Thales Council first governance call: A recap

New year, new council, new governance style

As you might already know, at the end of December 2021 the Thales community voted with their staked THALES to choose a new Thales Council (aka the seven sages) as a representative advisory body. This Council is currently composed of:

  • cyberduck
  • padzank | Thales
  • Yannis | Synthetix
  • MrBreakout
  • Orilla | Thales
  • Red | Thales
  • BigPlutus (BigPenny)
The seven sages

One of the first things enacted by the new council was to encourage the engagement of the community (the mighty Titans!) into the discussion and decision process of TIPs (Thales Improvement Proposals) and related governance matters.

For this same reason, it was decided to hold the first Thales Council governance call in our Discord on January 11th at 4:30PM UTC.

The community response to this was great with many people engaging, giving their takes, and overall supporting with great ideas.

So… what was discussed on the call?

Thales Council first governance call recap

Shoutout to Red for compiling this brief 🙌

Thales Council Meeting #1 — January 11th, 2022
(BigPlutus leading the call, all council members in the attendance)

Not numbered TIPs

Private Governance Calls
- Governance calls shall be public, agreed “yes” off-chain by present council members.
- Channel Archived

Meta Governance
- Unanimous vote inherited from SNX governance. Meta governance change needs to be voted unanimously by council members.
- Channel Archived

Emergency Procedures
- TIP to be worked on and submitted, SNX SIP 197 as a baseline
- Discussion in progress in Agora (governance) category channel on our Discord

Standard Approval Threshold
- Inherited 5/7 multisig approval from TIP 10
- Status quo on the approval threshold
- Channel Archived

LP Incentives
- To be revisited around L2 token launch (in a few weeks 👀)
- Current incentives on L1 ending first week of Feb
- Waiting on Dodo OE launch
- Uniswap liquidity mining to be explored

Numbered TIPs

TIP 16 - AMM discount for Thales NFT
- Proven NFT utility in the industry
- To bring utility to Thales NFT
- Open invite the community to share ideas & suggestions
- Needs further discussion, currently on hold

TIP 17 - Plan for L2 Thales Rollout
- Reduction of inflation to 70k (base) plus 21k (bonus) for a total of 91k THALES tokens per epoch
- Introduction of gamified staking model (base + multiplier for bonus)
- To be voted on

TIP 18 - Pause SNX based distribution
- Pause Thales distribution to SNX stakers until TIP 17 is implemented
- Reduce inflation by 500k Thales
- 500k Thales to be used for L2 incentives
- Voted yes unanimously on Jan 4th, 2022

TIP 19 - AMM v0.2
- Introduction of SafeBox (1% trade fee on AMM)
- SafeBox sUSD to be distributed to Thales stakers
- Increase liquidity to 7k per market
- Fix skew impact
- Already implemented on AMM Round 2
- Voted yes unanimously on Jan 11th, 2022

Upcoming TIPs

Oracle Council
- Multisig council to verify l2 sports data feed
- Remove ambiguity
- Add backstop fund/emergency brake
- Needs more discussion and community feedback
- Discussion channel created in Agora category on Thales Discord

Pretty exciting call, eh?

What lies ahead

We are pretty excited about what’s in the pipeline and would love to get as much feedback, suggestions, and ideas from the community as possible. This is a DAO after all and it’s only possible for it to thrive if we push together 💪

Wanna jump in? Say no more, here’s our Discord.

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