As Thales speeds toward the launch of the dapp on mainnet, we are looking to solidify our governing body, the Thales Council.
So, we’ve got some exciting news for all SNX stakers and Thales community members…
Nominations for the first Thales Council epoch are officially live! 🔥
Can you smell it in the air? It’s decentralization blooming
Whether you are a Thales Discord lurker, a strategic partner, a long-time Spartan, a core contributor of Thales or Synthetix, or a newly minted Thales OG Community member (what’s up fam?), everyone is welcomed and encouraged to participate 💪.
The nominating period has begun and new nominations are considered valid all week through Friday, 23 July 2021. The cut-off is at the end of Friday, UTC midnight.
Once all the nominations are in, the SNX stakers will elect four members to the Thales Council.
Voters will have from Saturday, 24 July 2021 through Wednesday, 28 July 2021 to cast votes and elect in the first Thales Council.
This process accords with SIP-159, which provides for SNX stakers to be the valid electors of the Thales Council until the Thales DAO tokens are live.
Some basic rules:
- Anyone can self-nominate
- Anyone can ping or tag anyone else for them to nominate themselves. Sometimes smart and productive people need a friendly push.
- An individual retains the right to not nominate themselves after being pinged or tagged by someone else.
- Make your pitch why SNX stakers should elect you to the Thales Council in the Thales Discord server, specifically in the #governance channel.
- Candidates must have a valid pitch on #governance channel, even if it’s a one-liner.
- There will be a Google sheet to keep track of all nominees. Each nominee should have a preferred username and the Ethereum address you would use for voting on proposals on Snapshot.
Incentivized Thales Council
The way we think about decentralized governance at Thales borrows significant lessons from the Synthetix model of governance, which is one of the most battle-tested governance models for an Ethereum project
Each Council member will be eligible for a 1,000 THALES grant per month, as a trial by the ThalesDAO to test out incentivized participation.
There is some empirical data suggesting that compensation for governance attracts more competent governors, and we’ll very much like to have the most competent, passionate, and open-minded folks in the space on our corner.
The tokens are not live yet, so Council members will be eligible to claim those at TGE.
This trial incentive is expected to last for the entirety of the duration of the first epoch. The end of the first epoch will complete when holders of Thales DAO tokens can elect the Thales Council.
Thales Council’s mandate
The Thales Council’s principal duties are to approve protocol-level changes to the Thales-market codebase.
As Thales is a young project, it’s expected the initial Thales Improvement Proposals (TIPs) will set out a wide mandate for the Thales Protocol DAO to rapidly iterate and execute in a fast-changing environment.
The initial TIPs are likely to include a proposal formalizing the roadmap specified in previous blog posts and a proposal for the formal structure of the token distribution mechanics.
The first and most important Thales Improvement Proposal will formalize the TIP system, as a meta-governance measure, while TIP-2 will authorize the formal launch of the dapp.
As you can tell, we’re extremely excited about utilizing decentralized governance to formally launch the Thales dapp on Ethereum.
What’s next?
Well, while we continue incorporating the feedback we got back from our tester group and preparing for imminent mainnet launch we want to hear from you.
For any questions, comments, or feedback, please drop by Thales’ Discord and make your voice heard!
If you are not already doing so, follow us on Twitter and join the Discord community to keep up with all the developments.
And now you know the drill, we continue…
Onwards! 🚀
