Authors: @Kene_StableNode, @Bobbay & @fourpoops Contributors: N/A Status: RFC Date Posted: 2023-01-10
This is a temp check to begin discussing 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.
Multi-Sig signers have solidified themselves as a vital part of the Hop Protocol’s operations; although Multi-Sig signers participate in varying degrees, this temp check is geared towards figuring out the details of how multi-sig signers are nominated, elected, term limits and gas rebates.
This will clarify the process for joining, participating, and being removed from the Hop DAO multi-sig.
- Nomination and Election
- Term Limits
- Gas Rebates
Nomination and Elections: Every six months, there will be a nomination process and subsequent election to replace the five Hop Multi-Sig Signers. A forum post thread shall 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 shall run for three days, after which a subsequent snapshot election will be held for five days; after the election, the top 5 applicants will become the new Hop Multi-Sig Signers.
Term Limits: We propose elected multi-sig signers serve on the multi-sig for months and can only be re-elected for one additional term; after a multi-sig signer serves two 6 months’ terms, they will be ineligible to be elected to the multi-sig again.
Gas Rebates: As ETH is spent to execute multi-sig transactions, we propose giving the multi-sig signers a $150 gas rebate fund; this way, a signer who executes a transaction can be refunded at the end of the month through this fund. We propose that this amount be paid out entirely in HOP.
Removal: If a signer fails to sign transactions four times in a row, the signer will be removed from the multi-sig, and a nomination/election process will be instituted to replace the signer.
To be eligible for a rebate, we propose that Multi-Sig Signers duplicate and use this Google Sheet template to track gas costs and present their addresses for the refund in an organized manner.
Annual Total Cost = $150 x 12 (Months) = $1,800
Any amount unutilized from the fund should be rolled over to the next month or year for subsequent rebates.