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What The Fork... again? - there's more to V3

My Continued Deliberation on Nouns DAO's V3 Contract Upgrade

I recently voiced my opinions on the impending V3 contract upgrade at Nouns DAO. As it stands, the proposal looks set to sail through, with unanimous support at present.

Initially, my mantra was “Be like water” - adaptable, embracing change. But I felt a strong urge to address potential concerns surrounding the fork, leading to my earlier piece.

I spoke on the concerns last time so let's focus on the cool stuff this time!

The Double-Edged Sword of Forking

The concept of DAO forking intrigues me. One exciting element is the potential return of nouns to the treasury. If a fork happens, a significant 20% (or possibly more) of existing nouns will go back to the treasury.

The idea of using nouns as a potential currency has always fascinated me, particularly considering their use in compensating for proposal deliveries. This mechanism encourages dedicated proposers to engage more deeply with the DAO. And when a proposer requests a noun as payment, it suggests a long-term commitment.

A Currency in The Making

I'm an advocate for accepting nouns as currency for DAO-related services. For instance, perhaps exhibiting our colossal noggles at Rusutsu Resort in Japan for 3+ years on end could merit such a reward? Discussions have floated about rewarding those who set "nounish" records and a number thrown around was 1eth per month for the term the record is held. So at current auction prices, this would be close. Speaking of which, a dive into the concept of 'the nounish world records' is on my writing agenda, especially since I've begun writing smart contracts that could facilitate such initiatives.

Diving Deeper: The Other Features of V3 Upgrade

While the concept of forking often grabs headlines, there are other notable features in the V3 upgrade that shouldn't be overshadowed. Let's take a closer look:

1. Proposal Editing – A Breath of Fresh Air:

Introducing an “Updatable” state early in the proposal lifecycle offers a significant improvement. Proposers can now refine both their proposal's transactions and text descriptions during this phase. Think of it as a draft mode for proposals - a preliminary stage to finesse details before making the final submission. Though initially dormant, this feature's activation awaits configuration of parameters through a subsequent proposal.

2. Propose by Signatures – Simplifying Prop Submissions:

While anyone has the potential to propose, only those holding the minimum proposal threshold of nouns can directly submit an onchain proposal. Those without enough nouns have to seek out nouners willing to delegate their tokens or sponsor a proposal, allowing it to be submitted onchain. This often means direct outreach and coordination, making the process a bit cumbersome. The V3 upgrade introduces a streamlined solution. Instead of juggling between token delegations and sponsorships, proposers can now initiate their submissions, and nouners can directly sponsor these by providing their signature. This method diminishes the complexity and enhances transparency in the proposal submission phase. I suspect it will be somewhat of an ideas pool which is interesting too. Upon the current V3 upgrade proposal's success, this user-friendly feature will be activated.

3. Objection-only Period – An Essential Safety Net:

Imagine a last-minute swing, where a proposal that seemed doomed suddenly tilts toward success. This is where the 'objection-only' period comes in. Active during such unexpected turns, it only permits 'against' votes. But why only objections? Because while defeated proposals can always be resubmitted, a successful proposal immediately transfers funds to the proposer. This feature acts as a vital protection mechanism, ensuring the DAO has enough time to react and reconsider. Initially inactive, this safeguard awaits its future activation and configuration through an additional proposal.

4. Votes Snapshot Post-Voting Delay – Giving Nouners Time:

Moving away from the current setup where the vote snapshot block coincides with the proposal's creation, the V3 upgrade provides nouners a time buffer after each proposal. This grace period allows them to set their votes and perhaps rethink their delegation strategies without feeling pressured. Maybe a nouner has their nouns delegated but after seeing a particular prop onchain, they'd like to vote from their own wallet for provenance, support or personal voice of concern - they can with this feature.

To sum up, the forking mechanism, with its potential pros and cons, is just one aspect of the V3 upgrade. These supplementary features underline Nouns DAO's commitment to community-centric improvements, progressive refinement, and ensuring a robust decision-making environment.

Faith in the Process

Despite my recent hesitations, I've come to a sort of peace with this forking possibility. I've immense respect and admiration for the work Elad and David produce. Their exceptional talents reassure me that even if the forking seems daunting, the outcome might not be as dire as some anticipate.

As we stand on the brink of “Season 3” of Nouns DAO, I can't help but feel a wave of excitement. HAPPY NOUNIVERSARY btw! The timing seems almost poetic - the potential launch of contract V3 coinciding with Nouns DAO's third year.

Closing on a philosophical note, paraphrasing Seneca's sentiment: “If Nouns fails because of the fork, it was never meant to be.”

Onward and Upward!


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