Introducing Multiplier DAO
The Multiplier Team is excited to announce that we will be launching the Multiplier DAO.
Multiplier will put in place a governance framework that will allow us to transition from a team-run protocol (centralised) to a community run protocol (decentralised).
The Multiplier team will gradually empower community protocol over the coming months, and the team’s involvement will gradually shift towards a supporting role, as we work with the community to ensure that the Multiplier protocol transitions to become a fully decentralised, community-run protocol.
A Decentralised Future
One of the early goals for the protocol has always been to become fully decentralised.
The Multiplier team views this as an essential step especially as a DeFi protocol, and an important milestone for Multiplier to scale to greater heights. The recent release of Multiplier V2 on BSC with its remarkable features, suggests that Multiplier has the potential to become the leading lending protocol on BSC.
However, to be recognised as a leading protocol, the Multiplier protocol will need to acquire more user adoption and TVL. Admittedly, this has been a challenge with the sole effort of the team.
As users of DeFi protocols gain maturity and understanding about autonomy, there is more focus on harnessing the collective intelligence of the community to influence the direction and outcome at an application level. Limiting control to a centralised team may hinder growth, and putting in place a decentralised governance could potentially unlock significant amounts of value that was previously left unexplored.
How will it work?
The adoption of a decentralised governance model would incentivise and encourage more participation and contribution from users of the Multiplier protocol.
A fully decentralised treasury system, along with proper authorisation by governance voting, will ensure that proper incentives are channeled towards the contributors and builders of the protocol.
Stage 1: Elected Multiplier Council
Establish a Multiplier Council with experienced community users to guide the future development of the protocol. The idea is for proposals to be presented to bMXX holders with detailed concepts and budgets, and if the Multiplier community likes the proposal, they will vote for and fund it.
Multiplier Council Roles include;
- Council Members: To run daily operations and engage with the community.
- Executor: Multiplier will appoint 1 of the developers to execute any upgrades to the Multiplier protocol.
- Treasury: To handle any Multiplier protocol funds.
Stage 2: Multiplier Improvement Proposal (MIPs) and Voting Guides
The community is an important part of the Multiplier ecosystem. Multiplier cannot fundamentally exist without the diligent and direct governance by the Multiplier community.
Therefore, guidelines will be implemented; such as proposal creation criteria and well-established voting processes. These guidelines will be formulated to encourage all bMXX holders to participate.
The idea is that proposals would come to bMXX holders with concept and budgets, and if the Multiplier community likes the concept, they will vote and fund the proposed idea.
Stage 3: Logistic and administrative
- To handover all admin keys to the Multiplier council and place it under Multi-sig.
- To Allocate resources to the Council. Fully handover administrative functions and operations, e.g. Server, domains, and Github access to the council.
- The original Multiplier team members will share a public wallet address with the minimum allocation required to participate in creating proposals.
- The Multiplier Council and the community will propose and vote on the outcome of the existing unvested team allocation tokens.
Multiplier V2 has leading lending features on Binance Smart Chain, with a current TVL of 8 million US dollars in crypto assets.
Multiplier has been established since 2 years ago. All protocols built have been audited multiple times (by CertiK and Kudelski Security), and CertiKShield provides coverage on our users’ crypto assets.
We’re proud to say that our users’ funds have never been compromised. At our peak, we had 50m in TVL across our protocols on different blockchains!
The team has allocated its own resources since it first launched, and will continue to contribute to the success of the protocol until the DAO has been created and until the team is confident that the Multiplier Council is able to operate independently.