diff --git a/manual.md b/manual.md index 06c527a..d6a718f 100644 --- a/manual.md +++ b/manual.md @@ -1,102 +1,108 @@ -This document describes the current governance proposal process of the Optimism Collective. It will evolve, with the Collective, over time. The authoritative version is maintained [here](https://github.com/ethereum-optimism/OPerating-manual) on the Optimism Foundation Github. +This document describes the current governance proposal process of the Optimism Collective. It will evolve, with the Collective, over time. The authoritative version is maintained [here](https://github.com/ethereum-optimism/Operating-manual) on the Optimism Foundation Github. -### **OPerating Manual v0.1.2: The Token House and OP Holders** +### **Operating Manual v0.2.0: The Token House and OP Holders** Governance in the Optimism Collective begins with the launch of the Token House and its members, the OP holders. As Token House members, OP holders are responsible for submitting, deliberating, and voting on various types of Optimism Collective governance proposals. -In carrying out these functions, OP holders may either vote their OP directly, or delegate their OP voting power to an eligible third party. +In carrying out these functions, OP holders may either vote their OP directly (by delegating their OP voting power to their own address), or delegate their OP voting power to an eligible third party. Addresses with delegated OP voting power are called “delegates.” Delegates are expected to exercise their authority responsibly and in accordance with community standards. -The Token House is just the first part of the Optimism Collective [governance structure](https://community.optimism.io/docs/governance/). Launch of the Citizens’ House will soon follow and this OPerating Manual will be updated accordingly. +The Token House is just the first part of the Optimism Collective [governance structure](https://community.optimism.io/docs/governance/). Launch of the Citizens’ House will soon follow and this Operating Manual will be updated accordingly. ### **Governance Toolkit** -The two primary tools for Optimism Collective governance are: +The primary tools for Optimism Collective governance are: - [**Snapshot**](https://snapshot.org/#/opcollective.eth): Where all Token House governance proposals are submitted for vote. - [**The Optimism Forum**](http://gov.optimism.io): A platform for discussion and deliberation about governance proposals. +- [**Discord**](https://discord-gateway.optimism.io/): For informal governance discussion and feedback. -### **Proposal Process – Components of a Valid Proposal** -The lifecycle of a Token House governance proposal involves four phases: (1) feedback; (2) submission; (3) voting; and (4) implementation. Each phase, and its associated requirements, are described below. +### **Proposal Process** -1 . **Feedback** +The Optimism Collective makes decisions through governance proposals. Proposals are accepted or rejected using a voting process. Anyone can submit a proposal to Optimism governance. The proposal must be one of the **valid proposal types** listed below, and it must follow the **voting process** described here. -Anyone submitting a proposal should make an effort to gather feedback from the community and from Delegates prior to submitting a proposal for vote. There are two primary avenues for feedback: - a. For lightweight or early feedback, authors may post a proposal (or an abbreviated version of your proposal) in the **#gov-temp-check channel on [Discord](https://discord-gateway.optimism.io/)**. This channel is open to the entire Optimism community and can be used as an easy way to get a quick temperature check. - b. For formal feedback from governance participants, authors may **post a proposal in the Forum with a [DRAFT] label in the title**. This signals your proposal is ready for feedback from Token House delegates. -All feedback from these two forums is non-binding, but proposers are expected to engage in good faith. This step is designed to help craft thoughtful, effective proposals. +### **Voting Process** -After incorporating feedback, the proposal author may remove `[DRAFT]` from the proposal title and advance to proposal submission. +The proposal Voting Cycle takes place in three one-week stages. -2 . **Submission** +Each “week” runs from Wednesday at 19:00p GMT (12p PST) until Tuesday at 19:00 GMT (12p PST). -To be eligible for voting, a Token House governance proposal must be formally submitted by an OP holder or their delegate. This means that the proposal must be: +#### **Week 1: Community feedback (`[Draft]`)** -- **A valid Proposal Type.** All v0.1 governance proposals must fall within one of the following categories: - - Governance Fund (Phase 0 or Phase 1) - - Protocol Upgrade - - Inflation Adjustment - - Director Removal - - Treasury Appropriations - - Rights Protections +In the first week, draft proposals are open for review by anyone in the Optimism community as a form of temperature check. Proposal authors are expected to be responsive to community feedback and use this period of time to prepare their proposal for more formal review. -For a more detailed description of each Proposal Type, see “Proposal Process – By Proposal Type” below. +Proposals should be: -- **Properly formatted to the applicable template.** Each Proposal Type will have a specific Template associated with it in the Forum. Prior to submission, a proposal author must conform their proposal to the format of the applicable Template in all material respects. This will include, for the time being, a requirement that all submissions be made in English. -- **Approved by at least one delegate.** Over the course of discussion and feedback, at least one Delegate with more than 0.0005% of voting power must signal that they believe the proposal is ready for vote. In the spirit of governance minimization, this document will not codify an explicit approval mechanism but will expect community members to interpret this appropriately. -- **Formally submitted to voting**. One week before the start of each voting cycle, the Foundation will start a Voting Period Submission thread on the Forum. To formally submit a proposal for voting, the proposal author must either (a) update their proposal title to start with `[READY]` or (b) add a link to this Voting Period Submission thread that points to their proposal on the Forum. At the start of the next Voting Period, the Optimism Foundation will submit all valid proposals marked as ready to Snapshot for voting. +- Submitted as a new discussion thread on the [Governance Forum](http://gov.optimism.io/) in the appropriate category. +- Marked with [Draft] in the title. -Submitted proposals must satisfy all the above criteria to be considered valid. Invalid proposals will be thrown out. +Once posted on the form create a discussion thread in the Optimism [Discord](https://discord-gateway.optimism.io/) in the #gov-temp-check channel. To create a thread simply click the "+ Post" button and fill in your name, your projects name, and the link to your draft proposal. -Anyone submitting a proposal is welcome to submit a draft version of the proposal for feedback on the Optimism Forum. To do so, please include `[Draft]` in your Forum title, then update the proposal title once the proposal body is finalized. +For a proposal to proceed to Week 2 (delegate feedback), the author must update [Draft] to [Review] by Tuesday at 19:00 GMT (12:00p PST). Authors should also include a summary of incorporated feedback as a comment on their proposal thread so future reviewers can understand the proposal’s progress. If feedback was gathered outside of the Forum (e.g. on Discord), proposal authors should include relevant links. -3 . **Voting** +#### **Week 2: Delegate feedback (`[Review]`)** -To minimize overhead, all votes are conducted on Snapshot at regular intervals called **voting periods**. Voting periods begin each Thursday at 7pm GMT and end 1 week and 6 days later, on the following Wednesday at 7pm GMT. Proposal types may require one or more voting periods before a resolution to the vote can be reached. +In the second week, Token House delegates are expected to provide feedback on proposals that (a) meet the requirements outlined in the proposal template, and (b) that have received feedback from the temperature check. Proposal authors are expected to engage in good faith and update their proposal based on what they believe makes sense for their project and the Optimism community. -A Token House governance proposal will only be approved if it satisfies the following minimum vote thresholds: +At the start of the Review Week, a governance administrator will create a Voting Cycle Roundup thread to collect all proposals that are ready for voting in Week 3. -- **Quorum:** The minimum number of total OP votes required to be cast in connection with a proposal. Here, a quorum is measured as *a % of the total votable OP supply*. - - The total votable OP supply will be determined based on a reasonable estimate provided by the Optimism Foundation prior to each voting period. -- **Approval threshold:** The minimum number of OP votes required to be cast in favor of approving a proposal. The approval threshold for each proposal is measured as *% of votes cast to approve relative to the total number of votes cast in connection with a proposal*. +For a proposal to proceed to Week 3 (voting), two delegates with >0.5% of the current votable token supply must give explicit approval on the discussion thread. Delegates may not approve their own proposals. Delegates may signal approval by pasting the comment on the proposal discussion thread: *”I am an Optimism delegate [link to your [delegate commitment](https://gov.optimism.io/t/delegate-commitments/235)] with sufficient voting power and I believe this proposal is ready to move to a vote."* -**A snapshot to determine voting power** for each delegate or OP holder will be taken at the commencement of a given voting period. +After a proposal has received two delegate approvals, the proposal author should add a link to their proposal in the Voting Cycle Roundup thread. -Depending on the Proposal Type, exact quorum and approval threshold requirements may vary. +If a proposal author does not get explicit delegate approval or wants more time for feedback, they should return the proposal to the `[Draft]` stage and continue to seek feedback from the community. -4 . **Implementation** +#### **Week 3: Voting** -Proposals that are rejected due to invalidity or insufficient support can be resubmitted. Approved proposals are routed to the Optimism Foundation for implementation, as more fully described in the “Implementation and Administration” section below. +In the third week, all delegates (including OP token holders who have self-delegated) are invited to vote on proposals on Snapshot. Proposals will be included in Snapshot only if they are (a) added to the Voting Cycle Roundup thread, and (b) have two approval comments from two delegates with >0.5% voting power. Without explicit delegate approval, proposals will not move to a Snapshot vote. -### **Proposal Process – Lifecycle** +A Token House governance proposal is **approved** if it satisfies the following minimum vote thresholds: -While the details of a particular Token House governance proposal may vary by Proposal Type, a proposal’s lifecycle will generally look something like this: +- **Quorum:** The minimum number of total OP votes required to be cast in connection with a proposal. Here, a quorum is measured as *a % of the total votable OP supply*. “Votable supply” is the total amount of OP that has been delegated, and therefore can participate in voting. The total votable OP supply will be determined based on a reasonable estimate provided by the Optimism Foundation prior to each Voting Cycle. OP votable supply will be included in each Voting Roundup Thread. +- **Approval threshold:** The minimum number of OP votes required to be cast in favor of approving a proposal. The approval threshold for each proposal is measured as *% of votes cast to approve relative to the total number of votes cast in connection with a proposal*. -![Proposal Process Lifecycle](/images/lifecycle.png) +**A snapshot to determine voting power** for each delegate will be taken at the commencement of a given voting period. -### **Proposal Process – By Proposal Type** +Depending on the Proposal Type, exact quorum and approval threshold requirements may vary. For more information, refer to the proposal types below. + +If a proposal is submitted for a vote and does not pass, the proposal will not be executed. If a proposal author wishes to iterate on a proposal that has been rejected, they should: + +1. Create a **new proposal thread** on the Forum. +2. Include a link to the first proposal that did not pass. +3. Clearly identify what has changed in the new proposal. + +#### **Valid Proposal Types** + +All v0.2 governance proposals must fall within one of the following categories: +- Governance Fund (Phase 0 or Phase 1) +- Protocol Upgrade +- Inflation Adjustment +- Director Removal +- Treasury Appropriations +- Rights Protections The different requirements for submission and approval of each Proposal Type are summarized below. -|Proposal Type |Description |Submission Requirements |Vote Duration (# of voting periods)|Quorum (minimum % of votable OP supply actually voted)|Approval Threshold(minimum % of votes cast to approve relative to total **non-abstaining** votes cast)| +In the table below, **Quorum** is the minimum % of votable OP supply actually voted. **Approval Threshold** is the minimum % of votes cast to approve relative to total votes cast. + +|Proposal Type|Description|Submission Requirements|Vote Duration|Quorum|Approval Threshold| |--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------| -|Governance Fund (Phase 0 Batch)|OP distributions to proactively incentivize future growth of projects and communities in the Optimism ecosystem. [Phase 0](https://community.optimism.io/docs/governance/gov-fund/#:~:text=%23-,Phase%200,-Phase%200%20) specifically rewards existing projects that drove growth to Optimism before Airdrop #1|Eligibility requirements described [here](https://community.optimism.io/docs/governance/gov-fund/#:~:text=%23-,Phase%200,-Phase%200%20). The Optimism Foundation will assist eligible Phase 0 candidates to structure submissions. Snapshot proposal for batch to be initiated by the Foundation.|1 (~2 weeks) | 10% | 51% | -|Governance Fund (Phase 1) |OP distributions to proactively incentivize future growth of projects and communities in the Optimism ecosystem. [Phase 1](https://community.optimism.io/docs/governance/gov-fund/#:~:text=%23-,Phase%201,-Phase%201%20) begins after Airdrop #1 |Forum + Snapshot |1 (~2 weeks) | 10% |51% | -|Protocol Upgrade |Scheduled changes to the on-chain smart contracts comprising the mainnet Optimism protocol |Snapshot |2 (~4 weeks) | 10% | 51% | -|Inflation Adjustment |Changes to the inflation rate of newly minted OP (currently capped at 2% annually) |Snapshot |2 (~4 weeks) |10% |76% | -|Director Removal |Removal of a director of the Optimism Foundation |Snapshot |2 (~4 weeks) |10% |76% | -|Treasury Appropriations |The amount of OP the Optimism Foundation may spend or distribute annually, beginning in Year 2 of its existence (the Year 1 budget is 30% of the initial total OP supply) |Proposals to be initiated by the Foundation |2 (~4 weeks) |10% |51% | -|Rights Protections |OP holders must consent to any changes to the founding documents of the Optimism Foundation, if those changes would materially reduce their rights |Proposals to be initiated by the Foundation |2 (~4 weeks) |10% |51% | +|Governance Fund (Phase 1) |OP distributions to proactively incentivize future growth of projects and communities in the Optimism ecosystem. Proposals should follow [this template](https://gov.optimism.io/t/governance-fund-phase-1-how-to-create-a-proposal/216). |Forum + Snapshot |one three-week cycle | 30% |51% | +|Protocol Upgrade |Scheduled changes to the on-chain smart contracts comprising the mainnet Optimism protocol |Snapshot |three-week cycle plus two week extended vote window | 30% | 76% | +|Inflation Adjustment |Changes to the inflation rate of newly minted OP (currently capped at 2% annually) |Snapshot |three-week cycle plus two week extended vote window |30% |76% | +|Director Removal |Removal of a director of the Optimism Foundation |Snapshot |three-week cycle plus two week extended vote window |30% |76% | +|Treasury Appropriations |The amount of OP the Optimism Foundation may spend or distribute annually, beginning in Year 2 of its existence (the Year 1 budget is 30% of the initial total OP supply) |Proposals to be initiated by the Foundation |three-week cycle plus two week extended vote window |30% |51% | +|Rights Protections |OP holders must consent to any changes to the founding documents of the Optimism Foundation, if those changes would materially reduce their rights |Proposals to be initiated by the Foundation |three-week cycle plus two week extended vote window |30% |51% | ### **Implementation and Administration** -In all cases, Optimism Collective governance is intended to be carried out consistent with the terms of its [Working Constitution](https://gov.optimism.io/t/working-constitution-of-the-optimism-collective/55), the spirit of its [Code of Conduct](https://gov.optimism.io/t/code-of-conduct/5/3), and the pursuit of its [Optimistic Vision](https://www.optimism.io/vision). The Optimism Foundation will steward this process as described below. +In all cases, Optimism Collective governance is intended to be carried out consistent with the terms of its [Working Constitution](https://gov.optimism.io/t/working-constitution-of-the-optimism-collective/55), the spirit of its [Contributor Code of Conduct](https://gov.optimism.io/t/code-of-conduct/5/3) and upcoming Delegate Code of Conduct, and the pursuit of its [Optimistic Vision](https://www.optimism.io/vision). The Optimism Foundation will steward this process as described below. **Administration** -The Optimism Foundation will facilitate the administration of the governance procedures described in this OPerating Manual with the aim of ensuring that OP holders may participate thoughtfully in Token House governance. Such administrative services may include: +The Optimism Foundation will facilitate the administration of the governance procedures described in this Operating Manual with the aim of ensuring that OP holders may participate thoughtfully in Token House governance. Such administrative services may include: - Moderation of governance proposals to ensure they are validly submitted and voted upon; - Removal of proposals that reasonably appear to be fraudulent, spam-oriented, defamatory, hateful, or otherwise inappropriate or inconsistent with the values of the Collective; @@ -118,4 +124,13 @@ The Optimism Foundation will undertake this ministerial work with a view towards ### **Amendments** -The procedures described in this OPerating Manual will go into effect at the time of Airdrop #1, and be adjusted later in connection with a series of governance experiments. These changes include but are not limited to introducing the Citizens’ House, and adding, removing, and modifying Proposal Types and rules relating to voting processes. Any non-clerical updates to the OPerating Manual will be reflected with a new version number at the top of this document, at which point the updated version will go into effect. +The procedures described in this Operating Manual will go into effect as releases are published on GitHub. Major releases to the manual will be made in connection with a series of governance experiments (“Seasons”). These changes include but are not limited to introducing the Citizens’ House, and adding, removing, and modifying Proposal Types and rules relating to voting processes. Any non-clerical updates to the Operating Manual will be reflected with a new version number at the top of this document, at which point the updated version will go into effect. + +## Process TLDR +- Optimism has a three-week proposal review cycle. +- When you’re ready, draft a proposal and post it on the Forum with `[Draft]` in the title for feedback from the community. Remember to post your proposal in the #gov-temp-check channel on Discord to get community feedback. +- When you’re ready for formal review from Token House delegates, update `[Draft]` to `[Review]`. You are expected to have made an effort to get community feedback before submitting for formal review. +During the next Review Week (every three weeks), delegates will provide feedback on your proposal. Use your judgment to incorporate feedback. +- Once your proposal has been approved for a vote by two delegates with >0.5% of voting supply, you may add a link to your proposal to the Voting Cycle Roundup thread. The proposal will be automatically added to Snapshot during the next one-week voting window. +- If your proposal is passed, the Optimism Foundation will facilitate its administration, including by distributing any approved OP grants. Note the Foundation may be in touch to collect additional information from your project in order to execute the grant. +- If your proposal fails, you can make a new proposal in the next cycle specifying how you have incorporated significant changes from your first proposal.