DAO Formation Process

As the BOB stablecoin continues to gain traction a larger DAO is in early-stage formation. This DAO will be tasked with operations management and overseeing processes that require thoughtful deliberation. Since the protocol is upgradeable, there is an eventual need for an overarching and distributed governing body. All protocol management entities (Phase 1 and Phase 2) agree to uphold the following duties:

BOB Governance Fiduciary Duties

  • Responsibility for the well-being of the organization and its assets.

  • Responsibility to act in the best interests of the organization above one's personal interests.

  • Responsibility to follow all regulations, rules, and guidelines including compliance and transparency.

Beta Phase 1

During phase 1 of beta, a 4-of-7 multisignature smart contract, known as the governance SAFE, is responsible for risk assessment and protocol management. This governance SAFE is comprised of members from the zkBob and Blockscout teams. These teams have experience and an excellent track record with the xDai chain (now Gnosis Chain) and TokenBridge managing 200M+ in assets. A small multisig provides the ability to iterate quickly and immediately fix time-sensitive problems that arise during beta.

Post-Beta Phase 2

A decentralized autonomous organization (DAO) will be established to oversee important operations such as upgradeability, BOB minting, CDP management, timelocks, and other critical protocol decisions. Criteria for membership in the DAO is currently in review to ensure the inclusion of a dedicated and diverse group of projects and individuals.

Community Discussion

Upcoming proposals can be discussed on the BOB forum.

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