Summary
This Phonon Improvement Proposal 00 (PhIP-00) represents a formal proposal (to be voted on via Snapshot by Phonon holders) to authorize the formation of a Phonon DAO Bootstrapping Group (PDBG) with defined responsibilities and powers.
Previously a Request for Comment was published on this topic, with 100% of the vote supporting moving to a Snapshot vote to form the PDBG.
The PDBG’s members would be empowered to:
- Create an initial Infrastructure for the DAO (overall mission statement, initial roadmap, working groups, DAO delegates, etc.)
- Motivate GRID holders to convert their tokens (i.e., the goal is to have 60% of GRID holders convert their tokens by January 31, 2022).
- Propose liquidity boosting activities on decentralized exchanges, and explore options for listings on CEXs when necessary and appropriate (without giving CEXs undue influence over the governance of the DAO and ensuring the DAO has financial resources required for long-term operations) for community approval
- Ensure trusted community members are added to the DAO Treasury multi-sig t o decentralize Treasury operations
- Engage in prudent and appropriate marketing of the Phonon network to raise awareness and interest
The PDBG’s members will be elected by current PHONON holders and serve an initial term of 3-4 months. The goal would be that the PDGB will have completed its key activities by the end of Q1 2022. At this point the PDBG would be dissolved and official DAO Working Groups will be responsible for guiding the DAO’s activities afterward.
Assuming the Snapshot for PhIP-00 is approved, individuals from the community will be invited to nominate themselves or others for the PDBG. A slate of PDBG members will be formally approved by the community via a subsequent Snapshot vote.
Motivation
The Phonon DAO, which was officially launched on December 17, 2021, is responsible for guiding the development and incentivizing the utilization of the Phonon protocol. Launching any new organization is a challenge, and the Phonon DAO is no different.
Currently community members are at the beginning stages of converting their GRID tokens to Phonon. In addition, while the DAO has Stewards it is up to the community to play an active role in rapidly scaling up the organization so that it can meet some of the near-term objectives outlined in the Phonon DAO introduction post .
To help facilitate and accelerate this process, it will be helpful to have a group of dedicated individuals with responsibility for bootstrapping the DAO and preparing it for a successful future.
To that end, I am proposing that the community approve a Phonon DAO Bootstrapping Group (PDBG) that would be empowered to engage in activities on behalf of the growing DAO community that are of key importance at this stage, including:
- Creating an initial DAO mission statement and proto Constitution : This proto Constitution will outline how the DAO will be initially governed, how votes will be conducted, initial quorums, proposal formats, and other activities related to governance. This proto Constitution and mission statement would be presented to the community for review and approval.
- Improve PHONON liquidity via incentive programs : One barrier to facilitating GRID to PHONON conversions is low liquidity on DEXs for the token. PDBG would be responsible for developing an incentive program, securing technical resources to implement and bringing the program to the community for a rapid vote for implementation .
- Crafting an initial PHONON marketing campaign : The campaign would help the crypto community understand the value of the PHONON network and how they can engage. The campaign would also focus on encouraging GRID token holders to covert their GRID with the goal of achieving 60% GRID-PHONON conversion by January 31, 2022.
- Developing an initial roadmap of DAO activities This roadmap would commit the DAO to engaging in certain activities related to integrating the PHONON token into the PHONON protocol, strengthening the protocol by incentivizing hardware users (e.g., Lattice users) to help bootstrap the network, etc. Activities should be focused on ensuring the long-term health, sustainability (maintaining control over the majority of its Treasury and diversifying where necessary), and decentralization of the protocol.
- Expanding the DAO Treasury Multi-Sig : Facilitating the process of nominating (and securing community approval of community members who will serve on the DAO Treasury multi-sig to increase security and decentralization)
Initial PDBG Members
The PDBG would consist of individuals from the community and the DAO Stewards who have the bandwidth to:
- Engage in weekly planning and implementation meetings around the PDBG’s priorities, and a willingness to take the lead on implementing in key priority areas
- Can participate in bi-weekly community calls (held on Discord) to report to the community on activities and progress
- Draft proposals and secure consensus on initial DAO priorities/infrastructure
- Serve a term between late December 2021 to March 2022 , after which the PDBG would be dissolved and replaced by governing DAO Working Groups or other bodies outlined in the proto Constitution
Snapshot Vote Text
- Option 1: Authorize the formation of the Phonon DAO Bootstrapping Group
- Option 2: Do Not Authorize the Formation of the Phonon DAO Bootstrapping Group