PIP-40: Support for Community Treasury Contracts
Authors:
Simon Dosch, Mateusz Rzeszowski
Type: Contracts
Table of Contents:
- Abstract
- Motivation
- Specification
- Security Considerations
- Backward Compatibility
Abstract
The POL Default Emission Manager specifies that a 1% annual compounding emission is directed to the Community Treasury.
Upon the deployment of POL contracts introduced in PIP-17, a multi-signature wallet (0x2ff25495d77f380d5F65B95F103181aE8b1cf898) was used to safeguard the funds until Community Board supervision is enacted.
PFP-2 now specifies the proposed implementation for the Community Treasury Board, including the use of Governor Bravo contracts to govern the Community Treasury funding allocation process.
This proposal will require a migration away from the current setup and, therefore, an upgrade to the Default Emission Manager via the Protocol Council.
Specification
We propose to upgrade the Default Emission Manager contract treasury address to the new Community Treasury Contract (0x86380e136a3aad5677a210ad02713694c4e6a5b9).
The particulars of the new Community Treasury Board governance can be found in PFP-2, with the key technical details shown below.
A new governance contract (Aragon) is proposed that will govern the Community Treasury.
A non-upgradeable OpenZeppelin ERC20Votes will be used as a voting token held by two SAFE contracts. Transfers, Approvals and Delegation will be disabled and tokens will be distributed upon contract deployment. Two roles are furthermore distinguished, Proposer and Executor.
- 50.00000001 tokens will be distributed to the Proposer SAFE (
0x2ff25495d77f380d5F65B95F103181aE8b1cf898) wallet operated by Polygon Labs,- 49.99999999 tokens will be distributed to the Executor ⅗ consensus multisig wallet (
0xb7b02DbC9D054A8BA90b2172B4f8d2D79aC7d3a0) operated by the Community Treasury Board.
The Proposer is responsible for proposal creation, with 50 votes being the requirement.
Once a proposal has been created, both the PROPOSER and EXECUTOR’s yes votes are necessary to execute a proposal, with 100 votes being the required consensus.
The above setup ensures that while Polygon Labs may assist the Community Treasury Board with day-to-day administrative and other non-managerial operations, it may not execute any transactions, including the distribution of funds, without the CTB’s on-chain approval.
Backward Compatibility
This change is not backwards compatible with the current implementation of the Default Emissions Manger and will require a contract upgrade.
Security Considerations
The updated governing contracts for the treasury address utilize Aragon, which has been extensively tested and audited.
Copyright
All copyrights and related rights in this work are waived under CC0 1.0 Universal.