While we generally consider the first ARC term to have been a significant success, as an organization, Treasure DAO is deeply committed to continuous improvement. In February 2024, we conducted a retrospective to identify areas for enhancement in future iterations of the ARC.
Ideas for the future…
-
Enhanced engagement between the ARC and the Treasure DAO Community
-
Streamlined management of roles and responsibilities within the ARC, emphasizing specialization and division of proposal analysis rather than spreading efforts thinly across all areas
-
Enhanced governance operations management, particularly in executing and documenting the outcomes of governance votes
-
Proactive and earlier engagement with Arbitrum initiatives pre-forum to enable more timely feedback.
-
Promotion of transparency within the Arbitrum DAO and encouragement of quicker decision-making processes with reduced bureaucracy.
We aim to complement these insights with feedback, thoughts, and comments from the community on how the ARC can enhance its impact further.
Rational
The Arbitrum Representative Council is fundamentally accountable to the Treasure Community. As the inaugural term of the ARC draws to a close on April 30, 2024, we recognize the importance of seeking input from the Treasure community on our next steps.
We are enthusiastic about gathering community feedback, encompassing both evaluations of the ARC’s performance and considerations for the future structure of ARC iterations. Our aim is to establish clarity on the future of the Arbitrum Representative Council before the current ARC’s term ends, facilitating a seamless transition aligned with the community’s desires.
Proposal
We present three options to the community for consideration:
-
ARC Renewed - Existing ARC members serve an additional 6 month term
-
ARC Reelected - New elections for ARC members are held for a 12 month term
-
ARC Dissolved - ARC dissolves and no further community led governance activity taken by Treasure DAO
The Treasure community will vote on these three options using rank-order voting on Treasure’s Snapshot platform. This empowers the Treasure community to make the final decision on the future of the ARC.
1. ARC Renewed
1.1 Term
Under this proposal, current Council Members will serve an additional ~6 months, extending the new ARC term until October 30, 2024.*
While the anticipated term end date is October 30th 2024, under this approach, the ARC will continue its service until Treasure DAO either elects new ARC members or votes to dissolve the Council. This ensures continuity in Treasure DAO <> Arbitrum governance operations, even in the event of unexpected delays in electing or appointing new ARC members.
1.2 Membership & Elections
It’s noteworthy that Peita, an existing ARC member representing Treasure DAO, will step down from the ARC, bringing the total ARC members back to seven. Since the ARC expanded by one member at short notice, the remaining 8th seat will remain vacant, and the second term of the ARC will operate with one less member (n = 7).
1.3 Compensation
Recently, r3gen finance has become a long-term service provider for Treasure DAO. Excluding the two Treasure core contributors and one service provider member, each member (n = 4) on the council should be remunerated with 3,000 USD, paid in ARB each month, calculated using a 5-day moving average. This ARB will be drawn from the original DAO airdrop which has a balance of 6M ARB remaining following TIP-28.
In addition to this fee, the ARC will receive 50% of any income generated from Arbitrum DAO for their role as Arbitrum Delegate (“Delegate Revenue”), including, but not limited to, income generated from the Arbitrum Experimental Delegate Incentive Program. The remaining 50% of the Delegate Revenue will be paid to the Treasure DAO Treasury to replenish the ARB drawdown used for ARC compensation. Upon the Treasure DAO Treasury recapturing 100% of ARC compensation for the month in which the Delegate Revenue is received, 100% of any additional Delegate Revenue will be paid to the ARC.
All members of the ARC will be eligible to share the Delegate Revenue, and the mechanism for determining the allocation of the Delegate Revenue within the ARC will be determined by the ARC.
This structure ensures ARC members receive fixed-dollar compensation for their services, reducing price risk while aligning incentives for the ARC to best represent Treasure DAO within Arbitrum.
2. ARC Reelected
2.1 Term
ARC reelections will commence on April 1st, with new Council members confirmed by April 30th 2024 at the latest. Newly elected Council members, and the new iteration of the ARC will serve a 9 month term.
While the anticipated term end date is Jan 30th 2025, under this approach, the ARC will continue its service until Treasure DAO either elects new ARC members or votes to dissolve the Council. This ensures continuity in Treasure DAO <> Arbitrum governance operations, even in the event of unexpected delays in electing or appointing new ARC Liaisons.
2.2 Membership & Elections
It’s noteworthy that Peita, an existing ARC member representing Treasure DAO, will step down from the ARC, bringing the total ARC members back to seven. Since the ARC expanded by one member at short notice, the remaining 8th seat will remain vacant, and the second term of the ARC will operate with one less member (n = 7).
Under this option, two core contributors from Treasure DAO and r3gen finance, Treasure DAO’s long term service provider, will remain in position (n = 3). Four remaining slots (n = 4) will be opened up for Community Election.
The application template previously used for ARC elections can be viewed here. This is subject to potential adjustments before the next round of ARC elections begins.
Elections will be conducted via rank order voting on Snapshot.
2.3 Compensation
Recently, r3gen finance has become a long-term service provider for Treasure DAO. Excluding the two Treasure core contributors and one service provider member, each member (n = 4) on the council should be remunerated with 3,000 USD, paid in ARB each month, calculated using a 5-day moving average. This ARB will be drawn from the original DAO airdrop which has a balance of 6M ARB remaining following TIP-28.
In addition to this fee, the ARC will receive 50% of any income generated from Arbitrum DAO for their role as Arbitrum Delegate (“Delegate Revenue”), including, but not limited to, income generated from the Arbitrum Experimental Delegate Incentive Program. The remaining 50% of the Delegate Revenue will be paid to the Treasure DAO Treasury to replenish the ARB drawdown used for ARC compensation. Upon the Treasure DAO Treasury recapturing 100% of ARC compensation for the month in which the Delegate Revenue is received, 100% of any additional Delegate Revenue will be paid to the ARC.
All members of the ARC will be eligible to share the Delegate Revenue, and the mechanism for determining the allocation of the Delegate Revenue within the ARC will be determined by the ARC.
This structure ensures ARC members receive fixed-dollar compensation for their services, reducing price risk while aligning incentives for the ARC to best represent Treasure DAO within Arbitrum.
3. Dissolved
This option involves the dissolution of the ARC, resulting in the cessation of any further community-led governance activities by Treasure DAO. The responsibility for voting on Arbitrum Improvement Proposals and other governance engagement activities would then be transferred to core contributors within Treasure DAO.
Next steps
The Arbitrum Representative Council (ARC) exists to serve the Treasure community. As such, we propose utilizing Snapshot to present the three potential options and letting the DAO decided which pathway most resonates. This empowers the DAO to actively shape the ARC’s future direction according to their preferences.
