many governors can consume thousands of dollars worth of ETH. Tracer governors will likely be looking to avoid this and therefore need to explore a cheaper solution.
One solution being used by other DAOs (including UniSwap’s Discourse, Maker and Balancer) is Snapshot. Snapshot is a “gasless” off-chain multi-governance client which aims to cultivate efficient governance, by removing costs incurred by governors for casting votes.
Proposals are created on Snapshot by connecting a multi-sig wallet (holding the project token), which creates a signed message with the following details:
- Proposal text
- Voting options
- Start/end times
- Block number
Multiple multi-sig wallet holders must be selected to push through these Snapshot votes. These holders are to be trusted with executing the results of an off-chain Snapshot vote for a particular proposal to be pushed on-chain. As a result, their reputation is of paramount importance. One general rule should be that multi-sigs should not be able to vote and determine the introduction of other multi-sigs - they should be determined by all DAO members. In a sense, the multi-sigs are a represented council or directors of Tracer DAO that work to carry out its votes.
Lion’s Mane recommends that no less than 7 multi-sig wallet holders are selected to ensure that there is no central power. Current members of the DAO should nominate themselves to be a multi-sig holder by replying to this post. The current 100 claimants will have to decide which multi-sig addresses should be voters. Lion’s Mane will recommend a list of multi-sig holders from the nominations in the reply thread and propose them to the DAO - similar process to how Alpha Testers and Governors are selected. Lion’s Mane can not and will not be nominating ourselves as wallet holders. Once consensus is found, a formal proposal should be presented to the DAO to vote these multi-sig wallet holders in. If the DAO wishes to proceed with migrating to Snapshot, Lion’s Mane anticipates that the Snapshot integration will take no longer than two weeks to implement.