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.
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:
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
OVN Holders have the power to propose a OIP on anything not already delegated
Teams+ Each Team+ is assigned specific decision-making powers:
Emergency Powers
Stop Exchange: mint/redeem/payout
Manage Strategies
Activate, deactivate, tune, and maintain strategies
Manage Protocol
Maintain and improve the Overnight Protocol
Making payouts
Executing payout
Add Strategies
Add new strategies to the protocol
Delegate Transactions
Create delegated transactions for the multisig to sign and execute
Manage Treasury
Decide on the distribution of Tresuary
Ratify Team+ Signers
Formally approve or remove signers for each Team+
The Multisig controls the following:
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