Abstract:
This docs aims to establish an efficient and secure emergency response framework based on MakerDAO’s MIP 24 and Arbitrum’s Security Council structure. This emergency framework will allow the GhostsProject DAO to react quickly to unforeseen events and maintain the stability and security of DAO.
Rationale:
This refers to any circumstance that necessitates prompt action from core contributors to prevent any significant damage or threats to the GhostsProject DAO
In the event of an emergency, the following voting process will be initiate the emergency voting process
Emergency Voting Process
Emergency Proposal Submission
If the conditions are met, a member of the GhostsProject WG/Council/Multisig-signer can submit an emergency proposal to address and share the emergent issue along with the immediate execution of the matter.
Conditions
a. significant depeg of any stable coins in GhostsProject DAO treasury
b. Malicious Hack of GhostsProject owned medium such as Discord, Twitter, and IG
Approval Treshold
a minimum of 70% of the totla voting power from core contributors (WG, Council, Multisig-signer) must agree on the execution of the matter
Execution
If the consensus is made among core contributors, it will be executed immediately.
This is the basic framework that we need for emergency any conditions can be discussed, and We’re open to discussing the details of the definition (example : definition of “significant depeg” is more than 5%? or 10%?)
※ Treasury asset allocation will be discussed separately
Good idea to make sure some decisions can be made fast in case of any unusual event.
I suggest to condition that also end the deadline of the voting can be X hours after voting has opened since some decisions need to be made within a short time spawn.
I think if it’s ‘Urgent’ issue in crypto Scene, Finding a proplem-> Vote → execution sould be done within 48hrs. (Should aim to process it within 24 hours. Decision-to-action in up to 48 hours.)
I agree with Emergency Proposal Submission and its conditions,
however, Setting the approval threshold at a minimum of 70% of total voting power from core contributors may not be the best approach. In some cases, it may lead to a wrong decision being made, and the blame may fall on the core contributors who supported the proposal.
To avoid such scenarios, I suggest that we open the vote with a low quorum and a very short voting deadline (24 hours). This will enable all core contributors to participate in the voting process and ensure that the decision is made based on the majority’s consensus. Moreover, it will also reduce the risk of any unexpected outcomes or negative consequences.
Setting up the conditions where “Emergency Proposal” triggers will require official quorum requirements as usual. So conditions will be very specific and in details. That’s why I thought that would be enough to lower the responsibility by just fallowing the condition that holders made. However I do agree with your views where maybe voting is still necessary for good.
if we lower the quorum and shorten the time, then wouldn’t make it similar decision as this?
and I thought shortening the decision time would be better but since you and Mr.Misang mentioned about voting and time period. It might be better to open up a vote for all holders.
Then I think we can separate cases into like Emergency and Urgent. For Emergency case, like 90% (just approx numbers for now) of core contributors must agree to proceed and for Urgent case, we go for public snapshot voting that holders can vote on within 24 hours deadline with lower quorum.