Description
Per the processes outlined in CyberDAO's governance processes, this proposal has been live on the Cyber forum (link to thread) for >12 days and is ready for voting.
There are three small amendments to the proposal on this voting platform vs. the one that was on the forum; we expect both will be uncontroversial.
First, we've updated the point of contact to Roy Shen from the Cyber team, who will be helping with the day-to-day governance operations.
Second, we've added a transaction to update the Timelock Delay from the default value to the intended value listed in the (3 days).
Third, we tweaked some wording for clarity (e.g. changing "derivative" to "staked"). We also omitted a sentence from the "Amendments to the Constitution by Majority Vote" that discussed the approval threshold needed to ratify/amend the Working Constitution because we realized the right place for that was in the Processes & Governance Procedures document.
As a reminder, the Timelock is essentially a safety mechanism. Once a vote passes on this platform, it is sent to the timelock to be executed. The timelock delay is an additional period during which a proposal can be cancelled/vetoed if a proposal passes that is deemed malicious. Generally, a higher timelock delay is safer (more time to veto), though the tradeoff of having a delay that is too high is speed of execution. 3 days is a comfortable balance and is captured in the voting processes documented here.
Point of Contact: Roy Shen from the Cyber team
Proposal Type: Constitutional Ratification
Executive Summary
This proposal aims to ratify the Working Constitution of the CyberDAO, establishing CyberDAO and initiating the ongoing decentralization of Cyber's governance. This proposal marks the first of many governance-related proposals intended to ensure a dynamic and effective governance ecosystem.
Key stakeholders include all members of the Cyber community, who will benefit from a system allowing anyone to join the CyberDAO and participate in its governance. Although anyone can join, active participation is limited to those staking CYBER tokens through staked CYBER tokens (cCYBER now and stCYBER in the future) which grant governance rights.
The desired outcomes of this proposal are:
- The establishment of CyberDAO,
- The ratification of the Working Constitution,
- The creation of a foundational structure for the evolving governance of the Cyber ecosystem, and
- To establish the 3-day timelock delay articulated in the Voting Process.
This is intended to decentralize decision-making and empower passionate community members to actively contribute to and drive improvements within the Cyber ecosystem.
As this proposal is whether or not to ratify the Working Constitution --- a living document. Its distinction as living is important: it is intended to evolve alongside the DAO (per the processes described in this document: Processes & Governance Procedures). This proposal solely ratifies the Working Constitution and lays the foundation for CyberDAO's growth and evolution.
Motivation
The motivation behind this proposal is to establish CyberDAO to begin decentralizing governance across the Cyber ecosystem and to foster a more inclusive, dynamic approach to decision-making.
As the Cyber team, our objective is to position Cyber as the leading Ethereum Layer 2 for social applications and the preferred platform for developers creating new onchain experiences. We believe that cultivating and empowering an open and collaborative community through decentralized governance is essential to achieving this.
By launching CyberDAO and ratifying its constitution, we intend to enable passionate community members to actively participate in and influence Cyber's development. A decentralized governance model not only promotes a resilient, community-focused ecosystem but also drives growth by engaging community members and providing incentives for developers to contribute to the platform. This approach gives developers a significant role in shaping the ecosystem's future, aligning with our ambitious goal to solidify Cyber as the Layer 2 for social. Additionally, the establishment of CyberDAO aims to encourage community-driven growth and make governance more social, reinforcing the core values of the Cyber ecosystem.
Specifications
This proposal is to ratify the Working Constitution as outlined in the Processes & Governance Procedures. See a reproduced full text of the Working Constitution at the bottom of this proposal.
Additionally, it confirms The Cyber Foundation (or The Foundation), a Cayman Islands foundation company, as the administrative organization and legal entity representing CyberDAO. The Foundation will not provide these administrative services indefinitely; it aims to gradually decentralize its responsibilities. Within the first year after the constitution takes effect, proposals will be introduced to phase out The Foundation's involvement gradually.
This proposal does not cover the codification of the Processes & Governance Procedures. The intent is to codify these processes & procedures by vote approximately one year from the launch of the first voting cycle, or sooner if DAO participants and the Cyber Foundation are generally in approval of these processes & procedures. However, The Foundation may tweak these processes & procedures before then at its discretion (e.g. slightly extending or shortening the voting period, modifying proposal types, etc.). We expect these kinds of tweaks will likely be uncontroversial, and the community will always be able to opine openly about any of these changes.
Success Criteria
Success for this proposal is defined by the establishment of CyberDAO and the ratification of the Working Constitution, and for the timelock to be initialized with a 3-day delay. In the long term, success also depends on effective governance, characterized by active participation where the majority of proposals exceed the minimum quorum. Additionally, the quality, not just the quantity, of the proposals being voted on will serve as another indicator of success.
Action Plan
The Cyber Foundation has been established, and the Working Constitution along with the Processes & Governance Procedures have been drafted. Community members are encouraged to read both these then to participate in open discussions.
As outlined in the Processes & Governance Procedures, this forum post initiates a 12-day period for discussion. During this, community members can provide feedback on the Working Constitution.
The discussion period will last for 12 days, followed by a 2-day voting delay, allowing for the delegation of votes and acquisition of new cCYBER tokens before the snapshot occurs. If significant changes to the Working Constitution are needed based on community feedback, an updated proposal will be submitted on the forum. Meanwhile, CYBER stakers are advised to visit the Cyber Governance Portal on Agora to select a delegate to delegate their voting power and therefore get ready to vote.
For proposals like this one, concerning Constitutional Ratification or Amendment, a 30% quorum and a 67% approval threshold are required for passage. If these thresholds are met, the Working Constitution will be ratified, allowing CyberDAO to start processing other proposals. The current Working Constitution, after ratification through a vote, will remain in effect until changed, with a mandatory review every year after publishing. Any proposed amendments to the Constitution will have to meet the same quorum and approval threshold.
Conclusion
This proposal focuses on ratifying the Working Constitution of CyberDAO to establish it and initiate the decentralization of Cyber's governance. It aims to create an adaptable, effective governance ecosystem, where all community members can join and actively participate (e.g. via forum discussions), and where CYBER token stakers will have governance rights (exercised by delegating their voting power to others, or by voting on proposals directly).
The proposal also outlines the gradual reduction of The Cyber Foundation's administrative roles to empower community-driven governance. Successful ratification will mean establishing CyberDAO, engaging the community in governance, and ensuring robust participation in the voting process. An ongoing review and potential updates of the governance procedures will follow, based on community feedback and the effectiveness of initial governance practices.
Objective:
- Ratify the Working Constitution to establish CyberDAO and begin decentralizing Cyber's governance.
- Approve the role of The Cyber Foundation to initially handle administrative tasks with a plan to reduce its involvement over time.
- Initialize timelock with 3 day delay.
Participation: Active governance participation limited to CYBER token stakers (currently only cCYBER holders).
Success Metrics: Establishment of CyberDAO, effective community participation in governance.
Voting Requirements: A 30% quorum and 67% approval rate are needed to pass the proposal.
The Working Constitution
Reproduced here below is the full text of the Working Constitution that is to be ratified.
CyberDAO represents a diverse community of users, builders, token holders, and broader stakeholders engaged in the Cyber ecosystem. CyberDAO has been established to facilitate contributions from diverse stakeholders in governing the Cyber ecosystem.
This Working Constitution serves as a foundational guide for CyberDAO, describing the initial structures designed to decentralize governance within the Cyber Ecosystem. It establishes the initial governance framework for CyberDAO and and its legal wrapper, Cyber Foundation.
Recognizing the complexity and unpredictability of future challenges within the web3 space, CyberDAO's Working Constitution is built with the flexibility to adapt and evolve. As a result, the Working Constitution is a framework intended to be revisited and potentially updated or replaced as the Cyber Ecosystem grows. All decisions to update CyberDAO's governance authority must be enacted by CyberDAO through the passage of a community governance vote, as described in the current CyberDAO Code and Procedures.
- First and foremost, this is a "Working Constitution". This Constitution describes the decision-making framework for CyberDAO governance. As a Working Constitution, this document is subject to change due to the dynamic nature of the industry and the decentralized structure inherent to DAOs. CyberDAO will experiment and evolve to maintain effective governance mechanisms and grow over time. The future direction and evolution of CyberDAO and the Cyber Ecosystem's governance will be based on the decisions of the community enacted through CyberDAO.
- CYBER Stakers and Delegates will govern CyberDAO to advance the ecosystem's best interests. CyberDAO must balance short-term goals with the longer-term goals of the community and its members. Different stakeholders may have conflicting goals, so CyberDAO members should implement changes that are best for the overall community and keep Cyber L2 and the broader ecosystem competitive in the dynamic web3 space. CyberDAO will implement governance mechanisms that facilitate participation from the greatest number of community members while maintaining systems that minimize the governance burden on individual community members.
- The Cyber Foundation will be a steward of the CyberDAO and act on its behalf. The Cyber Foundation is a Cayman Islands foundation company. It operates to support CyberDAO as a formal legal entity, facilitating the administration of CyberDAO's collective governance. The Cyber Foundation also stewards the early evolution of DAO governance. The Foundation will not provide these administrative services indefinitely; its ultimate aim is to coordinate contributors in creating the technical and governance foundations that allow the Cyber Foundation to decentralize its role over time. Some of the administrative tasks the Cyber Foundation may engage in on behalf of the DAO include, but are not limited to:
- Entering into contracts with third parties on behalf of the DAO, such as with service providers,
- Helping develop frameworks, such as the Working Constitution and the Operating Manual, to facilitate participation,
- Other actions that are required for its stewardship role.
- Specialized Councils. Councils are unique and important structures within CyberDAO governance, consisting of representatives who manage resources or make decisions on behalf of token holders and the community at large. They are comprised of elected representatives who fulfill roles otherwise filled by the Foundation or other centralized actors and therefore play a critical role in the decentralization of the DAO.
- Rights of CyberDAO Members. It is intended that CYBER stakers have authority over Cyber, the L2 for social, and CyberConnect Social Graph, as well as the associated underlying protocols. CyberDAO members are CYBER stakers. Stakers have the ability to directly influence the ecosystem's future by submitting and voting on proposals through staked tokens (currently with cCYBER, with stCYBER voting support planned for the future). Through these staked tokens, CYBER stakers are able to submit, deliberate, and vote on governance proposals.
- Amendments to the Constitution by Majority Vote. This is a working constitution and will evolve continuously based on contributions from the Cyber Community. The current Working Constitution, after ratification through a vote, will remain in effect until changed, with a mandatory review every year after publishing.
Explaining the transaction that updates the timelock delay to 3 days
- The "transaction" that accompanies this proposal updates the timelock delay as described above.
- The target
0x11caA7DF2a1FCAea7149fc01aC8D2DB5d3C82421 is the TimelockController contract, which you can see on Cyberscan here.
- The calldata is an encoded command that calls the
"updateDelay(uint256)" function and passes in 129600. 129600 is equivalent to 3 days (1 block per 2 seconds = 30/minute = 1800/hour = 43,200/day; multiple by 3 days to get 129,600).
- You can use something like cast calldata to encode this:
cast calldata "updateDelay(uint256)" 129600. This will result in 0x64d62353000000000000000000000000000000000000000000000000000000000001fa40 .
