I believe the success of a crypto project depends on the engagement from its community. Fei has an active community that is building together the future of finance.
Fei is taking another step towards the empowerment of the community. The proposed amendment, called Optimistic Approval (OA), will streamline DAO governance by creating a multisig. Initially, the sole mandate of the OA multisig is to enact the results of snapshot votes. Proposals will still be required to be posted in the Forum and be discussed before being posted in Snapshot.
The multisig is a way to involve more members of the community and recognize the value of the contributions that have brought us where we are today. It is a 4 of 7 multisig, consisting of 7 members from the community.
The Optimistic Approval enables proposals to be quickly passed unless a veto is initiated. The DAO or Guardian can veto during a 4-day timelock window.
This contributes to reducing voter fatigue and costs! The current governance process requires both a snapshot and an on-chain vote of roughly the same proposal. With this change, only snapshot voting is required, which is free and includes staked TRIBE. No gas fees for voting here, more TRIBE holders can vote and be represented in the final decision, it's a win-win situation.
The pilot for this governance flow is the TribalChief incentives change, related to TRIBE rewards. The admins of the Optimistic Approval are able to deploy new incentives programs and update existing ones without going through the on-chain vote.
In the next iterations of the governance process, Optimistic Approval can also be used to grant more autonomy to specialized committees with more flexible decision-making frameworks. This would increase the speed of execution while maintaining decentralization through the DAO veto power.
Fei will iterate and continuously improve governance in an agile, precise, safe and powerful way and put the community first.