As of today, arP-002 has executed on chain and the DAO is fully in control of the ease Uninsurance vaults after a unanimous vote in favor last week! The community now has the final say in how the system grows going forward. Read the proposal in its entirety below.
Arp-002 Accept Ownership of the Ease Vaults
Summary: On launch and until now, the multisig has ownership of the Uninsurance ecosystem. This vote is to transfer that ownership to the DAO.
Aim: This will reduce the centralization of the system and bolster security.
Motivation: With the initial launch of the ecosystem multisig ownership allowed us to setup and add new vaults while testing on mainnet. Now that the ecosystem has been thoroughly tested and is receiving user deposits, it is time to transfer the vault ownership to the DAO.
Implementation: When passed this proposal will call the following as a transaction on mainnet, finalizing ownership of the Ease Vaults to the DAO.
The DAOs role in the ecosystem
Now that the DAO has ownership, token holders have the final say in what vaults join the ecosystem. The team will be responsible for launching the smart contracts for new vaults onto mainnet. But, for those contracts to join the Uninsurace network, (so that they participate in the risk sharing systems), the DAO will need to vote in favor. This will help maintain the security of the system as it grows, as vaults without rigorous screening will not pass.
Among that responsibility are many other important aspects to the system that the DAO now has authority over, some of these include:
- Set Discount values for liquidated assets
- Withdrawal delay parameters for vaults
- Set amount of liquidated assets
As you can see, going forward the DAO plays an integral role in the system operating optimally.
Now that the DAO needs to initialize new vaults to the ecosystem, discussion standards must be set. This will be done through forum.ease.org with off-chain snapshot voting through https://snapshot.org/#/easedao.eth. When submitting a protocol or asset, it will be important to include enough information to facilitate rewarding discussion. Some examples of valuable information are, but not limited to:
- Protocol Overview (Name, Description, etc.)
- List of Audits, incl. date audited and auditor
- Disclosure of past exploits, if any.
- Disclosure of any rating through a system such as DeFiSafety or others
- Team information (Doxxed vs Anon, etc)
- Protocol Age (Younger protocols might not be battle tested, for example)
This discussion will last for multiple days, to ensure proper scrutiny is given to the new protocols. It’s important to remember the Uninsurance ecosystem underwrites itself, so due diligence must be given to bringing new vaults into the fold. While new vaults means more resiliency through greater volume of TVL, it also means new risks. For this reason the DAO, and the community deserve to play an important role in Uninsurance’s future!
Community Proposal Incentives
Due to the scrutiny and due diligence required in this framework, an equivalent level of incentive is needed for users who research and put forth protocols or assets they believe to be deserving of an Uninsurance vault.
If vault joins the system through DAO vote, the user who put forth the vault for vote receives rewards. The size and type of reward is in discussion.
The team looks forward to the community joining the effort into expanding Uninsurance so that, in the future, Ease may cover all of DeFi
The team at Ease shares a common vision:
- Blockchain technology and decentralization are a giant step forward and DeFi is a game-changer.
- Access to and usage of DeFi must be as easy and safe as possible. We do this by using the benefits of blockchain technology to bypass the negatives of TradFi.
- By covering Crypto risks easily and affordably, we can onboard many more crypto users.
- Crypto is just getting started, but the more users we can help get aboard, the faster the revolution will be.
In 2020, Armor.fi revolutionized DeFi coverage by making it flexible, automatic and not connected to memberships.
Since then, the team has been thinking about how to cover all of crypto. This is how Ease, and the model of Uninsurance came to be.