[Notice] Upcoming Changes to DAO Operations
With the completion of Stakehouse withdrawals, Blockswap Network is a self-sufficient 100% smart contract-driven protocol suite. Blockswap protocols do not require ongoing maintenance and are entirely permissionless and trustless. Protocol deployments are owned by Blockswap DAO and governed by the BSN token.
Current Status of Blockswap DAO
- Blockswap DAO is governed by the BSN token holders where the majority of the total BSN supply (53%) are owned or distributed by the DAO.
- The DAO’s BSN tokens are held in a treasury contract.
- No withdrawals can be made from the main treasury contract without a governance vote via Tally.
- Any tokens that have been released via a governance vote but not utilized are currently in a SAFE or distributed to the community or council.
- The Grant Council and Liquidity Council have accepted the responsibility of incentivizing marketing, builders, token liquidity, and more.
DAO Addresses
DAO Treasury 0x8869A94df9200C75116A285e12E85C24179129E1
DAO SAFE 0x7E00D2b15ADA3D10201fCcaf2914c4433b53Be59
Vesting Year 2 0x3B7290f95BD185F6b9C79C800424d6ddebC6167D
Vesting Year 3 0xb21c8636773C84b9B15FC5986E55D381bD0deAAE
Vesting Year 4 0xCba026594B96E27363C7f713Df6AcfF821e39ee7
Vesting Year 5 0x9fB5EB5c0befEa804D2b942436Dd1C05Dc3Cc1ee
Operational Changes
With the successful completion of Blockswap Network’s roadmap, it is now in the hands of the DAO to manage Blockswap protocols. Blockswap Labs has been offering support for the DAO’s technical operations. With the growing strength of the DAO, vast protocol suite, and initial DAO technical operations accomplished, Labs will commence a wind-down of their DAO operational support. Within the next 8 weeks of this notice, Blockswap Labs will no longer provide DAO technical support. It is imperative for the DAO to identify and onboard a suitable entity that can streamline processes and act as a steward of the DAO community. Labs will continue to be a technical core contributor and assist with maintenance and coordination as time allows. Any tokens in the DAO SAFE that are not allocated or in the hands of the councils will be sent back to the treasury.
Rationale
- To truly decentralize, the DAO needs to establish its higher stewardship. This can be an individual or preferably a group of individuals with a multisig.
- Several other DAOs have already transitioned to this model, which has proven effective, especially when a significant amount of tokens belong to the DAO. BSN DAO currently has ~47.4% of all BSN tokens excluding the Council’s balances.
- Labs is a technical team and never intended to manage DAO operations. Labs do not want the responsibility of acting on behalf of the DAO. They believe it will deter from their focus of development.
- No further core development for the Blockswap Network is required and the protocols are entirely self-sufficient and operational.
- The DAO’s governance structure has been established and tested over the past year.
Next Steps
- It is imperative for the DAO to have a legal entity to carry out operations and representation. The DAO should actively search for a suitable entity to act as a steward of the DAO. This entity will need to pass a KYC.
- The entity would be best suited as a foundation with independent directors. They could then access the DAO via a multi-sig, approving and distributing the grants or proposals passed by the governance or subjected councils. The structure could be similar to that of a current standing Liquidity Council or Grant Council.
- LC and GC can play pivotal roles in determining which operational segments should be offboarded to the new entity.
The primary goal is to ensure the DAO’s sustainability and autonomy. We believe that with these measures in place, the DAO can continue to flourish and serve its community effectively. We urge the community to deliberate and take the necessary steps to ensure the DAO’s continued success.