Reimbursement of gas fees for DAO multisig signers

Reimbursement of gas fees for DAO multisig signers

Summary:

The DAO currently relies on a gnosis safe multisignature wallet for the execution of actions against the treasury as dictated by the governance process. The multisig is intended to act as a bridge until the community is ready to rely solely on SafeSnap (or an alternative solution). The multisig requires 2 of 2 signers for execution (see appendix for signer addresses). The signers receive no compensation for their services. As of 12/7/21, 1.31 ETH has been spent on behalf of the DAO by these signers and they have received a total of 1 ETH from the Treasury Management & Diversification Committee. This proposal seeks retroactive reimbursement for the multisig signers transaction fees and to establish an ongoing approval for future reimbursements until a point in which the multisig is no longer required and the DAO can transition to safe snap or a similar solution.

Proposal:

If this proposal passes it will establish the approval for signers to request reimbursement of up to .5 ETH per month total on an as-needed basis for executing transactions on behalf of the Shapeshift DAO. This budget approval will persist until such a point in which the multisig is no longer required.

Additionally, it will enact a one time, retroactive reimbursement of .31 ETH to the signers.

~EDIT AS OF 12/9/21~
If passed, the procurement of the ETH for this reimbursement will be the responsibility of the Treasury Management & Diversification Committee.
~

Benefits:

The DAO currently relies on trusted servants to act on its behalf and therefore should provide them with the financial means required to perform their duties. If passed, this proposal would enable the DAO to no longer ask these signers to pay out of pocket for the execution of DAO transactions.

Drawbacks:

The expense of up to .5 ETH per month from the DAO’s treasury and a one time expenditure of .31 ETH to reimburse past expenses incurred.

Appendix:

Will post separately since I am new user and it wont allow me to add links.

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Appendix (1)

  1. DAO Gnosis Safe - Gnosis Safe
  2. Signer 1 - Address 0x72E7b10ed4E45b57E5b97445BC5BA25501E76154 | Etherscan
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Appendix (2)

  1. Signer 2 - Address 0x1D01A2FefB8883A5cfB8c77B19d9b96794581288 | Etherscan
  2. Shapeshift Decentralization Announcement - ShapeShift to Decentralize Entire Company
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I support this. Good clear proposal for good reason.

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No reason they should pay out of pocket. Is the amounts given enough to cover the expense? Plus the gas to send the reimbursement.

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At the current rate of transactions being executed and ETH gas costs this should have a bit of buffer for the foreseeable future.

I am all for increasing it to 1 ETH and trusting these signers to reimburse what is necessary. After all, we are already trusting them with the treasury of the DAO :wink:

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Yes this should definitely be supported, and the overall cost is immaterial to the treasury.

Preferably I would like to see the DAO accumulate a reserve of eth in its treasury over time, it should pay the eth from that rather than selling fox for eth as needed.

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Is this something that needs to be added to the proposal or is it the responsibility of the treasury committee to ensure that the DAO has the needed capital and types of capital to meet it’s obligations?

If it’s the former, I think we should consider how to remedy that in order to make the proposal process easier for small expenditures. Basically, it complicates the process considerably to get a simple reimbursement if we have to set monetary policy for how to get that reimbursement. As you stated, the amount is rather trivial.

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I think the “how to get the eth” is a responsibility that is easily delegated to the TMDC for a proposal like this. We have already seen something similar with a few other proposals, but I think this proposal should state something along those lines so the TMDC knows it has that responsibility from this propsoal.

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Added to the proposal

~EDIT AS OF 12/9/21~
If passed, the procurement of the ETH for this reimbursement will be the responsibility of the Treasury Management & Diversification Committee.
~

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This proposal has been taken up by the TMDC and was ratified by them! Thanks everyone for the feedback.

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