Hello Threshold Community!
Another year has elapsed and the time has come once more for the Threshold Council elections! We are thrilled to commence this new term’s elections with the launch of this thread.
Before we dive into the governance details, I would like to extend a warm and heartfelt thank you to the dedicated members of the Council who have served during the second epoch term. Your commitment and contributions have played a vital role in protection of our systems and the good operations of our DAO, and we are deeply grateful for your service.
Now, let’s dive into the governance steps for this Council’s third epoch:
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. We have no restrictions or determined skillsets needed to become a member of the Threshold Council other than availability and good disposition to learn how we work, we are working hard on our onboarding experience to smooth the learning curve. We would love to have a Council with varied backgrounds and competencies that has a wide representation of all the members of our community.
We can highlight the main functions of the Threshold Council as:
- 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 on-chain.
- The Threshold Council has the ownership and authority over different smart contracts belonging to the Threshold Network, and will need to perform admin functions over them.
The Threshold Council members are compensated by the DAO for their time and commitment to the needed activities. Compensation will be revised for this third 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, with addendums and small modifications provided in the second Epoch post, an adjustment of the schedules, and our lessons learned for the third Epoch.
To better understand this third Epoch elections process and its timeline, we outline it here:
- January 18th - February 11th - 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.
- February 12th, 3pm ET - Community Call to meet our nominees. We have traditionally held a call to meet our nominees and allow them to introduce themselves to the community and explain why they are running for council. This time, we will make use of this allotted time in the case we have new candidates participating.
- February 12th - February 18th - Snapshot vote. This will allow our community members to elect the new Threshold Council members.
- February 19th - February 29th - Transition period. The current Threshold Council will use this time for the handover to the new Threshold Council members and to perform onboarding activities.
- March 1st, 2024 - The new term starts for the Threshold Council, which will serve 1-year term: March 1st 2024 - February 28th 2025.
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.
What do I need to become a Threshold Network Council Member?
Becoming a Council member at the Threshold Network might seem daunting, but it is a rewarding experience. We have worked extensively to make the onboarding experience as simplified as possible. To be part of the Council multisig, we request members to own a hardware wallet. While prior knowledge and experience with multisigs on mainnet, L2’s, and Solana/Base networks are beneficial, they are not mandatory.
What truly matters to us is your commitment, we expect our Council members to be available to sign transactions throughout the year and be eager to learn. To make this easy, we provide ample support to understand the creation and review of transactions for the Council.
Members of the Threshold Council will play an important role in governing the protocol. Please make sure you fully understand the responsibilities of the Threshold Council as stated above before nominating yourself or someone else. If you have any questions join us on Discord and ask away!