Meeting Notes: [PROPOSAL] Chase - Governor Contract parameter changes proposal 🚩🚩 [PROPOSAL] Chase - Parameter changes to Governor contract [carry over from previous week] 🚩🚩
Outcome: Passed ✅
This proposal passed, and the governor contract will upgrade to Governor Bravo.
2022.09.16
Thank you to Kyle for laying out an awesome summary to provide context of our current governance process as it relates to the contracts facilitating it. Below are the key details around the current governor contract related to our governance process summarized in the v3 Governance Post.
GTC governance is a fork of the COMP/UNI governance systems. It uses Governor Alpha and Timelock. A helpful Dune Analytics dashboard can be found here 11.
Gitcoin: Governor Alpha contract address 6 | Gitcoin: GTC Timelock contract address 4
Governor Alpha is the governance module/smart contract of the protocol; it allows addresses with more than 1,000,000 GTC ( proposal threshold ) to propose changes to the protocol. Addresses that held voting weight, at the start of the proposal invoked through the getpriorvotes function, can submit their votes during a 40320 Ethereum blocks voting period . If a majority, and at least 2,500,000 votes ( quorum votes ) are cast for the proposal, it is queued in the Timelock, and can be implemented after 2 days.
Timelock: extensions add a delay for governance decisions to be executed. The workflow is extended to require a queue step before execution. With these modules, proposals are executed by the external timelock contract, thus it is the timelock that has to hold the assets that are being governed.
Queue: After a proposal has succeeded, any Ethereum address can call the queue method to move the proposal into the Timelock queue. A proposal can only be queued if it has succeeded. The waiting period begins when this function is called => 172800 seconds (2 days).
Execute: After the Timelock delay period, any Ethereum address may invoke the execute method to apply the changes from the proposal to the target contracts. This will invoke each of the actions described in the proposal. The function is payable so the Timelock contract can invoke payable functions that were selected in the proposal.
The minimum time to vote, pass, and execute a proposal is 10 days and 8 hours approx.
GitcoinDAO would like to work with Scopelift to upgrade from our current Governor Alpha to the new Governor Bravo. Below are key problems upgrading to Governor Bravo allows us to solve for: