Governance and Operations

Multi-DAO refers to the fluid number of decentralized autonomous organizations (DAOs) that contribute to the protocol in some unique way.

Types of governance

Primary chain (Binance) - governance is built on open zeppelin and voting takes place on-chain
Other chains (Polygon, Optimism, Avalanche) - governance is built on snapshot + multisig and voting takes place off-chain
A simplified flow of on-chain governance would look like this:
1. OVN holders create proposal
2. Voting period
3. Timelock
4. Executing
A simplified flow of off-chain governance would look like this:
1. OVN holders create proposal
2. Team+ notifies Tx+ of a decision
3. Tx+ creates a delegated transaction and send it to the Multisig
4. Timelock
5. Multisig executes or vetos the transaction

Types of user

  • OVN holders vote for changes to the protocol or the governance structure
  • Teams+ focus on specific aspects of the protocol or relevant operations
  • Multisig (off-chain voting only) members execute or veto any on-chain decisions
Token holders have an ultimate say over what Teams+ exist, who is part of the Multisig, and the limitations of each group's operational control.

DAO responsibilities

Token Holders

OVN token-holders duty is to create and vote for proposals that improve the protocol.
Proposals
Descriptions
Overnight Improvement Proposal (OIP)
A proposal to execute on any power delegated to OVN holders or outside the scope of enumerated powers
Overnight Delegation Proposal (ODP)
A proposal to change where any discrete decision-making power is delegated
Overnight Signaling Proposal (OSP)
A non-binding proposal to signal community feelings or intent on any issue
Specifically, these proposals allow token holders to make the following decisions:
Power
On-chain
Off-chain
Description
Manage Powers
+
+
OVN holders can vote to create, assign, or revoke discrete powers to or from Teams+
Change OVN Token Contract
+
+
Any interaction with the OVN token contract, such as to mint OVN or burn the minting keys, remains under the control of OVN holders.
Set Fees
+
+
Set the standard fee structures in the Overnigt Protocol
Change Multisig Signers
-
+
As the Multisig will continue to hold critical powers over the near term, only OVN holders can vote to change its signers
Ratify Teams+
-
+
Formally ratify or deratify Teams+ to control which Teams+ can hold delegated powers
Others
+
+
OVN Holders have the power to propose a OIP on anything not already delegated
Teams+ Each Team+ is assigned specific decision-making powers:
Team+
Power
Description
Guard+
Emergency Powers
Stop Exchange: mint/redeem/payout
Brain+
Manage Strategies
Activate, deactivate, tune, and maintain strategies
Dev+
Manage Protocol
Maintain and improve the Overnight Protocol
Making payouts
Executing payout
Add Strategies
Add new strategies to the protocol
Tx+
Delegate Transactions
Create delegated transactions for the multisig to sign and execute
Farm+
Manage Treasury
Decide on the distribution of Tresuary
Ops+
Ratify Team+ Signers
Formally approve or remove signers for each Team+
Multisig
The Multisig controls the following:
Power
Description
Execution Power
The power to execute decisions made by OVN holders and Teams+ on-chain
Veto Power
This power allows the Multisig to veto any decision and ideally should not be needed