Aragon 0.8 Fundraising Multisig Template

Description

Aragon Fundraising Multisig Template differenciate two set actors: the board and the shareholders.

Board

The board are the ones being funded by the fundraising campaign. They are represented through a custom BOARD token and a dedicated voting app set to be used as a multisig. Their privileges are intentionnaly limited to protect shareholders. Thus, they only have the following rights.

Handling board members

The board decides on who is to be included / excluded from the board [through its TokenManager].

Opening presale

The board decides on when the presale [and thus the fundraising campaign] is to be open.

Handling fundraising proceeds

The board decides on what use is to be made of the fundraising proceeds which are periodically transferred to their discretionnary Vault / Finance app.

Opening votes

The board decides on when new votes should be open for shareholders to enforce decisions over the organization.

Shareholders

The shareholders are the one contributing to the fundraising campaign. They are represented through a SHARE bonded-token [they can buy and redeem through the Aragon Fundraising interface] and a voting app. They hold most of the rights over the organization.

Handling system

Shareholders decide on which apps are to be installed, which apps are to to upgraded and how permissions are to be set.

Handling fundraising parameters

Shareholders decide on whether / how beneficiary, fees, collateralization settings and collaterals taps should be updated.

Rationale

This architecture grants [most of] the governance rights to shareholders [to protect their investment]. There is thus a need to mitigate situations where a shareholder owning more than 50% of the shares would own the whole organization. This is why SHARE based votes [i.e. most of the organization decisions] can only be open and initiated by the board.

Usage

Prepare instance

Deploy a DAO and install all board related apps

template.prepareInstance(boardTokenName, boardTokenSymbol, boardMembers, boardVotingsSettings, financePeriod)

• boardTokenName Name for the token used by the board
• boardTokenSymbol Symbol for the token used by the board
• boardMembers Array of board members addresses
• boardVotingSettings: Array of [supportRequired, minAcceptanceQuorum, voteDuration] to set up the board voting app [multisig]
• financePeriod Initial duration for accounting periods of the boards discretionnary vault [it can be set to zero in order to use the default of 30 days]

Install share apps

template.installShareApps(id, shareTokenName, shareTokenSymbol, shareVotingsSettings)

• id Id for org, will assign [id].aragonid.eth
• shareTokenName Name for the token used by the shareholders [the bonded token]
• shareTokenSymbol Symbol for the token used by shareholders [the bonded token]
• shareVotingSettings: Array of [supportRequired, minAcceptanceQuorum, voteDuration] to set up the shareholders voting app [multisig]

Install fundraising apps

template.installFundraisingApps(
    goal,
    period,
    exchangeRate,
    vestingCliffPeriod,
    vestingCompletePeriod,
    supplyOfferedPct,
    fundingForBeneficiaryPct,
    openDate,
    batchBlocks,
    maximumTapRateIncreasePct,
    maximumTapFloorDecreasePct
)

• goal The presale goal
• period The presale period
• exchangeRate The presale exchange rate [in PPM]
• vestingCliffPeriod The cliff period for vested shares purchased during presale
• vestingCompletePeriod The complete period for vested shares purchased during presale
• supplyOfferedPct The percentage of the initial token supply offered to presale's contributors
• fundingForBeneficiaryPct The percentage of the presale raised funds which are to be transferred to the board's discretionnary vault
• openDate The date upon which the presale will be open [if 0, the presale can be open manually later]
• batchBlocks The number of blocks trading batches will last
• maximumTapRateIncreasePct The maximum percentage tap rates can be increased at once
• maximumTapFloorDecreasePct The maximum percentage tap floors can be decreased at once

Finalize instance

Set collateralization settings

template.finalizeInstance(virtualSupplies, virtualBalances, slippages, daiRate, daiFloor)

• virtualSupplies Array of [daiVirtualSupply, antVirtualSupply] to set up the market maker
• virtualBalances Array of [daiVirtualBalance, antVirtualBalance] to set up the market maker
• slippages Array of [daiMaxSlippage, antMaxSlippage] to set up the maximum per-batch price slippage in the market maker
• daiRate The rate at which DAIs are to be tapped
• daiFloor The floor above which the DAI reserve pool is to be kept

Permissions

System

Handle apps and permissions

| App | Permission | Grantee | Manager | | ----------------- | --------------------- | ---------------- | ---------------- | | Kernel | APP_MANAGER | Voting [SHARE] | Voting [SHARE] | | ACL | CREATE_PERMISSIONS | Voting [SHARE] | Voting [SHARE] | | EVMScriptRegistry | REGISTRY_MANAGER | Voting [SHARE] | Voting [SHARE] | | EVMScriptRegistry | REGISTRY_ADD_EXECUTOR | Voting [SHARE] | Voting [SHARE] |

Board

TokenManager

Represents board's membership

| App | Permission | Grantee | Manager | | ----------------------- | --------------- | ---------------- | ---------------- | | Token Manager [BOARD] | MINT | Voting [BOARD] | Voting [SHARE] | | Token Manager [BOARD] | BURN | Voting [BOARD] | Voting [SHARE] | | Token Manager [BOARD] | ISSUE | NULL | NULL | | Token Manager [BOARD] | ASSIGN | NULL | NULL | | Token Manager [BOARD] | REVOKE_VESTINGS | NULL | NULL |

Voting

Enforces board's decisions

| App | Permission | Grantee | Manager | | ---------------- | -------------- | ----------------------- | ---------------- | | Voting [BOARD] | CREATE_VOTES | Token Manager [BOARD] | Voting [SHARE] | | Voting [BOARD] | MODIFY_QUORUM | Voting [BOARD] | Voting [SHARE] | | Voting [BOARD] | MODIFY_SUPPORT | Voting [BOARD] | Voting [SHARE] |

Vault and Finance

Handle board's funds

| App | Permission | Grantee | Manager | | ------- | ------------------- | ---------------- | ---------------- | | Vault | TRANSFER | Finance | Voting [SHARE] | | Finance | CREATE_PAYMENTS | Voting [BOARD] | Voting [SHARE] | | Finance | EXECUTE_PAYMENTS | Voting [BOARD] | Voting [SHARE] | | Finance | MANAGE_PAYMENTS | Voting [BOARD] | Voting [SHARE] | | Finance | CHANGE_PERIOD | NULL | NULL | | Finance | CHANGE_BUDGETS_ROLE | NULL | NULL |

Share Holders

TokenManager

Handle shares / bonds minting and burning

| App | Permission | Grantee | Manager | | ----------------------- | --------------- | -------------------- | ---------------- | | Token Manager [SHARE] | MINT | MarketMaker | Voting [SHARE] | | Token Manager [SHARE] | BURN | MarketMaker, Presale | Voting [SHARE] | | Token Manager [SHARE] | ISSUE | Presale | Voting [SHARE] | | Token Manager [SHARE] | ASSIGN | Presale | Voting [SHARE] | | Token Manager [SHARE] | REVOKE_VESTINGS | Presale | Voting [SHARE] |

Voting

Enforces share holders decisions

| App | Permission | Grantee | Manager | | ---------------- | -------------- | ----------------------- | ---------------- | | Voting [SHARE] | CREATE_VOTES | Token Manager [BOARD] | Voting [SHARE] | | Voting [SHARE] | MODIFY_QUORUM | Voting [SHARE] | Voting [SHARE] | | Voting [SHARE] | MODIFY_SUPPORT | Voting [SHARE] | Voting [SHARE] |

Fundraising apps

Agent / Reserve

Handle market maker funds

| App | Permission | Grantee | Manager | | ---- | ---------------------- | ---------------- | ---------------- | | Pool | SAFE_EXECUTE | Voting [SHARE] | Voting [SHARE] | | Pool | ADD_PROTECTED_TOKEN | Controller | Voting [SHARE] | | Pool | REMOVE_PROTECTED_TOKEN | NULL | NULL | | Pool | EXECUTE | NULL | NULL | | Pool | DESIGNATE_SIGNER | NULL | NULL | | Pool | ADD_PRESIGNED_HASH | NULL | NULL | | Pool | RUN_SCRIPT | NULL | NULL | | Pool | TRANSFER | Tap, MarketMaker | Voting [SHARE] |

Presale

Handle preliminary sale

| App | Permission | Grantee | Manager | | ------- | ---------- | ---------- | ---------------- | | Presale | OPEN | Controller | Voting [SHARE] | | Presale | CONTRIBUTE | Controller | Voting [SHARE] |

MarketMaker

Handle buy and sell orders

| App | Permission | Grantee | Manager | | ----------- | ----------------------- | ---------- | ---------------- | | MarketMaker | OPEN | Controller | Voting [SHARE] | | MarketMaker | UPDATE_FORMULA | NULL | NULL | | MarketMaker | UPDATE_BENEFICIARY | Controller | Voting [SHARE] | | MarketMaker | UPDATE_FEES | Controller | Voting [SHARE] | | MarketMaker | ADD_COLLATERAL_TOKEN | Controller | Voting [SHARE] | | MarketMaker | REMOVE_COLLATERAL_TOKEN | Controller | Voting [SHARE] | | MarketMaker | UPDATE_COLLATERAL_TOKEN | Controller | Voting [SHARE] | | MarketMaker | OPEN_BUY_ORDER | Controller | Voting [SHARE] | | MarketMaker | OPEN_SELL_ORDER | Controller | Voting [SHARE] |

Tap

Control the flow of funds from reserve to board

| App | Permission | Grantee | Manager | | --- | ------------------------------------- | ---------- | ---------------- | | Tap | UPDATE_CONTROLLER | NULL | NULL | | Tap | UPDATE_RESERVE | NULL | NULL | | Tap | UPDATE_BENEFICIARY | Controller | Voting [SHARE] | | Tap | UPDATE_MAXIMUM_TAP_RATE_INCREASE_PCT | Controller | Voting [SHARE] | | Tap | UPDATE_MAXIMUM_TAP_FLOOR_DECREASE_PCT | Controller | Voting [SHARE] | | Tap | ADD_TAPPED_TOKEN | Controller | Voting [SHARE] | | Tap | REMOVE_TAPPED_TOKEN | NULL | NULL | | Tap | UPDATE_TAPPED_TOKEN | Controller | Voting [SHARE] | | Tap | RESET_TAPPED_TOKEN | Controller | Voting [SHARE] | | Tap | WITHDRAW | Controller | Voting [SHARE] |

Controller

API contract forwarding transactions to relevant contracts

| App | Permission | Grantee | Manager | | ---------- | ------------------------------------- | ---------------- | ---------------- | | Controller | UPDATE_BENEFICIARY | Voting [SHARE] | Voting [SHARE] | | Controller | UPDATE_FEES | Voting [SHARE] | Voting [SHARE] | | Controller | ADD_COLLATERAL_TOKEN | Voting [SHARE] | Voting [SHARE] | | Controller | REMOVE_COLLATERAL_TOKEN | Voting [SHARE] | Voting [SHARE] | | Controller | UPDATE_COLLATERAL_TOKEN | Voting [SHARE] | Voting [SHARE] | | Controller | UPDATE_MAXIMUM_TAP_RATE_INCREASE_PCT | Voting [SHARE] | Voting [SHARE] | | Controller | UPDATE_MAXIMUM_TAP_FLOOR_DECREASE_PCT | Voting [SHARE] | Voting [SHARE] | | Controller | ADD_TOKEN_TAP | Voting [SHARE] | Voting [SHARE] | | Controller | UPDATE_TOKEN_TAP | Voting [SHARE] | Voting [SHARE] | | Controller | OPEN_PRESALE | Voting [BOARD] | Voting [SHARE] | | Controller | OPEN_TRADING | Presale | Voting [SHARE] | | Controller | CONTRIBUTE | Any | Voting [SHARE] | | Controller | OPEN_BUY_ORDER | Any | Voting [SHARE] | | Controller | OPEN_SELL_ORDER | Any | Voting [SHARE] | | Controller | WITHDRAW | Any | Voting [SHARE] |