The Melon Council, the governance behind the Melon blockchain asset management protocol, today announced its DAO on AragonOS is now live.
As announced back in February, the former Melonport company team had made plans for the Melon Council to use AragonOS for keeping the decision-making system secure and transparent.
Before rushing into this governance framework, the current Melon Technical Council members voted to conduct a deeper risk analysis on the use of such system and re-evaluate whether to use it or not. Over the past few months, the team has analyzed and assessed the implications of using AragonOS, and engaged in discussions with the AragonOne team.
“The main question was whether the benefits and convenience of using AragonOS outweighed the additional layer of complexity. Smart contracts systems security is tough and we wanted to get comfortable with it and make sure we would phase it in, sensibly.”
After internal discussions, review of the AragonOS audit reports, and a renewed vote by the MTC token, the Melon Council team is officially using the Melon Council DAO on AragonOS.
“We will phase it in progressively in a way we feel is sensible. AragonOS is so powerful that it could, in theory, be used to make any of the Melon Council’s decisions; protocol parameters, updating ENS subdomains, amgu price adjustments, resource spending and burning of un-spent tokens (inflation). As a first step, we have transferred the ownership of the protocol — the Melon Council DAO. For the time being, the protocol’s financial resources (inflation mostly) will remain in a multi-sig account. When we feel confident enough with our DAO, we will consider progressively transferring the protocol’s financial resources to the Melon Council DAO.”
As a result of this decision, the Melon Council will now be responsible for voting on matters on-chain such as:
- Council membership expansion/reduction: inviting new members (MEB/MTC) or revoking membership
- Adjusting the amgu price
- Protocol upgrades: updating the melonprotocol.eth ENS subdomains
- Updating any other network parameters (ex: exchange addresses, asset addresses, etc.)
Stakeholders can consult all of the decisions being made in real-time here.
All votes can be monitored under the “Voting” label on the left side of the screen. Once you click on “Voting” you will see that votes fall under three categories. That is because, as per Melon’s Articles of Association, different decisions need different quorum from either the Melon Council as a whole (MGM) or the Melon Technical Council (MTC)
- MGM (50%): decisions that require 50% approval of the entire Melon Council
- MGM (67%): decisions that require 67% approval of the entire Melon Council
- MTC (50%): decisions that require 50% approval of the Melon Technical Council
The different decisions to be made and their required approval are detailed in the Melon governance blog.