Angle Core Module
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🗳
Angle DAO
The Decentralized Autonomous Organization driving Angle Protocol
🔎 TL;DR
- Angle DAO is responsible for tuning and improving the protocol in order to make it sustainable and robust enough to become a building block of the DeFi space.
- Since the tokenomics upgrade to the veANGLE model, the Angle DAO is controlled by veANGLE holders through snapshot votes executed by a multi-sig composed of core team and community members.
- The Angle DAO is also responsible for deciding where to allocate the ANGLE tokens distributed as part of the liquidity mining program.
🔘 Responsibilities
While Angle Protocol was designed to completely minimize the need for an active governance to maintain the peg of the stablecoins (arbitrageurs can directly do it), there is still a need for an active governance to get involved in the protocol's decisions.
The Angle DAO is responsible for parameters tuning, deploying new stablecoins, accepting new collateral types for a given stablecoin, and for protocol upgrades and integrations.
In particular, it can make the following changes:
- Tune fee parameters for, among other things, users minting and burning, for Hedging Agents opening and closing their perpetuals, for the slippage of Standard Liquidity Providers, for the fraction of the fees that go to Standard Liquidity Providers, ...
- Grant/revoke roles
- Deploy new stablecoins
- Deploy/revoke new strategies to get yield and choose in which proportions to distribute this yield to SLPs
- Deploy/revoke collateral types
- Upgrade oracles and other contracts throughout the system
- Deploy the surplus of the protocol
🗣 Discussions and debates
For the DAO to be governed efficiently, the community needs to be able to discuss the different ways forwards and the improvements being proposed. This happens on our Discord, where there is a dedicated improvement-proposals section.
🗳 Voting
General proposals
After proposals have been properly discussed, they can be voted on through a Snapshot vote. After the tokenomics upgrade of January 2022, veANGLE holders are the ones with voting power over the protocol. As such, they are the ones voting to approve and implement or dismiss a proposal concerning the Angle Protocol.
A signature from the multi-sig is required to enforce the outcomes of the Snapshot votes. In almost all cases, it will vote in-line with what is voted by veANGLE holders. However, proposals considered to be clear open attacks against the protocol will not be signed for.
The Multi-Sig
Angle Governance is represented by a 4-of-6 Gnosis multi-sig, whose role is to enforce votes from veANGLE holders. Once a vote has passed on Snapshot, the multi-sig executes it in a separate transaction, making it resistant to on-chain governance attacks.
It is composed of 6 person, three team members and three "public" crypto person, and requires a minimum of 4 signatures to execute a transaction. The multi-sig signers are:
Delegating voting power
Not all veANGLE holders feel the need to get involved in governance and vote on every proposal. While this is to be expected, it is better for the protocol that voting power remains in the hands of people interested, concerned, and involved in the future of the protocol. To that end, users have the possibility to delegate their voting power to other community members.
By doing this, delegators keep their tokens but transfer all their voting power to its delegate. Though delegating only a part of voting power is not possible, delegations can be removed at anytime. Users can delegate their veANGLE tokens at snapshot.org/delegate, by ticking "Limit delegation to a specific space" and specifying
anglegovernance.eth as space name.Voting on rewards distribution
Last, veANGLE holders of the DAO are responsible for deciding where the liquidity mining rewards get distributed. Voting on this happens on-chain and can be done through the gauge page of the dao app. Users can allocate weights to the different pools they want rewards to be distributed to.
Last modified 1mo ago