Governance

Key components of the governance model

• Multisig wallet → a wallet that contains 100% of the Bobu Sale funds and is used to fund Proposals.
• Proposals → the decisions that all Bobu Token holders take with their governance vote. In other words, the fun part!
• Committee → a group of Azuki team members and (in the future) community-elected members that decide which proposals are voted on.
• Bobu Token holders → vote on Proposals. Later on in the experiment, Bobu Token holders will also vote on the Election of Committee members, and the election of Multisig Owners.
• Elections → at the start of the experiment, the Azuki team will select the owners of the Multisig wallet and the Committee members. After a few proposals have been executed, the Azuki team might open up spots for Elections of community members to these positions.

Roles

A brief overview of all the roles in the Bobu Token experiment

• Multisig Owners → sign off on the funds transfers after a proposal is passed
• Committee members → vet and introduces Proposals from Bobu Token Holders.
• Bobu Token holders → vote on Proposals (and more things later on in the experiment)
• Azuki team members → execute on proposal passed using the funds from the Multisig
• Azuki team votes → the team will abstain from regular votes and Elections, but can vote to block malicious proposals

Who can vote?

At first, votes on Proposals will be held on Discord. One verified Bobu Holder will have 1 vote. We will be building our own Snapshot integration for ERC-1155 tokens which will take some time.

The Azuki team holds the majority of the supply to start, but will abstain from voting on Elections and Proposals. The Azuki team will intervene only to block malicious proposals.

What are considered malicious proposals?

Proposals that intend to end the experiment (for example, sell Bobu), that are against the community rules, or that are out of scope for the Experiment.

What is a Multisig?

A wallet that requires multiple signatures to start a transaction. 100% of the Bobu Sale funds will be transferred to a multisig wallet. There will be a threshold of 3 signatures to approve transactions. The initial owners of the multisig wallet will be: @locationtba, @daph, @demna, @2pmflow, @Rose

What are the plans to make Bobu more decentralized?

At the start of the experiment, most of the decision making will come from the Azuki team (except the voting!). We intend to gradually open up that governance to Bobu Token holders. Once a few Proposals have been executed, the Committee will open up Elections for 4 additional community-elected members to the Committee. The Governance of the Bobu Token experiment will evolve as we all become more familiar with the structure.

What happens with the 30k Bobu Tokens that the team holds?

The journey to decentralization is full of unknowns. Operations, marketing, governance, finance, and legal questions abound. A good experiment should have a focused area under study. Our experiment is targeted at exploring decentralized IP governance. Putting Bobu in a Vault makes the experiment decentralized (the Azuki team will no longer own Bobu), but it might also lead to Proposals that could end the experiment early. To ensure the experiment remains focused, the Azuki team is keeping 30k Bobu Fractions at time of sale. The Azuki team will abstain from voting on Proposals that fall within the scope of the experiment. However we will intervene when a Proposal falls out of the experiment scope. Furthermore, we will release a detailed schedule for how we plan to release the team's 30k Bobu Tokens over the timeline of the experiment. These measures are in place to ensure the experiment in IP governance is carried out as intended.