1inch DAO introduces a faster governance process for emergencies

Emergency situations are more than normal, and 1inch DAO understands that. To tackle the situation and find a resolution faster, the DAO has cleared a proposal, with all 224 voters agreeing to back the Fast Track Proposal. It would lower the time to pass a proposal from 8 days to 3 days.

Progress, yes, but 1inch DAO may still want to lower further the days taken to pass a proposal. Titled 1IP-20: 1Inch Fast Track Proposal, the proposal concluded the voting process over the weekend, and it would now implement a 24-hour governance thread discussion along with a 48-hour snapshot vote.

Fast Track Proposal will enable the DAO to take action immediately without relying on its standard governance process, which can take at least 18 days, including governance thread discussion and snapshot.

Taking longer than expected, or even weeks, is standard for every DAO, with some even taking months to reach a resolution. Given this, the 1inch DAO move is very much appreciated. Only emergencies requiring urgent intervention will be considered under the Fast Track Proposal.

Initially, only a select number of matters count as emergencies under 1inch DAO. These are listed below as mentioned in 1IP-20: 1Inch Fast Track Proposal:

  • Making a change to the governance process of the DAO.
  • Deploying 1inch on a new network, or new networks for that matter.
  • Any change that involves a 1inch resolver.

Users can get their issues fast-tracked by mentioning [Fast Track] in the title of their respective proposals. In addition to the categories, there is an explicit restriction on the users who can access the Fast Track feature of the proposal. According to the announcement made by 1Inch DAO, only the addresses that appear on the whitelist qualify to leverage the option. This is being done to prevent the damaging use of the newly introduced process.

A new address can get whitelisted in 1inch DAO only if it has been invited by another address already whitelisted. Once nominated, the address will be subjected to the governance and voting processes.

The goal to be achieved with the implementation of the Fast Track Proposal is to create an alternative governance process that has been duly streamlined for emergencies.

The fact that 100 percent of voters have backed the proposal is astounding. One of them has even said that the DAO needs to find a way to respond quickly to the changes in the landscape. True, since the industry goes through changes almost every day.

Emergencies listed by 1inch DAO appear to be limited, but they are subject to expansion after the proposal stands strong in the initial phase. The involvement of the whitelisted address is likely to remain in practice for a longer time.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button