Governance and Operations
Multi-DAO refers to the fluid number of decentralized autonomous organizations (DAOs) that contribute to the protocol in some unique way.
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
- 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.
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 |
Last modified 4mo ago