## TLDR Requesting 19.5 Eth + 23,500 USDC to develop & audit a scalable onchain Nounish metagovernance system, deployed by Nouncil. ## Context Nouncil is one of Nouns' oldest delegated voting bodies. Not a subDAO, not a fork, Nouncil is a group of goodwilled people who volunteer their time to contribute to the longevity and prosperity of Nouns. ![image](https://hackmd.io/_uploads/rkX7Vc6W1x.png) Nouncil has not been funded by the DAO since Q1 of 2023. Since that time, Nouncil has voted on almost 500 proposals while maintaining an active voting body of 30+ members. * [Prop 67](https://nouns.game/vote/67) * [Prop 163](https://nouns.game/vote/163) Nouncil currently votes through [Nerman](https://nerman.biz/) in the [Nouncil Discord.](https://discord.gg/ZKtZMB7DRw) Weekly discussion recordings are currently stored [on Notion.](https://nouncil.notion.site/30328df718424f17a623859018497fc2) Votes (with reason) are collected, transcribed, and cast by a group of multi-sig signers. Nouncils votes are also delegated to this multi-sig. This system, while workable, is ultimately inefficient, costs the multi-sig signers time and eth, coordination issues occasionally have Nouncil miss votes, and forces Nouncil's votes to be all-or-nothing, rather than cast proportionally. This proposal is for a new onchain protocol suite, deployed by Nouncil, to introduce alternative voting mechanisms and trustless operations. --- ![IMG_FE31305D9619-1](https://hackmd.io/_uploads/SJb7a2CbJx.jpg) **This is not an endorsement from 4156* ## Scope Summary The goal is to create a flexible, cost-efficient, and transparent on-chain governance system, that can be replicated by other metagovernance systems. --- ### The Protocol Suite This protocol is similar to $⌐◧-◧, wherein Nouns are placed in individual smart contract "vaults," and their vote is cast in proportion to the logic setting of the of the votes transmitted to master smart contract. Noun holders who deposit their Noun into a vault will receive an ERC-721 to reclaim their Noun at will. Rather than $⌐◧-◧'s ERC-20s which are wrapped in ERC-721's which can only vote on Nouns DAO proposals, this protocol uses Soulbound ERC-721s, and enables Nouncil + any metagovernance body who forks the suite to: * create & vote on proposals for Nouns DAO, and * create and vote on internal proposals with trustless treasury managment. --- ### Costless Voting on Noun Props Voting on Noun props will remain costless for the large majority of Nouncil members. Votes will be implemented using signed messages, which can include a VWR, which are relayed to the master smart contract trustlessly in batches of any size. --- ### Replaceable Vote Aggregation Logic Today Nouncil uses a simple majority to decide it's stance on any NounsDAO proposal. A modular approach will make it possible to replace the aggregation logic with more complex aggregation mechanisms, like weighted majority or proportional voting. The voting logic will be implemented per a pending internal vote from Nouncil, and can be changed by an internal vote in the future. --- ### Soulbound membership token Nouncil memberships will be represented by non-transferable soulbound ERC-721 tokens. The membership application process will be identical to that of submitting a prop, with existing members voting (in a costless manner) on new membership requests. Assuming a membership request passes, the SBT can be issued trustlessly to the new member. Nouncillor tokens will automatically revoke if a Nouncilors participation rate falls below the % determined by Nouncil. Members shall also have the option of renouncing membership and burning the SBT. --- For reference of previous work, the github for the $⌐◧-◧ ERC-20 protocol can be found [here](https://github.com/thenobleDev/fractional-nouns) The implementation of this logic is clear and does not need research, the code just needs to be written. *If future updates to Nouns DAO core token logic force changes to our protocol, we will first explore options for independent funding through client incentives before proposing for Treasury funds.* ## Timeline & Audit Plan We anticipate Protocol development to take 8 weeks. The next step is a 7-day audit with [Sherlock.](https://www.sherlock.xyz) Sherlok has quoted $23,500 USDC. Total Request: 19.5 Eth + 24,500 USDC. ## Transactions The first transaction streams NobleDev 18eth for protocol development. thenobledev.eth The second transaction sends Sherlock 23,500 USDC to pay for the audit to sherlock. 0x666B8EbFbF4D5f0CE56962a25635CfF563F13161 The third transaction sends 1.5 eth to wylin for project management, and proposal writing. wylin.wtf ## Next Steps We hope this proposal succeeds. Once it does, development will begin immediately, and the audit will be scheduled promptly once development is frozen. Once we’re done fixing any issues and reviewing the fixes, we will: - deploy the Nouncil Protocol - announce the deployment Throughout the process, we'll maintain open communication with the Nouncil community for discussions on specific implementation configurations or feature requests within reasonable scope. As we develop the protocol, we are open to collaborations for a frontend. If funding is desired for a frontend, it will need to be proposed seperately. --- Thank you! 👑 x 🪐 x 💎