Community Call Governance Workshop - February 1, 2023

This Gov Workshop reviewed pending proposals, introduced new administrative and treasury proposal drafts, and nominated a candidate for Sophon.

Rook branding with white cube; recap by Starbased
Governance Workshop is a biweekly, open meeting where we discuss specific proposals that are in progress and workshop new ideas about Rook's governance process.

To participate in the calls and ask any questions you may have, join our Discord!

Proposals Currently With the Sophons:

  • KIP-36 - Expand Funding and Strategies of Testing Wallet: Originally $600K was allocated to the testing wallet effort. Due to the success in generating yield, an additional $400K in DAI funding is being requested.
  • KIP-37 - Discretionary Swapping of Like-Kind Assets: Currently, the treasury must go through the slow governance process to swap like-kind assets. This proposal would mitigate risk by giving the treasury the discretion to swap between stablecoins, Ethereum/ETH derivatives, and Bitcoin/BTC derivatives.
  • KIP-38 - Replenishing Discretionary Allocation Fund: This gives the treasury the ability to quickly react to and take advantage of market opportunities in a non-public manner. This proposal would replenish the cap to the lesser of $5M or 5% of the treasury’s notional value.
  • KIP-39 - Deployment of Additional ETH for Yield Generation: The ETH yield generation experiment has been successful, so there is a desire to increase the limit to 80% of idle ETH.

Draft Administrative Proposals

  • Labs Budget Request - This request would allocate USDC for Rook Labs through March 2023 in accordance with the official budget.
  • Extend KIP-26 - This proposal extends KIP-12 and KIP-21, which granted leadership powers of the DAO to hazard and JZ.

Draft Treasury Proposals

  • mStable Withdrawal - Due to the precarious future of the mStable project, this proposal would terminate Rook’s position in the protocol and swap imUSD funds to USDC. The team proposes to fast-track this proposal due to the urgency, and as a test case for a fast-track process for future proposals. [6:30]
  • Treasury Yield Management for USDC via USV - This proposal suggests investing 20% of the Rook DAO Treasury USDC holdings in Phuture’s USDC savings vault (USV). [13:30]

Governance Process

  • A Sophon (Doge) is stepping down from his role, so the team is open to nominations for candidates as development continues on the Sophon replacement process. Participants proposed Wes as a candidate. [17:45]