The BarnBridge core team is proposing the creation of a formalized on-chain body (the First BarnBridge Council) as the next step in the protocol’s continued decentralization. This council will be composed of three members nominated by the team - their backgrounds are provided below. The role of this council would be to represent the community, both in the implementation phase of successful governance proposals and in the coordination of network resources.
It represents the first part of a more long-term vision for a decentralized governance structure that will be shared in an upcoming Medium post.
The First BarnBridge Council would have the following material rights:
- Representing BarnBridge in discussions with integration partners
- Staffing and budgeting engagement teams for proposal integrations
- Sending back proposals to the community in the event of feasibility concerns
- Communicating via official BarnBridge channels
- Listing protocol bounties on Gitcoin
- Coordinating the biweekly project management meetings
Council members would be compensated from the protocol treasury at an annualized rate of $80,000. This figure takes into account both industry standards (e.g., Synthetix councillors received $60,000 in annual compensation) and our expectation that the role would require active project management participation.
The First BarnBridge Council would be held accountable via the following guardrails and restrictions:
- While on the council, members will be restricted from selling any more than 20% of their existing BOND holdings, as verified and enforced by the core team
- BarnBridge core team will maintain a public whistleblower email address for tips regarding any wrongdoing or harassment by Council members
- BOND holders will have the right to recall Council members quarterly in favor of a more preferred candidate
- BarnBridge Core Team will retain the right to revoke multisig access in extreme circumstances
Council members will undertake reasonable efforts to provide transparent reporting of their efforts via the following channels:
- #Council channel on Discord
- Dune Analytics dashboard monitoring budget flows and the performance of any joint on-chain ventures initiated by the Council’s efforts
- Standardized monthly summaries of relevant milestones and accounting
- Regular community call participation
Our eventual end goal is for the BarnBridge protocol not to require a specialized core team for the further advancement of the protocol. The protocol community should be able to come to a consensus on goals and budgets via the DAO, delegate implementation duties to appointed council(s) responsible for specialized mandates, and rely on ad hoc team formation to staff any and all developments. We view the First BarnBridge Protocol as a chance for the community to step up to the plate, and for us to see what works in practice.
We are nominating the following community members for the First BarnBridge Council:
The council would be implemented on-chain via the SquadDAO platform we shared earlier this month - we’ve provided the link below. The council would have no ability to change DAO parameters or access DAO funds unilaterally.
In addition to objections against the nominees themselves, the core team welcomes any feedback regarding the proposed structuring of the council, its compensation, and its guardrails.