Hello Threshold community!
Almost a year has gone by and we are here again, it is time for the Threshold Council elections! We are kicking-off this new term elections with this thread.
What is the Threshold Council?
The Threshold DAO is primarily composed of two bodies: the Token Holder DAO, and the Threshold Council. Each body plays a unique and important role in governing Threshold.
The Threshold Council is composed of 9 members. The original council was formed including 4 members elected from the original Keep community, 4 members elected from the original NuCypher community and 1 member mutually appointed by both teams to ensure neutrality. Thanks to the good communication and collaborative environment of the Threshold community, our original communities have been successfully merged and integrated, therefore this division is no longer required. However, for the sake of diversity and representation of all our members, we would love to have a Council with varied backgrounds and competencies.
There will be more information shared about the final responsibilities attributed to the Threshold Council, however we can highlight the main functions of this body:
- 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.
The Threshold Council members are compensated by the DAO for their time and commitment to the needed activities. Compensation will be revised for this second epoch, in accordance with the anticipated responsibilities and workload.
How Do Council Elections Work?
Current rules for the Council Elections are gathered in TIP-02. Additionally, we have all the information available from the inaugural Council elections here and here.
To better understand this second epoch elections process and its timeline, we outline it here:
November 7th - December 9th - 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 9th, 3pm ET - Community Call to meet our nominees. 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 9th - December 16th - Snapshot vote. This will allow our community members to elect the new Threshold Council members.
December 16th - 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.
What happens if there are not enough nominees?
Due to the need for solid security in the Threshold Council, the 9 seats should be filled. In the event that not all seats are filled by the voting process, the current Threshold Council will take a decision to address this problem in the transition period.
What happens if there is a tie?
In the case of a tie, there shall be a run-off vote in the transition period.
What happens in the case of a resignation or a termination?
In the case of a resignation or termination, the Threshold Council will nominate and vote on a replacement for the remainder of the vacant term. There are no term limits for council members.
Members of the Threshold Council will play an important role in governing the protocol. Make sure you fully understand the responsibilities of the Threshold Council before nominating yourself or someone else. If you have any questions join us on Discord and ask away!
Please note that the timeline has been updated