The time has come. Actually, it’s far overdue. The dawn of Moloch V3 is upon us!
V3 benefits and Why we should upgrade
V3 has a bunch of new features and is basically a bajillion time more flexible than v2:
- More parameters for proposal time settings
- More flexibility on voting settings
- An option for the DAO to make shares tradable. I dont suggest we use this now (or ever actually) but its nice to have the option. Who knows what the future holds
- Its just better, and we also want to be a leader as these systems evolve.
Learn more here: (h/t Spencer) What the devil are Moloch DAOs, and why should you care? — DAOhaus
An experiment
Here’s what I’m proposing:
- To begin with, we keep all the voting thresholds, grace period parameters etc. exactly the same. Let there be individual discussions and forum posts for anyone who wants to change any of those.
- We create a new V3 DAO where everyone’s shares have had a square root applied to them. For example, if you have 25 shares in the current MC, in the new moloch v3 dao you get 5
- The difference in shares lost from square rooting shall be given in Loot to everyone. So in the above example, that user would receive 20 loot shares that they can ragequit any time
- Anyone can continue to sweat their loot back into shares by continuing to participate and coordinate
- We move all funds in the current treasury to the new one. (a few different ways to do this, I know @Dekan had some opinions on this)
The reason for the change in share numbers is to dilute the voting power of a few members who have a lot of shares from long ago, but maybe havent actually participated in governance for years. Also it further decentralizes the control of the DAO to a greater number of contributors by voting weight, while making sure everyone keeps all their economic rights. By giving everyone the difference in lost shares as loot means everyone maintains the same rage-quit abilities and retains all their economic rights to the treasury of the Meta Cartel.
Next steps
Here’s what I suggest next:
- Give everyone time to react, comment and verify this suggestion and new DAO
- give everyone a chance to verify the shares and loot numbers generated by a script and exported here: GitHub - cupOJoseph/metacartel-quadratic-upgrading: Upgrade the meta cartel DAO to moloch v3 quadratically
- let’s get it going, and spin up the V3 Meta Cartel