New improved proposal:
1/ Creation of a risk committee: 4 people elected by the DAO. Eligibility criteria to be defined to filter applications. Specific experiences will be required to insure a mix of Crypto, risk, governance, markets expertise.
Risk committee members can NOT be anon since a high level of accountability will be required.
The risk committee responsibilities:
Appoint external service providers to conduct an urgent audit on the DAO (systems, multisig, team, last 72 hours transactions and identification of wallet addresses that benefitted, triggered or amplified the liquidation) and communicate to the community including potential remediations.
the right to veto future investment decisions
conduct and publish a periodic review of the DAO’s investments and risks.
work on a clear and transparent compensation scheme to insure alignement, performance and accountability of the DAO’s management.
—> the risk committee is therefore an independant committee in charge of overseeing the risks taken by the DAO.
2/ Creation of an investment committee: Dani + 3 people elected by the DAO.
—> main role is delivering value to the token holders.
Investment committee is in charge of selecting external investment managers and allocating a portion of the treasury to their strategies.
The crypto world is full of talent, we need a clear and fair process to onboard talents that will benefit our community and create value.
Selection of managers will be based on a clear process documented and communicated to the community and should include among other criteria:
Verification of the track record
verification of the expertise
understanding of the investment strategy and how it will add value to the existing strategies.
BASTION and others can apply to be managers and compete to convince the investment committee to allocate them a PORTION of the treasury to manage.
Why this proposal?
—> we will be building the first DAO with strong and transparent governance and strategy. We will show the world (and the non-coiners) that crypto is not a jungle governed by chaos and that when things go south, the community regroups and comes with a stronger model.
—> we will be diversifying the source of value creation rather than giving the keys of the treasury to one person or team.
—> Dani made mistakes, recognized them and apologized. Like it or not, the guy has good business acumen and ability to build communities. Dani surrounded with experts/performers and an independent risk oversight (risk committee) can deliver something strong.
—> Liquidating Wonderland now will give us at best the current backing value but likely less. Keeping our money aggregated in a 600musd DAO will allow us to invest in strong money management capabilities (onboard the best performers in crypto to manage our money) and give us access to opportunities we wouldn’t get access to individually.
Not necessarily a frog, just a guy trying to make the maximum out of my wmemo like many of us.