The Defi Franc

The Moneta DAO

What is the Moneta DAO and who can participate?

The Moneta DAO is an on-chain community that governs the development of the Moneta Ecosystem, a stablecoin focused ecosystem including the DeFi Franc.
Anyone with MON, the governance token, in their wallet, staked or locked can participate by voting on proposals.

How is the Moneta DAO structured?

MonetaDAO initially implements a two-layered coordination system consisting of the Token House and Delegate House.
The Token House hosts MON token holders. Its members govern over strategic DAO decisions including the following:
  • Delegate House members
  • Allocation of DAO treasury funds
  • Critical protocol paremeters & upgrades
The Delegate House consists of a number of elected delegates which steward the day-to-day operations of the DAO. Specific responsibilities include:
  • Enact Token House decisions on-chain
  • Implement day-to-day governance decisions

What can be voted about?

The DAO governance has the ability to update the system with new features. The Lama Risk Team summarized the governable aspects of the system perfectly:
  • Add new collateral types, including an associated Stability Pool and oracle
  • Adjust system parameters:
    • set oracle pricefeed
    • set minimum collateral ratio before triggering liquidation (101%-1000%)
    • set critical collateral ratio before triggering Recovery Mode (101%-1000%)
    • set min/max borrow fee (0%-10%)
    • set Liquidation Reserve fee (1-200)
    • set minimum borrow amount (0-10,000)
    • set min redemption fee (.1%-10%)
  • Introduce a whitelist for DCHF redemptions (note: this is separate from repaying debt, and governance cannot prevent depositors from withdrawing their collateral)
  • Upgrade to a new AdminContract, TroveManager, and BorrowingOperations contract
  • Handling of protocol fees between the CommunityIssuance and StabilityPool contracts
  • Emergency pause of MON staking deposits and pause of DCHF minting
While the protocol allows for adding additional collateral types, the core team currently has no immediate plans to add any. Based on informal discussion, the team believes a logical next collateral may involve staked ETH. In any case, Moneta DAO has discretion over supporting new collateral types for DCHF, and the 4-of-6 owner multi-sig has the power to enact it.