Proposal to implement MultiSig on the Starlay treasury

Proposal
1

Summary

This proposal seeks to establish a multisig wallet to manage the Starlay Treasury using Astar Safe. Currently, the core contributors manage the private keys for the Treasury, which presents an inherent risk. This proposal suggests that Neo, David, Artat, PNP, and Seiya should collectively manage the wallet with a system that requires approval from at least three of these individuals to move funds. As a first step, the core contributors and Community Head PNP, representing the community, will participate. In the future, I think it would also be great to delegate these keys to appropriate community members or representatives from Astar or Aleph Zero, according to the governance result.

Motivation

On the current operation flow, some contributors has too strong privilege to move funds, which potentially poses a risk to the security and stability of Starlay. It is essential to decentralize this management for the sake of resilience, transparency, and inclusivity. I believe this this would be a big step for DAO.

Specification

The Astar Safe multisig wallet will be utilized to secure Starlay’s Treasury. Five key holders (Neo, David, Artat, PNP, and Seiya) will manage the wallet, with any transaction requiring signatures from at least three of these individuals. This system ensures a more secure and democratic management of the funds.

Benefits

Implementing a multisig wallet for Treasury management brings about enhanced security and minimizes the risk of loss due to malicious activities or human error. It also promotes a more democratic approach to fund management, ensuring community involvement and transparency.

Time

The new system should be implemented immediately after the proposal receives approval from the community.

Risk Management

The primary risk associated with this change is potential disagreements between key holders, which could lead to deadlock situations. However, the requirement of three signatures out of five reduces this risk considerably, ensuring operations will continue even if a consensus cannot be reached among all key holders.

Next Action

The next step is to initiate a discussion on this proposed governance structure here. We invite all community members to provide their feedback and suggestions. After a thorough discussion, we will put the proposal to a vote via Snapshot.

Voting Schedule

Snapshot Voting: July 29th, 09:00 UTC - August 1st, 09:00 UTC.

Voting Option

YAE - Approve the proposal
NAE - Reject the proposal

2 Likes
2

I am hesitant to give the vault keys to members I don’t know well, so I would like to learn more about them.

Could you please provide information about the roles of the five members in the Starlay team?

I am also curious about how long each member has been contributing to Starlay.

1 Like
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Hi @Beck, thanks for the heads up! Here is the answer to your question.

  • Neo (Founder): As you might already know, Neo is the Founder of Starlay. He plays a significant role in shaping the project’s vision, strategy, and overall direction.
  • David (Dev): David is the lead developer among core contributors and is involved in almost every aspect of Starlay’s development, with a particular focus on WASM development.
  • Artat (Dev): Artat is one of the core developers who has built the protocol of Starlay. His technical expertise has been greatly contributing to the evolution of our protocol.
  • PNP (Community): PNP serves as the Community Lead, overseeing the growth and engagement within our community. He plays an integral role in gathering feedback and fostering a positive and collaborative community environment.
  • Seiya Chida (BizDev): I focus on strategic planning, implementing key initiatives, and forging partnerships to make sure Starlay would be a DAO.

We appreciate your interest and are here to answer any further questions you might have.

1 Like
4

Thank you.
I have learned a lot about the team members from your introduction.
I will take it into consideration for the vote. :slightly_smiling_face:

1 Like
5

Hey Starlay Community,
I am Jaski, co-founder Polkasafe and I am here to present a case for use of Polkasafe over AstarSafe for managing the multisig.

About Polkasafe-
Built with the goal to make treasury management easy in Polkadot ecosystem, Polkasafe was launched few months ago and slowly grew to be the best Multisig solution in the ecosystem.
Non-custodial, efficient and with an amazing UX.

Why Polkasafe -

  1. Easily create, manage multiple multisig accounts from one dashboard
  2. Polkasafe allows you to add context to these transactions with Categories, meta-labels and tags making it easier to share this data with the community for enhanced transparency.
  3. Shared address book which makes multisig management easy for all signatories
  4. Polkasafe enables you to set up Notification bots on slack, discord, Telegram (element - soon) and email. This takes away the need to coordinate signers and chase them for signatures.
  5. Transaction Queue and History with complete categorized data allows you to do accounting and analytics with ease.
  6. Polkasafe is available on both Astar & AlephZero apart from Polkadot, Kusama and test networks.
  7. We are launching EVM support in the next 15-20 days. You’ll then be able to manage all your multisigs on Substare and EVM from one dashboard.

We are a dedicated team working everyday to improve the multisig experience in Polkadot ecosystem and I strongly believe that the core team and community will hugely benefit from adoption of Polkasafe for their multisig needs.

What else?
Polkasafe SDK can be integrated into Starlay allowing users to securely store & manage their assets in multisig wallets and still being able to securely use their favorite dApp.

Happy to address any questions and community requests for the product! :slight_smile:

2 Likes
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We’re excited to share that our recent snapshot vote has concluded. The proposal was passed with a support of 76M VOTE and 100%! We want to express our gratitude to each and every one of you who participated. Your active participation truly shapes the direction of Starlay Finance.

As for our next step, we will implement MultiSig on the Starlay Treasury to enhance security and decentralize decision-making.

To review the vote results, follow this link:
https://snapshot.org/#/starlay.eth/proposal/0xec8d66b57f0ec52f5539b034b6431b7e8e475018df8ba8ec77da1090e6051e39

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Moved the all Starlay treasury to the multisig address. Check here: Transparency Report: Starlay Finance Contract Addresses and Financial Statistics

2 Likes