From e493202d0293fd0975fa8004c0da7d7e5ccd7396 Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 10:08:11 +0000 Subject: [PATCH 01/10] updates post counsel review --- docs/constitution/pyth-dao-constitution.md | 52 +++++++++++----------- 1 file changed, 26 insertions(+), 26 deletions(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index 0c229dbf..c142147b 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -2,16 +2,15 @@ ## Terminology -- **Votable Token:** staked token in the governance contract -- **Pyth Improvement Proposal (PIP)** -- **Pyth DAO Treasury:** all tokens held in the governance smart contract that is directly governed by the Pyth DAO via on-chain voting -- **Pyth Forum:** the system adopted by the DAO to manage PIP, organize the voting process and provide connectivity to the governance contract on the Solana Blockchain -- **Pythian Multisig Wallet:** smart contract wallet signed by the elected members of the Pythian Council -- **Price Feed Multisig Wallet:** smart contract wallet signed by the elected members of the Price Feed Council -- **Operations Wallet:** wallet used by council members to submit PIPs on-chain. Each council has access to a dedicated and separate Operations Wallet. This shared wallet can be used by automated processes to make proposals or by council members to propose large proposals that would otherwise require many hardware wallet signatures. -- **PGAS:** utility token exclusively used in the Pythnet Appchain, governed by the Pyth DAO +- **Votable Token:** PYTH tokens staked token in the governance contract at the following address: pytGY6tWRgGinSCvRLnSv4fHfBTMoiDGiCsesmHWM6U +- **PIP:** Pyth Improvement Proposal +- **Pyth DAO Treasury:** all tokens held in the governance smart contract, at the following address: pytGY6tWRgGinSCvRLnSv4fHfBTMoiDGiCsesmHWM6U, that is directly governed by the Pyth DAO via on-chain voting +- **Pyth Forum:** the system adopted by the Pyth DAO to manage PIPs, organize the voting process and provide connectivity to the governance contract on the Solana Blockchain, located here: [URL] +- **Pythian Multisig Wallet:** smart contract wallet, at the following address [pythian_council_wallet_address], signed by the elected members of the Pythian Council. The Pythian Council is described in further detail below. +- **Price Feed Multisig Wallet:** smart contract wallet, at the following address [price_feed_council_wallet_address] signed by the elected members of the Price Feed Council. The Price Feed Council is described in further detail below. +- **Operations Wallet:** wallet, at the following address [operations_wallet_address], used by council members to submit PIPs on-chain. Each council has access to a dedicated and separate Operations Wallet. This shared wallet can be used by automated processes to make proposals or by council members to propose large proposals that would otherwise require many hardware wallet signatures. +- **PGAS:** utility token, at the following address [pgas_token_address] exclusively used in the Pythnet Appchain, governed by the Pyth DAO - **Pythnet Appchain:** blockchain instance dedicated to the production of the pyth data, governed by the Pyth DAO -- **Pyth DAO LLC Agreement:** ipfs://QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi ## Introduction @@ -19,7 +18,7 @@ This Constitution describes the decision-making framework for the Pyth DAO and t Rules and procedures in this Constitution will be generally enforced through on-chain contracts and the associated parameters, unless specified by the Pyth DAO for actuation off-chain. -The Pyth DAO is legally structured as “Pyth DAO LLC” (of which the OPERATING AGREEMENT OF PYTH DAO LLC is available at: [ipfs://QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi](https://cloudflare-ipfs.com/ipfs/QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi)). The wrapper enables the DAO to hold the treasury, protect DAO members from unlimited liability, and allow DAO members to take part in governance. +The Pyth DAO LLC, is legally structured as “a non-profit DAO LLC formed under the laws of the Republic of Marshall Islands, formed to serve the Pyth DAO LLC” (of which the OPERATING AGREEMENT OF PYTH DAO LLC is available at: [ipfs://QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi](https://cloudflare-ipfs.com/ipfs/QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi)). The wrapperPyth DAO is algorithmically managed, such that actions taken by the Pyth DAO via the governance contract on the Solana Blockchain are deemed to be actions of the Pyth DAO LLC. The legal entity enables the Pyth DAO LLC to hold the treasury, protect Pyth DAO members from unlimited liability, and allow Pyth DAO members to take part in governance by providing a clear framework in respect of the rights and duties of Pyth tokenholders that hold Votable Tokens. ![pyth_dao.light.png](diagrams/pyth_dao.light.png) @@ -27,21 +26,21 @@ The Pyth DAO is legally structured as “Pyth DAO LLC” (of which the OPERATING ### Pyth Improvement Proposals -Pyth Improvement Proposals (”PIPs”) are the primary methods to introduce, discuss and implement changes to the Pyth DAO constitution, governance and operations. +PIPs are the primary methods to introduce, discuss and implement changes to the Pyth DAO Constitution, governance and operations. ### PIP Types -Each PIP must be labeled as: +Each PIP must be labeled as Constitutional PIPs or Operational PIPs as described in more detail below: - Constitutional PIPs are voted on by the Pyth DAO and they involve: - the upgrade of the Governance, Staking or Multisig programs - the amendment of this Constitution - Operational PIPs that are either voted on by the Pyth DAO or delegated to one of the two Councils. - Operational PIPs that are voted on by the Pyth DAO: - - the election of the Pythian Council - - the election of the Price Feed Council + - the election of members of the Pythian Council + - the election of members of the Price Feed Council - the management of the Pyth DAO Treasury - - the exceptional replacement of a council member + - the exceptional removal and replacement of a council member - Operational PIPs delegated to the Pythian Council involve: - the upgrade of the oracle program - the upgrade of the verification program for each of the blockchains where Pyth data is accessible @@ -53,9 +52,9 @@ Each PIP must be labeled as: ### PIP Process -No PIP may be in violation of any of terms of the Pyth DAO LLC Agreement, or any applicable laws, in particular sanctions-related regulations. +No PIP may be in violation of any of terms of the Operating Agreement of Pyth DAO LLC Agreement, or any applicable laws (including, in particular, sanctions-related regulations). -The end to end process length is 7 days. +The end-to-end process length is 7 days. 1. **Proposal Submission** @@ -66,16 +65,16 @@ A PIP is submitted through a structured process via the **Pyth Forum** (e.g. Git - Key Terms - technical and/or commercial associated with the PIP - Implementation Plan - steps envisioned to implement the PIP, including resources needed for each step and timelines. The implementation plan may include binding on-chain actions that will automatically execute when the PIP passes. -The requirements for formally proposing a proposal to the on-chain governance program are: +The requirements for formally advancing a proposal to the on-chain governance program are: - For a proposal voted on by the Pyth DAO, the proposer needs to hold at least 0.25% of the current Votable Tokens. - For a proposal voted on by a council, a member of such council needs to propose it. 2. **DAO Voting on formal PIP (7 days)** -The Pyth DAO is able to vote directly on-chain on the submitted PIP during 7 days. The PIP passes if the following condition is met: +The Pyth DAO is able to vote directly on-chain on the submitted PIP for 7 days. The PIP passes if the following condition is met: - in the case of a Constitutional PIP, > 67% of all Votable Tokens have been cast "in favor"; or -- in the case of a Operational PIP that is voted on by the Pyth DAO, > 50% of all Votable Tokens have been cast "in favor" +- in the case of an Operational PIP that is voted on by the Pyth DAO, > 50% of all Votable Tokens have been cast "in favor" 3. **Implementation** @@ -85,7 +84,7 @@ The PIP is then fully executed and implemented. Any on-chain actions in the impl 1. **The Pythian Council** -The Pythian Council is made of 9 members who are signers of the Pythian Multisig Wallet, including the Operations Wallet. The Pythian Multisig Wallet has powers to perform actions that are delegated to it by the Pyth DAO. The execution of such actions by the Pythian Council require 7-of-9 approval. The on-chain submission of a PIP using the Operations Wallet carries one vote in favour of the PIP. +The Pythian Council is made of 8 members who are signers of the Pythian Multisig Wallet. The Pythian Multisig Wallet has powers to perform actions that are delegated to it by the Pyth DAO. The execution of such actions by the Pythian Council requires 7-of-9 approval (with one of the default multisig holders being the Operations Wallet itself). The on-chain submission of a PIP using the Operations Wallet carries one vote in favour of the PIP. The first election of the Pythian Council will be ratified on-chain. The date chosen for the first election will form the basis for all future elections. Every election should begin 6 months after the previous election has started and it will replace 4 members of its cohort of 8 members. @@ -101,14 +100,15 @@ Any Council member who has voted less than 1/3 of the proposals during the term The following process governs the election that starts at time T: -- Nomination (T until T+2 days): Any DAO member can nominate himself or herself for candidacy to the Council. Each candidate sponsor, a person nominating a candidate or the candidate himself or herself, must hold at least 50,000 of Votable Tokens -- Member Election (T+2 days until T+7 days): Each token may be cast for one candidate. +- Nomination (T until T+2 days): Any Pyth DAO LLC member can nominate himself or herself for candidacy to the Council. Each; provided that each candidate sponsor, a person nominating a candidate or the candidate himself or herself, must hold at least 50,000 of Votable Tokens +- Member Election (T+2 days until T+7 days): Each Votable Token may be cast for one candidate. + In the event of a member needing to be exceptionally replaced outside of scheduled elections, the non-elected candidate with the highest amount of votes from the last election of the Pythian Council will be offered membership in the Pythian Council. 2. **The Price Feed Council** -The Price Feed Council is made of 8 members who are signers of the Price Feed Multisig Wallet, including the Operations Wallet. The Price Feed Multisig Wallet has powers to perform actions that are delegated to it by the Pyth DAO. The execution of such actions by the Price Feed Council require 5-of-8 approval. The on-chain submission of a PIP using the Operations Wallet carries one vote in favour of the PIP. +The Price Feed Council is made of 7 members who are signers of the Price Feed Multisig Wallet. The Price Feed Multisig Wallet has powers to perform actions that are delegated to it by the Pyth DAO. The execution of such actions by the Price Feed Council requires 5-of-8 approval (with one of the default multisig holders being the Operations Wallet itself). The on-chain submission of a PIP using the Operations Wallet carries one vote in favour of the PIP. The first election of the Price Feed Council will be ratified on-chain. The date chosen for the first election will form the basis for all future elections. Every election should begin 6 months after the previous election has started and it will replace 3 members of its cohort of 7 members. @@ -124,14 +124,14 @@ Any Council member who has voted less than 1/3 of the proposals during the term The following process governs the election that starts at time T: -- Nomination (T until T+2 days): Any DAO member can nominate himself or herself for candidacy to the Council. Each candidate sponsor, a person nominating a candidate or the candidate himself or herself, must hold at least 50,000 of Votable Tokens +- Nomination (T until T+2 days): Any DAO member can nominate himself or herself for candidacy to the Council. Each candidate sponsor, a person nominating a candidate or the candidate himself or herself, must hold at least 50,000 Votable Tokens - Member Election (T+2 days until T+7 days): Each token may be cast for one candidate. In the event of a member needing to be exceptionally replaced outside of scheduled elections, the non-elected candidate with the highest amount of votes from the last election of the Price Feed Council will be offered membership in the Price Feed Council. ## Community Values -The Pyth DAO is built on the principles of ownership and governance. Its members work together to achieve common goals, and they share in the success of Pyth. As such, the guiding values of the Pyth DAO should be: +The Pyth DAO is built on the principles of radical ownership and governance. Its members work together to achieve common goals, and they share in working towards the success of Pyth. As such, the guiding values of the Pyth DAO should be: - Sustainability: the Pyth DAO should be long-term hungry; - Inclusivity: everyone can play a role in the Pyth DAO; and From b52d6cb9ac16f0e6893d79787cd8fd099533e286 Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 12:56:28 +0000 Subject: [PATCH 02/10] adding voting procedure to section title --- docs/constitution/pyth-dao-constitution.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index c142147b..bcb4ae80 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -80,7 +80,7 @@ The Pyth DAO is able to vote directly on-chain on the submitted PIP for 7 days. The PIP is then fully executed and implemented. Any on-chain actions in the implementation plan will execute automatically in this step. -## Council Election Process +## Council Election Process & Voting Procedures 1. **The Pythian Council** From 02bfbb82231a39e25d80e909d9bb40b4ec903c29 Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 14:30:33 +0000 Subject: [PATCH 03/10] update wallet and sc addresses --- docs/constitution/pyth-dao-constitution.md | 10 +++++----- 1 file changed, 5 insertions(+), 5 deletions(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index bcb4ae80..f2579384 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -4,12 +4,12 @@ - **Votable Token:** PYTH tokens staked token in the governance contract at the following address: pytGY6tWRgGinSCvRLnSv4fHfBTMoiDGiCsesmHWM6U - **PIP:** Pyth Improvement Proposal -- **Pyth DAO Treasury:** all tokens held in the governance smart contract, at the following address: pytGY6tWRgGinSCvRLnSv4fHfBTMoiDGiCsesmHWM6U, that is directly governed by the Pyth DAO via on-chain voting +- **Pyth DAO Treasury:** all tokens held in the governance smart contract, at the following address: [treasury_wallet_address] , that is directly governed by the Pyth DAO via on-chain voting - **Pyth Forum:** the system adopted by the Pyth DAO to manage PIPs, organize the voting process and provide connectivity to the governance contract on the Solana Blockchain, located here: [URL] -- **Pythian Multisig Wallet:** smart contract wallet, at the following address [pythian_council_wallet_address], signed by the elected members of the Pythian Council. The Pythian Council is described in further detail below. -- **Price Feed Multisig Wallet:** smart contract wallet, at the following address [price_feed_council_wallet_address] signed by the elected members of the Price Feed Council. The Price Feed Council is described in further detail below. -- **Operations Wallet:** wallet, at the following address [operations_wallet_address], used by council members to submit PIPs on-chain. Each council has access to a dedicated and separate Operations Wallet. This shared wallet can be used by automated processes to make proposals or by council members to propose large proposals that would otherwise require many hardware wallet signatures. -- **PGAS:** utility token, at the following address [pgas_token_address] exclusively used in the Pythnet Appchain, governed by the Pyth DAO +- **Pythian Multisig Wallet:** smart contract wallet, at the following address 6oXTdojyfDS8m5VtTaYB9xRCxpKGSvKJFndLUPV3V3wT, signed by the elected members of the Pythian Council. The Pythian Council is described in further detail below. +- **Price Feed Multisig Wallet:** smart contract wallet, at the following address CPUZ9njbfxjqrsx713gEk8KYatvoz1Y4hvs4a5UQKEiu signed by the elected members of the Price Feed Council. The Price Feed Council is described in further detail below. +- **Operations Wallets:** wallets, at the following addresses opsLibxVY7Vz5eYMmSfX8cLFCFVYTtH6fr6MiifMpA7 and ACzP6RC98vcBk9oTeAwcH1o5HJvtBzU59b5nqdwc7Cxy for the Pythian Council and the Price Feed Council respectively, used by council members to submit PIPs on-chain. Each council has access to a dedicated and separate Operations Wallet. This shared wallet can be used by automated processes to make proposals or by council members to propose large proposals that would otherwise require many hardware wallet signatures. +- **PGAS:** utility token, at the following address DgpbK8SiypiUHBkBTAunMnwRWF3McGGR4iKxTrTfTXq4 exclusively used in the Pythnet Appchain, governed by the Pyth DAO - **Pythnet Appchain:** blockchain instance dedicated to the production of the pyth data, governed by the Pyth DAO ## Introduction From 8816cd118a65f5edbdaabaab15c901f650f5d9a8 Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 14:50:49 +0000 Subject: [PATCH 04/10] rectified staking contract --- docs/constitution/pyth-dao-constitution.md | 14 +++++++------- 1 file changed, 7 insertions(+), 7 deletions(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index f2579384..9f5dd1dd 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -2,14 +2,14 @@ ## Terminology -- **Votable Token:** PYTH tokens staked token in the governance contract at the following address: pytGY6tWRgGinSCvRLnSv4fHfBTMoiDGiCsesmHWM6U +- **Votable Token:** PYTH tokens staked token in the staking contract at the following address: `pytS9TjG1qyAZypk7n8rw8gfW9sUaqqYyMhJQ4E7JCQ` - **PIP:** Pyth Improvement Proposal -- **Pyth DAO Treasury:** all tokens held in the governance smart contract, at the following address: [treasury_wallet_address] , that is directly governed by the Pyth DAO via on-chain voting -- **Pyth Forum:** the system adopted by the Pyth DAO to manage PIPs, organize the voting process and provide connectivity to the governance contract on the Solana Blockchain, located here: [URL] -- **Pythian Multisig Wallet:** smart contract wallet, at the following address 6oXTdojyfDS8m5VtTaYB9xRCxpKGSvKJFndLUPV3V3wT, signed by the elected members of the Pythian Council. The Pythian Council is described in further detail below. -- **Price Feed Multisig Wallet:** smart contract wallet, at the following address CPUZ9njbfxjqrsx713gEk8KYatvoz1Y4hvs4a5UQKEiu signed by the elected members of the Price Feed Council. The Price Feed Council is described in further detail below. -- **Operations Wallets:** wallets, at the following addresses opsLibxVY7Vz5eYMmSfX8cLFCFVYTtH6fr6MiifMpA7 and ACzP6RC98vcBk9oTeAwcH1o5HJvtBzU59b5nqdwc7Cxy for the Pythian Council and the Price Feed Council respectively, used by council members to submit PIPs on-chain. Each council has access to a dedicated and separate Operations Wallet. This shared wallet can be used by automated processes to make proposals or by council members to propose large proposals that would otherwise require many hardware wallet signatures. -- **PGAS:** utility token, at the following address DgpbK8SiypiUHBkBTAunMnwRWF3McGGR4iKxTrTfTXq4 exclusively used in the Pythnet Appchain, governed by the Pyth DAO +- **Pyth DAO Treasury:** all tokens held in the governance smart contract, at the following address: `Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak` , that is directly governed by the Pyth DAO via on-chain voting +- **Pyth Forum:** the system adopted by the Pyth DAO to manage PIPs, organize the voting process and provide connectivity to the governance contract on the Solana Blockchain, located here: [https://discord.gg/nE79EaQA](https://discord.gg/nE79EaQA) +- **Pythian Multisig Wallet:** smart contract wallet, at the following address `6oXTdojyfDS8m5VtTaYB9xRCxpKGSvKJFndLUPV3V3wT`, signed by the elected members of the Pythian Council. The Pythian Council is described in further detail below. +- **Price Feed Multisig Wallet:** smart contract wallet, at the following address `CPUZ9njbfxjqrsx713gEk8KYatvoz1Y4hvs4a5UQKEiu` signed by the elected members of the Price Feed Council. The Price Feed Council is described in further detail below. +- **Operations Wallets:** wallets, at the following addresses `opsLibxVY7Vz5eYMmSfX8cLFCFVYTtH6fr6MiifMpA7` and `ACzP6RC98vcBk9oTeAwcH1o5HJvtBzU59b5nqdwc7Cxy`, that are used by the Pythian Council and the Price Feed Council respectively to submit PIPs on-chain. These wallets can be used by automated processes to make proposals or by council members to propose large proposals that would otherwise require many hardware wallet signatures. +- **PGAS:** utility token, at the following address `DgpbK8SiypiUHBkBTAunMnwRWF3McGGR4iKxTrTfTXq4` exclusively used in the Pythnet Appchain, governed by the Pyth DAO - **Pythnet Appchain:** blockchain instance dedicated to the production of the pyth data, governed by the Pyth DAO ## Introduction From 538ead2ef98b54db0bf0880eeba62567e2992ee2 Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 14:56:12 +0000 Subject: [PATCH 05/10] fix for pgas definition --- docs/constitution/pyth-dao-constitution.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index 9f5dd1dd..e199e0be 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -9,7 +9,7 @@ - **Pythian Multisig Wallet:** smart contract wallet, at the following address `6oXTdojyfDS8m5VtTaYB9xRCxpKGSvKJFndLUPV3V3wT`, signed by the elected members of the Pythian Council. The Pythian Council is described in further detail below. - **Price Feed Multisig Wallet:** smart contract wallet, at the following address `CPUZ9njbfxjqrsx713gEk8KYatvoz1Y4hvs4a5UQKEiu` signed by the elected members of the Price Feed Council. The Price Feed Council is described in further detail below. - **Operations Wallets:** wallets, at the following addresses `opsLibxVY7Vz5eYMmSfX8cLFCFVYTtH6fr6MiifMpA7` and `ACzP6RC98vcBk9oTeAwcH1o5HJvtBzU59b5nqdwc7Cxy`, that are used by the Pythian Council and the Price Feed Council respectively to submit PIPs on-chain. These wallets can be used by automated processes to make proposals or by council members to propose large proposals that would otherwise require many hardware wallet signatures. -- **PGAS:** utility token, at the following address `DgpbK8SiypiUHBkBTAunMnwRWF3McGGR4iKxTrTfTXq4` exclusively used in the Pythnet Appchain, governed by the Pyth DAO +- **PGAS:** utility token native to the Pythnet Appchain, governed by the Pyth DAO - **Pythnet Appchain:** blockchain instance dedicated to the production of the pyth data, governed by the Pyth DAO ## Introduction From 7625d870a4c387cf8fe27a62be9ee5c0079c1e33 Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 14:57:29 +0000 Subject: [PATCH 06/10] typo --- docs/constitution/pyth-dao-constitution.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index e199e0be..c441762b 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -18,7 +18,7 @@ This Constitution describes the decision-making framework for the Pyth DAO and t Rules and procedures in this Constitution will be generally enforced through on-chain contracts and the associated parameters, unless specified by the Pyth DAO for actuation off-chain. -The Pyth DAO LLC, is legally structured as “a non-profit DAO LLC formed under the laws of the Republic of Marshall Islands, formed to serve the Pyth DAO LLC” (of which the OPERATING AGREEMENT OF PYTH DAO LLC is available at: [ipfs://QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi](https://cloudflare-ipfs.com/ipfs/QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi)). The wrapperPyth DAO is algorithmically managed, such that actions taken by the Pyth DAO via the governance contract on the Solana Blockchain are deemed to be actions of the Pyth DAO LLC. The legal entity enables the Pyth DAO LLC to hold the treasury, protect Pyth DAO members from unlimited liability, and allow Pyth DAO members to take part in governance by providing a clear framework in respect of the rights and duties of Pyth tokenholders that hold Votable Tokens. +The Pyth DAO LLC, is legally structured as “a non-profit DAO LLC formed under the laws of the Republic of Marshall Islands, formed to serve the Pyth DAO LLC” (of which the OPERATING AGREEMENT OF PYTH DAO LLC is available at: [ipfs://QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi](https://cloudflare-ipfs.com/ipfs/QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi)). The wrapper Pyth DAO is algorithmically managed, such that actions taken by the Pyth DAO via the governance contract on the Solana Blockchain are deemed to be actions of the Pyth DAO LLC. The legal entity enables the Pyth DAO LLC to hold the treasury, protect Pyth DAO members from unlimited liability, and allow Pyth DAO members to take part in governance by providing a clear framework in respect of the rights and duties of Pyth tokenholders that hold Votable Tokens. ![pyth_dao.light.png](diagrams/pyth_dao.light.png) From 1a6194f24555fd3bb1706393c1f91c9d4f06f359 Mon Sep 17 00:00:00 2001 From: Guillermo Bescos Date: Wed, 31 Jan 2024 15:20:07 +0000 Subject: [PATCH 07/10] Fix end of line --- docs/constitution/pyth-dao-constitution.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index c441762b..7931b46e 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -100,7 +100,7 @@ Any Council member who has voted less than 1/3 of the proposals during the term The following process governs the election that starts at time T: -- Nomination (T until T+2 days): Any Pyth DAO LLC member can nominate himself or herself for candidacy to the Council. Each; provided that each candidate sponsor, a person nominating a candidate or the candidate himself or herself, must hold at least 50,000 of Votable Tokens +- Nomination (T until T+2 days): Any Pyth DAO LLC member can nominate himself or herself for candidacy to the Council. Each; provided that each candidate sponsor, a person nominating a candidate or the candidate himself or herself, must hold at least 50,000 of Votable Tokens - Member Election (T+2 days until T+7 days): Each Votable Token may be cast for one candidate. From 14f5013091a1d497cc87cb2626eff1bd0a6982b3 Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 15:40:11 +0000 Subject: [PATCH 08/10] added SPL token wallet --- docs/constitution/pyth-dao-constitution.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index c441762b..b9f1c25e 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -4,7 +4,7 @@ - **Votable Token:** PYTH tokens staked token in the staking contract at the following address: `pytS9TjG1qyAZypk7n8rw8gfW9sUaqqYyMhJQ4E7JCQ` - **PIP:** Pyth Improvement Proposal -- **Pyth DAO Treasury:** all tokens held in the governance smart contract, at the following address: `Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak` , that is directly governed by the Pyth DAO via on-chain voting +- **Pyth DAO Treasury:** all tokens held in the wallets at the following addresses: `Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak` for the native SOL token and `9HKkxg5dpqjUEW1U2r76SpQCH7uvDMciytNYxrpwMVNc` for the SPL Token, that is directly governed by the Pyth DAO via on-chain voting - **Pyth Forum:** the system adopted by the Pyth DAO to manage PIPs, organize the voting process and provide connectivity to the governance contract on the Solana Blockchain, located here: [https://discord.gg/nE79EaQA](https://discord.gg/nE79EaQA) - **Pythian Multisig Wallet:** smart contract wallet, at the following address `6oXTdojyfDS8m5VtTaYB9xRCxpKGSvKJFndLUPV3V3wT`, signed by the elected members of the Pythian Council. The Pythian Council is described in further detail below. - **Price Feed Multisig Wallet:** smart contract wallet, at the following address `CPUZ9njbfxjqrsx713gEk8KYatvoz1Y4hvs4a5UQKEiu` signed by the elected members of the Price Feed Council. The Price Feed Council is described in further detail below. From 3b59b86a7f175f4d3a7f4a1d3fa532143f5667d5 Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 15:42:25 +0000 Subject: [PATCH 09/10] typo --- docs/constitution/pyth-dao-constitution.md | 3 +-- 1 file changed, 1 insertion(+), 2 deletions(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index 14172f7d..57d080aa 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -100,10 +100,9 @@ Any Council member who has voted less than 1/3 of the proposals during the term The following process governs the election that starts at time T: -- Nomination (T until T+2 days): Any Pyth DAO LLC member can nominate himself or herself for candidacy to the Council. Each; provided that each candidate sponsor, a person nominating a candidate or the candidate himself or herself, must hold at least 50,000 of Votable Tokens +- Nomination (T until T+2 days): Any Pyth DAO LLC member can nominate himself or herself for candidacy to the Council. Each person nominating a candidate or the candidate himself or herself, must hold at least 50,000 of Votable Tokens - Member Election (T+2 days until T+7 days): Each Votable Token may be cast for one candidate. - In the event of a member needing to be exceptionally replaced outside of scheduled elections, the non-elected candidate with the highest amount of votes from the last election of the Pythian Council will be offered membership in the Pythian Council. 2. **The Price Feed Council** From dcdc27e56d6901777614ada6e6fde84a8da77d5c Mon Sep 17 00:00:00 2001 From: yj <47570215+YaserJazouane@users.noreply.github.com> Date: Wed, 31 Jan 2024 16:29:37 +0000 Subject: [PATCH 10/10] minor change --- docs/constitution/pyth-dao-constitution.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/constitution/pyth-dao-constitution.md b/docs/constitution/pyth-dao-constitution.md index 57d080aa..7167b572 100644 --- a/docs/constitution/pyth-dao-constitution.md +++ b/docs/constitution/pyth-dao-constitution.md @@ -18,7 +18,7 @@ This Constitution describes the decision-making framework for the Pyth DAO and t Rules and procedures in this Constitution will be generally enforced through on-chain contracts and the associated parameters, unless specified by the Pyth DAO for actuation off-chain. -The Pyth DAO LLC, is legally structured as “a non-profit DAO LLC formed under the laws of the Republic of Marshall Islands, formed to serve the Pyth DAO LLC” (of which the OPERATING AGREEMENT OF PYTH DAO LLC is available at: [ipfs://QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi](https://cloudflare-ipfs.com/ipfs/QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi)). The wrapper Pyth DAO is algorithmically managed, such that actions taken by the Pyth DAO via the governance contract on the Solana Blockchain are deemed to be actions of the Pyth DAO LLC. The legal entity enables the Pyth DAO LLC to hold the treasury, protect Pyth DAO members from unlimited liability, and allow Pyth DAO members to take part in governance by providing a clear framework in respect of the rights and duties of Pyth tokenholders that hold Votable Tokens. +The Pyth DAO LLC, is legally structured as “a non-profit DAO LLC formed under the laws of the Republic of Marshall Islands, formed to serve the Pyth DAO LLC” (of which the OPERATING AGREEMENT OF PYTH DAO LLC is available at: [ipfs://QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi](https://cloudflare-ipfs.com/ipfs/QmP2GmL1n2WbHd7AtHqyXVWFyyHH36aZLfVZbNoqhommJi)). The Pyth DAO LLC is algorithmically managed, such that actions taken by the Pyth DAO via the governance contract on the Solana Blockchain are deemed to be actions of the Pyth DAO LLC. The legal entity enables the Pyth DAO LLC to hold the treasury, protect Pyth DAO members from unlimited liability, and allow Pyth DAO members to take part in governance by providing a clear framework in respect of the rights and duties of Pyth tokenholders that hold Votable Tokens. ![pyth_dao.light.png](diagrams/pyth_dao.light.png)