Threshold needs YOU (to participate in governance)!
Threshold wants YOU for DAO Governance!
DAO Governance tBTC v2

Threshold needs YOU (to participate in governance)!

John Packel
John Packel

"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:

November 7th to December 2nd - Nomination period, where you can nominate yourself or nominate another member of the community by replying to this forum post. The nomination post can include a quick introduction, your involvement in our community so far, other relevant web3 background info and reasons why you want to participate in the Threshold Council. Self-nominations are preferred for this, however, if you intend to nominate another member of the DAO, please consult them privately first to verify their intent to run. A person who is nominated by another member must confirm their intent to be a candidate. December 2nd, 3pm ET - Community Call to meet our delegates. Part of the call agenda includes an opportunity for any one to introduce themselves to the community and explain why they are running for council. December 5th - December 12th - Snapshot vote. This will allow our community members to elect the new Threshold Council members. December 12th - December 31st - Transition period. The current Threshold Council will use this time for the handover to the new Threshold Council members. January 1st, 2023 - The new term starts for the Threshold Council.

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.