Introducing Moola Market DAO
Moola Market is pleased to announce the launch of the Moola Market DAO. Next week, on Thursday September 22nd, we anticipate taking another step towards decentralizing control of Moola Market by transferring governance ownership from the current 6-of-10 multisig to MOO owners.
Once complete, Moola Market governance will use three distinct components; the MOO token, governance module, and timelock. These contracts allow market participants to propose, vote, and implement changes. Proposals can modify system parameters, support new markets, or add entirely new functionality.
The governance process typically starts with a forum post documenting the proposed change and reasoning for the change. Market participants can review and provide feedback on forum posts. We anticipate utilizing Commonwealth to manage forum posts, discussions, and as an access point for voting, although MOO owners can delegate and vote using a variety of tools.
MOO token owners can delegate their voting rights to themselves, or an address of their choice. Addresses delegated with at least one million (1,000,000) MOO can create governance proposals.
When a governance proposal is created, it enters a two (2) day review period, after which voting weights are recorded and voting begins. Voting lasts for seven (7) days; if a majority, and at least four million (4,000,000) votes are cast for the proposal, then it is queued in the timelock, and can be implemented two (2) days later. In total, any change to the market takes at least eleven (11) days.
Moola Market DAO contracts are a fork of the open source Compound governor bravo contracts. Additionally, an Emergency Administrator is set to the following externally owned account (simple wallet): 0x643C574128c7C56A1835e021Ad0EcC2592E72624. The Emergency Administrator has the ability to pause/unpause all functionality within the Moola Market protocol.
We will be running a community test of the governance process here with a truncated timeline:
Snapshot taken on Sept 17 (block 15,153,605) — you will need to have delegated your votes to yourself of another address at the block when the snapshot is taken
Voting from Sept 17 through Sept 19 — only addresses that were included in the snapshot will be eligible to vote. The voting time period has been reduced from seven days down to two days for this test run.
Voting ends on Sept 19 and the timelock can be executed on Sept 21 assuming the proposal passes.
