Background
One of the strengths of Perpetual Protocol’s design is the ability to quickly launch new markets. One bottleneck we identified with our historical listing process is that there had to be a governance vote via snapshot for each pair before listing. This usually meant that token listings had to be fairly well structured and the community would have to know in advanced what tokens to list or not to list. What followed then was a relatively slow listing process that was unable to keep up with the demand.
Another learning we had was that over time we would also suffer (as do other protocols like Maker) governance apathy, where fewer and fewer participants participated in this specific type of vote. This proposal aims to take the learnings from listing markets on Perp V1 and proposes an improved process
Proposal
Will propose to form a DAO that is in charge of token listings with the following mandate:
- Approve or reject markets that can be listed
- Approve co-marketing spends
Market Listing
The foundation’s partnerships team will continue to working hard to secure co-marketing campaigns with different projects and will plan on submitting these to the Token Listing DAO. This DAO will then either approve or reject such market to be listed.
Secondly, the sub-DAO will have the ability to pre-approve a list of markets that can be listed as well.
All markets that are approved by the market listing DAO can then be taken by the foundation team and listed on Perp.exchange.
Funding
There are 2 funding components of this sub-DAO that would need funding:
- Marketing expenses for token listing campaigns
- Committee member payments
Given historical precedent of campaigns costing ~$10K USD, would propose $150K USD in PERP to be allocated for marketing expenses for the remainder of the year. This would allow for ~15 co-marketing campaigns. Assuming current prices of ~16 this is around 9.3K PERP
Secondly, would propose paying 40 PERP per committee member per month with an additional 120 PERP set aside in Coordinape. This would be 720 PERP in total, if we assume for 2 months of running.
Taking our learnings from the Grants DAO, we would propose having a lead that would be in charge chairing the committee and general administration. This member we propose should be paid 70 PERP per month
Adding in a little bit of buffer, we would then round out this request to be 11K PERP
Name | PERP | Notes |
---|---|---|
Listing Campaigns | 9300 | ~10K USD per listing campaign |
DAO Members | 400 (40 x 5 x 2) | Base for 5 DAO members |
DAO Lead | 140 (70 x 2) | Base for 1 DAO lead |
Coordinape | 240 (120 x 2) | This is additional incentive on top of the base |
Buffer | 920 | If we need for more spend on campaigns |
Committee
We propose to have 6 members on the multisig with a quorum requirement of 4. As such, these members will need to be active and readily accessible
- Removal of signer: if the sub-DAO decides that a member is not active enough then the committee may vote to remove this signer. A similar quorum of 4/6 is required
- Election: all sub-DAO members will be elected in by the DAO. Candidates will be asked to propose themselves in the forums and a channel in discord will be given for them to answer questions. Voting will be done via Snapshot weighted vote, with the top n number being part of the sub-DAO
- Voting: all signers will be given a token for them to vote for a per market basis. All snapshot votes must be held at a duration of 72 hours at a minimum
Edit 1
Further clarifications from discussion
- There will be an election cycle that is held every 3 months for the sub DAO members
- sub DAO members cannot be part of a different sub DAO
Edit 2
- Staked Perp holders will be the ones that can vote on this