The Connext DAO Constitution establishes the principles and values that guide the operations of the Connext DAO. It is intended to act as a framework for DAO participants to determine which actions should be considered to be a worthwhile allocation of resources and in the best interests of the broader Connext ecosystem (the “Connext Collective”).
The Connext DAO Constitution is a working document aimed at aligning the mission of the Connext Collective and is expected to evolve through the input of the community according to the process defined in Article 5 below.
The vision of Connext is to empower builders to create applications that are universally accessible from any chain, using any token, all while maintaining the highest possible security.
The core purpose of the Connext DAO is to realize the Connext vision by effectively allocating resources to individuals and organizations (“Core Contributors”) that develop the Connext protocol and grow the adoption of the Connext network.
The Connext DAO is comprised of NEXT holders who vote on proposals submitted by members of the broader Connext Collective.
The DAO has the following capabilities:
- Allocating assets from treasury to Core Contributors to support the development and growth of the protocol.
- Allocating assets from treasury to fund operational expenses for the protocol until financial sustainability is achieved.
- Evaluating the efficacy of resource allocation and optimizing it over time.
The Connext DAO is additionally responsible for electing and removing members of the Security Council, an operational multisig that can take critical actions on behalf of Connext, such as vetoing DAO votes, performing routine upgrades, and pausing the protocol in the event of an emergency, until such time as the Security Council is no longer needed.
Governance by NEXT holder vote is a critical first step in decentralizing the resource allocation and administration of the Connext protocol.
True decentralization and permissionless operation of the Connext protocol are achieved by ossifying repeatable governance processes and enshrining them directly into the underlying protocol. This process is called ungovernance.
A further goal of the Connext DAO is long-term self-limitation through ungovernance by reducing human-made decisions and automating processes such as resource allocation, fair utilization, and network administration directly within the core protocol based on appropriate on-chain metrics or incentive design.
The Connext DAO should aim to embody the key principles that guide the Connext vision and Collective:
- A Positive Sum Mindset: Connext is a public good that aims to push the entire web3 space forward. When evaluating proposals, the DAO should prioritize initiatives that optimize for value creation over-extraction and collaboration over unhealthy competition.
- Resiliency: Connext is the foundational infrastructure for the future of the Internet. Trust minimization, decentralization, and security are the means by which the protocol can ensure that it continues to operate fairly and securely decades into the future.
- Data Orientation: Connext is ultimately an experiment in decentralized coordination around a shared public good. Data is our most powerful tool to determine whether this experiment is succeeding and should be leveraged wherever possible by the DAO.
- Openness, Transparency & Integrity: Connext is an open and accessible network that welcomes new ideas and perspectives, and operates with a high degree of transparency and integrity throughout its process. The DAO should work to uphold and embody these values wherever possible.
The working constitution will remain in effect until changed, with a mandatory review one year after the DAO launch.
Any proposed amendments to the constitution require a two-thirds majority vote with a minimum of 6% token participation to be passed.
This Constitution is solely for the purposes of aligning the mission and priorities of DAO members to expand and improve the Connext protocol to empower builders to create applications that are universally accessible from any chain, using any token, while maintaining the highest possible security. This is not a legally binding agreement and is not intended to create a partnership or any legal entity or relationship amongst the members of the DAO. The DAO is made up of a diffuse, disparate and decentralized group of tokenholders that will have different priorities and goals. And while this Constitution aims to align on certain fundamental aspects regarding the use of the protocol, ultimately, the constraints on the actions of the members of the DAO are solely those that are imposed technologically (or as otherwise required by law).
Additionally, this is not an offering or solicitation of an offer to become a member of the DAO, to purchase tokens or to otherwise engage in an enterprise. The Connext Foundation makes no representation or warranty, express or implied as to the completeness or accuracy of the information herein or elsewhere presented related to the Connext DAO or to the functionality or long-term direction of the DAO.