"Freedom makes a huge requirement of every human being. With freedom comes responsibility." - Eleanor Roosevelt
Building "freedom technology" is really hard.
Navigating downturns isn't fun, and crypto winters are brutal.
The series of crypto debacles we've experienced in 2022 and the spreading financial contagion resulting from FTX/Alameda's Madoff-esque theft of depositor funds (and other despicable behavior) - all are painful reminders of how too much of society remains at the mercy of centralized solutions and their inherent risks.
But there is something everyone reading this can do. Something you need to do: it’s critical to the success of crypto, DeFi, and Threshold that we have active participation in protocol governance.
There are several proposals on the Threshold Forum related to issues that significantly impact Threshold DAO's direction and future of the project. They are the result of community members leaning in and putting thought into issues we face - and then offering solutions.
- TIP-041: Establish a bug bounty program proposes: "a credible bug bounty program will attract additional security reviews from the white hat community and incentive responsible disclosure of security vulnerabilities, which is especially topical given the severity of recent bridge-related security vulnerabilities"
- TIP-043: Coverage Pool Migration offers a plan to "ensure that a Coverage Pool exists at all times to backstop risk in the tBTC system with a focus on the v2 launch. An initial amount of TVL is proposed but the DAO can decide to add more at a later time"
- Risk Manager for tBTCv2 is a proposal to source someone "to analyze a loss event and market conditions and decide whether or not to cover the loss (hopefully it is covered), how much of the loss to cover (hopefully all of it), and how to cover it"
The Threshold Council plays a key role in our DAO, so choosing the members of that body is among our community's most important decisions. Luna5, Threshold's project manager, reiterated the Council's functions in this Forum post on Threshold Council election nominations - 2nd epoch:
The Threshold Council is responsible for determining per application staking reward allocations across the protocol.
The Threshold Council holds the ability to veto malicious proposals in the Token Holder DAO. Council vetos serve as a last defense against dangerous proposals (such as one impacting the DAO Treasury) passing in our DAO and executing onchain.
The Threshold Council has the interim responsibility of managing Protocol Owned Liquidity, until proper mechanisms are set in place to manage this directly via the DAO.
Her post also outlines the schedule for the current election:
Anyone can self nominate or nominate someone else for a Council seat.
Do you see someone who brings a lot to the DAO and is someone you’d trust to vote on Council decisions, but maybe they don’t want to nominate themselves? Consider giving them some recognition. Even if they don’t accept or get elected, you’ve made an important contribution to the DAO.
Now is the perfect time to read through active Threshold proposals (the previous ones also have a lot of informative discussion), comment where you can and think about which community members we most need on our Council.
You need Threshold, and Threshold needs you. Let's do this.
