DAO Split MVP Spec
Pesudo code
Conditions
- Must signal split on a proposal
- Only token owners can do this; delegated cannot signal to split
- We don't check how you voted
- Signal split up until voting period ends, and during queue time for a successful proposal
- Must meet the split threshold, e.g. 20% of total supply
Execution time
- Successful proposals: executing the proposal first executes the split; alternatively anyone can execute the split first, then execute the proposal. The split can be executed at any time after the queuing period, up until the proposal expires.
- Defeated proposals: anyone can execute the split at any time after the proposal's defeat, and until defeat time + proposal expiration time (currently 14 days).
Outcome: Where Nouns Go
What happens with Nouns that signal a DAO split?
- Upong signaling these Nouns are transfered from the owner's account to an escrow contract.
- The escrow contract delegates the escrowed voting power to an account the owner chooses, so they can continue voting until the split is settled.
- Once the proposal the split was signaled on reaches an end state, Nouns are taken out of the proxy:
- Successful split: Nouns are sent to the Nouns DAO treasury.
- No split: owners can withdraw their Nouns.
Outcome: a New DAO
- New DAO members are minted tokens with the same art and IDs as the tokens they left behind
- Same token, auction and DAO contracts as the original DAO, with some configuration differences
Starting configuration:
- Token: each DAO split account is minted the same number of tokens they split with, with the same IDs and art.
- Art: new token reuses the existing Nouns on-chain art, and the new DAO can vote to use different art.
- Founder reward: new token has no founder rewards; it is an upgradable contract so that new DAO members can adjust it to their needs; new token also supports locking furthur upgrades.
- Auction House: a new auction house is deployed paused; new DAO members can vote to configure and start it.
- DAO:
- a new copy of the latest Nouns DAO logic + timelock (treasury) contracts is deployed for new DAO; all logic and configurations are the same unless stated otherwise, e.g. it has the same logic for proposals, voting, DAO split, etc.
- the DAO split threshold is set to a single token, to minimize the risk of a majority attack in the new DAO.
- Vetoer: The new DAO doesn't have a set Vetoer; DAO members can vote to set a new Vetoer.
- UI: new DAO should be able to launch their own UI, or reuse an existing DAO UI without any coding skills.
- Specific design TBD; it can be a better-packaged version of nouns.wtf, and it can also be Nouns Builder UI automatically supporting auctions and governance for any split-created DAO.
Outcome: Asset Split
- ETH: fair share
- ERC20 tokens: fair share of whitelisted tokens
- The DAO can configure a list of tokens to be sent upon a split event; helps mitigate risks like tokens that might fail to send and thus fail split execution
- NFTs: stay in the original DAO (at least in this version)