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New Updates!

M-KURA DAO Official Launch. v1.0.0 🎉​

Summary​

MKURA DAO v1.0.0 is a secure, autonomous system of smart contracts hosted on the Celo Blockchain with the help of a couple of core members given the cancellation ability of any operations scheduled by smart contract. There are 4 smart contracts, all of them playing an essential part in the system. They include;

  1. Timelock Controller (The Treasury Vault). View
  2. Mkura DAO Token (MKDT). View
  3. History Token (MKDH). View
  4. Governor (Votes Manager). View
Info

The contracts have been verified on the chain and the code is open-source. Also, the contracts have been thoroughly tested. To easily make sure nothing nefarious is happening and no funds will be lost, just take the verified code and search for a hard-coded eth address. Also, befriend yourself with the chain explorer since any action is logged and is public.

Timelock (Treasury)​

Overview​

The Timelock contract acts as the central treasury for MKura DAO. It securely holds funds, enforces delays on ALL operations, and ensures the execution of governance proposals after passing the required checks.

Roles and Permissions​

  • Minimum Delay: Minimum delay of 2 days will be enforced on all operations scheduled by the Governor. No suprise operations in the vault.
  • Proposer: Can schedule operations in the Timelock. This role is only held by the Governor contract.
  • Canceller: Can cancel scheduled operations. This role is given to the Governor and the core members of M-Kura. It's supposed to only help being a last line of defence for the Treasury Vault.
  • Executor: Executes approved operations after delays. Everyone has this role.
  • Admin: Manages role assignments and critical Timelock settings. The deployer was given the admin role to help in giving the governor the proposer and canceller roles it will need to manage operations in the vault on behalf of the DAO. The deployer has not yet relinquished the admin role since all the core members have not provided their addresses to be given the cancellor role. The deployer will have to relinquish the role by Jan 10th 2025.

Functionalities​

  • Scheduling Operations: Proposals that pass governance voting are queued in the Timelock.
  • Execution of Operations: Operations can only be executed after a predefined delay(2 days).
  • Token Disbursement: The Timelock can release tokens as part of executed operations.
  • Operation Cancellation: Allows cancellers to cancel operations if they see fit (Only core members have this role).

Security Considerations​

  • Delayed Execution: Ensures enough time for review before executing critical operations.
  • Role-Based Access Control: Limits actions to specific roles.
  • Denial of Service Prevention: Prevents malicious actors from canceling their own cancellation operations.
  • Immutable Execution Logic: Only approved operations can proceed after delays.

Mkura DAO Token​

Overview​

The MKura DAO Token is the primary governance token. It allows users to participate in voting and proposal creation. The token acts as the voting power in the DAO.

Minting​

  • Users can mint 1 token in exchange for 2 USDT.
  • Users will need to renew their subscription after 30 days to remain a member with 1 voting power.
  • Minting is subject to:
    • Sufficient USDT approval.
    • A subscription has expired or doesn't exist.

Transfer Restrictions​

  • Locked Transfers: Token transfers are blocked to ensure that voting power remains consistent.

Evaporation Mechanism​

  • Tokens gradually "evaporate" over time to give members time to renew without being locked out of the DAO:
    • 66% remains after 30 days.
    • 33% remains after 60 days.
    • All tokens evaporate after 90 days.

Security Considerations​

  • Monthly Subscription: Prevents accumulation of voting power for users with more USDT.
  • Locked Transfers: Secures voting integrity.
  • Gradual Evaporation: Gives time to members to renew their membership without being totally locked out.

History Token​

Overview​

The History Token records key milestones and achievements within the DAO. It is distinct from the governance token and cannot be transferred. It's main purpose is to help with record keeping the history of membership purchases.

Minting​

  • The History Token can only be minted by the DAO’s minting contract.

Transfer Restrictions​

  • Non-Transferable: Ensures the integrity of historical records.

Security Considerations​

  • Controlled Minting: Only authorized contracts can mint History Tokens.
  • Immutable Records: Transfer restrictions ensure the authenticity of historical records.

Governor​

Overview​

The Governor contract manages the governance process, including proposal creation, voting, and execution.

Proposal Creation and Voting​

  • Proposal Creation:
    • Users with sufficient voting power can create proposals. (1 MKDT)
    • Duplicate proposals are disallowed.
  • Voting:
    • A 3 day delay is enforced on every proposal before allowing casting of votes.
    • Voting is open for 2 weeks.
    • Users can cast votes proportional to their voting power, accounting for evaporation effects.
    • Quorum of 51% is enforced for a vote to pass.

Voting Power Management​

  • Voting power is tied to token ownership.
  • Expired tokens (due to evaporation) lose their voting power.

Execution of Proposals​

  • Proposals that meet quorum and majority requirements are queued in the Timelock.
  • A 2-day delay is enforced before execution.

Security Considerations​

  • Quorum Enforcement: Prevents low-participation decisions.
  • Delay Mechanism: Provides a review window before execution.
  • Edge Case Handling: Ensures expired proposals remain unexecuted.
  • Immutable Governance Rules: Prevents tampering with governance logic.