Authors: @Kene_StableNode, @Bobbay_StableLab & @fourpoops
Date Posted: 2023-01-31
How Should HOP compensate Multi-Sig Signers
This is a request for comment to finalize the discussion of Hop’s Multi-Sig Operations. This a follow-up proposal to the “Temperature Check - How should HOP compensate Multi-Sig Signers” proposal, which has already been passed off-chain and on-chain by the community.
This proposal outlines the process for nomination, election, and compensation of multisig signers for the Hop DAO Community Multisig. The proposal aims to define the multisig’s goals and clarify the process for joining and participating in the Hop DAO multisig.
Nomination and Election
Every six months, there will be a nomination process and subsequent election to replace the five Hop DAO Community Multisig signers. Stats should be kept about the incumbent signer’s number and speed of signatures in the 6-month period and displayed during elections. A forum post should be started where applicants indicate their interest in the role through a formal application stating:
- Who they are
- Outlining their track record of reliability in previous roles
- How they contribute to the Hop Ecosystem
The nomination process should run for seven days with question and answer, after which a subsequent snapshot election will be held; after the election, the top 5 applicants will become the new Hop Multi-Sig Signers.
The Community Multisig exists for the Hop DAO to transact faster and with more flexibility than can the full governance timelock. However, the multisig’s purpose should be to reduce its role in the DAO as much as possible.
- Each signer will be responsible for verifying transactions, checking merkle roots, and signing off on transactions as necessary.
- The signers will work together to manage the nomination and election process, with each signer taking on specific tasks to ensure that the process runs smoothly.
- The signers will also work together to manage the day-to-day operations of the multisig, including responding to questions from the community and ensuring that transactions are executed in a timely and efficient manner.
Salary: As an amendment to HIP-12, Multi-Sig Signer compensation will be $2,250 twice a year for = $4,500 * 4 = $18,000
Bringing the total cost to = $18,000
Gas Rebates: As ETH is spent to execute multisig transactions, we propose that each signer is reimbursed for the exact amount of gas spent during the 6-month term. To be eligible for a rebate, we propose that signers use a Google Sheet template to track gas costs. A dune dashboard or other data query can replace this.