SNXweave Weekly Recap

  • First, Kain asked Jordan to explain the thought process behind the decision to have Treasury Council members elected by SNX stakers. Jordan explained that it’s safer and more decentralized to have stakers elect them directly, rather than having them chosen by the Spartan council. The tradeoff here is that candidates will need to be public. However, in the interest of transparency and in the ability for the community as a whole to make decisions on treasury management, there isn’t really another reasonable alternative.
  • While on the note of transparency, there was a question regarding who will be eligible and how many people will be on the Treasury Council. Jordan said that there will be 4 members, likely operating a 3- of-4 multisig. However, this will need to be finalized and there will need to be additional thought put into the tradeoffs when efficiently doing transactions, while still thinking about security. Treasury Council members will be paid a monthly stipend of 1,000 SNX and may also be required to post an SNX bond if elected, however the amount is not yet decided.
  • There are a few small edits that Jordan will be making to SIP-155, however the council didn’t think it would require an additional presentation, so a vote will be coming soon for this proposal.
  • During this discussion, Danijel echoed some concerns from himself and others that this could make a large amount of SNX instantly liquid to sell OTC. Kain, however, recapped some of the discussions about this issue in the past and pointed out that liquidity is pretty good right now, so this shouldn’t be as much of a threat as it maybe used to be. As a compromise, Brian suggested having a “cool-down” period where there is a merging every 6 months, rather than continuously.
  • The necessity of this potential project as a whole was also questioned during this discussion. In response, Kain emphasized that there is a clear desire to be able to move addresses or cycle addresses for a new hardware wallet, and that tools like this would make processes like that a little easier.
  • Spreek also expressed concern regarding potential risk, and Kain suggested possibly turning on account merging for a month as a trial period to observe it with the option to switch it off if necessary.
  • Lastly, Danijel suggested a possible threshold to limit the rate at which escrowed SNX can be pulled out. However, Rafa responded saying that there is already a time restriction, so a size restriction AND a time restriction might be too much.

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SNXweave

SNXweave

Covering all things Synthetix.

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