Title: Update Investment Account Multisig
Created: 2nd June 2022
This proposal seeks to modify the signers on the Investment Account Gnosis Safe. During recent efforts to deploy capital from this wallet we experienced difficulties in being able to find times where all signers were available.
Investment Account: 0x462A63D4405A6462b157341A78Fd1baBfD3F8065
The 4 of 7 multisig configuration implemented from IIP–112 will be updated to be a 4 of 9, two signers are to be swapped out and two more added. @ahuja and @ncitron are to be replaced with the more active @Funkmasterflex and @allan.g. And add @Hammad1412 and @sidhemraj. Details around the type of assets held within the Investment Account are discussed in the Investment Account Strategy Details forum post and monthly Investment Account updates provided by @Finance.Nest
The strategies deployed within the Investment Account are expected to be updated more frequently in the near future as we are witnessing the yield across DeFi fluctuate with market conditions and also through direction from the council given some investors attitude to risk. There is also the possibility that capital from the Investment Account is to be used as collateral and therefore we need to ensure there are active and available signers on the account.
We need to be agile to act quickly should we need to respond to market conditions, the signers being replaced have either left the coop or have become less active in recent months.
Amend the Investment Account signers as shown below:
The new signer structure will be:
||Investment Account Manager
The Investment Account will be a 4 of 9 signer wallet.
DO remove @Ahuja, remove @ncitron add @funkmasterflex, @allan.g, @Hammad1412 and @sidhemraj. Also update the account to a 4 of 9 multi-sig configuration
DO NOT change the existing arrangement.
Copyright and related rights waived via CC0.
We are also starting the 48-hour discussion process. @ElliottWatts will be adding this to snapshot on Saturday 13:30 UTC.
I’d like to suggest that we consider adding more signers and making the multi-sig a 4 of 9 instead of a 4 of 7.
I recently had to swap out signers for the 3 of 5 EWG multi-sig that’s critical to product maintenance. One of the signers had problems with their hardware wallet, and one of the signers was not responding to messages. The other two signers had been left on the mult-sig even though they were no longer IC contributors. Eventually we got the signers updated, but it took a while and I was sweating. Luckily no multi-sig transactions were urgently needed.
I like the model we use for Operations Multi-sig where a plurality of signers are needed rather than a majority. The benefits of requiring a majority of signatures are offset by the risks that someone is unavailable, or don’t have their hardware wallet with them, or we forget to remove people who have moved on.
I really don’t ever want to get in a situation where a few signers are unavailable, and the remaining signers can’t reach quorum so no transactions can be made. Our funds would effectively be stuck in purgatory!
What do people think?
I agree with this, makes a lot of sense. I will make amendments to the original post to increase the signer quantity and also update with an additional two account signers.
Thank you for sharing your experience @edwardk. There was a brief discussion in the Investment Account discord and everyone is on-board with proceeding with a 4 of 9 multi-sig signer requirement.
Noting here that we have made the edits to the post to include a 4 of 9 multi-sig structure and to add @Hammad1412 and @sidhemraj to the account. Snapshot will go live Monday 6th June 18:00 UTC.
This proposal passed with 100% voting for. The investment account signers will make the approved changes to the multisig over the coming days.