1inch Network DAO Treasury
The 1inch Network DAO Treasury is the pool of funds under the direct domain and ownership of the community.
All protocol revenues are directed to the DAO Treasury and referral rewards.
The primary 1inch Network DAO Treasury is a Safe smart contract wallet with multi-signature (multisig) functionality on the Ethereum mainnet. 12 multisig owners have initially been selected by the 1inch Foundation from the core contributor team and other well-known projects, such as Synthetix, Opium, NEAR protocol, and zkSync, to name a few. These signers are able to veto malicious transactions in a 7-of-12 fashion.
Safe + Snapshot + SafeSnap
Snapshot allows for gasless voting. SafeSnap, also known as Reality Module, is a Snapshot module that allows for on-chain execution of off-chain voting. The combination of these tools gives the DAO’s votes direct control over the Safe that holds the Treasury funds.
SafeSnap has been integrated into the 1inch Snapshot space. 1IPs that call for payment(s) from the treasury must have the "Transactions" container filled out by the individual proposing the Phase 4 Snapshot vote. Required fields include transaction type, Asset, recipient address, and amount.
Once the Snapshot vote closes, and the vote has met the minimum quorum (more in Phase 4: Snapshot Vote), anyone can use the Snapshot UI to "Request execution" in the "SafeSnap Execution" window -- this is an on-chain transaction that initializes the reality.eth Oracle.
After the reality.eth Oracle has been initialized, anyone can set the outcome by putting up a bond of 0.1 ETH to be used in the escalation-game-based Oracle. This bond is returned if their answer correctly identifies the passing result of the Snapshot proposal as specified in the 1inch Network DAO Acceptance Criteria.
The bonded escalation game concludes once a 72-hour period has elapsed without challenge. Challenging the outcome requires a bond that is at least double the size of the current one, and it restarts the 72-hour period.
Once the reality.eth bonded oracle resolves in favor of the proposal, there is an additional 72 hour period of time between the SafeSnap resolution and the ability for the underlying transaction to be executed -- this is known as the Timelock. During the Timelock period, the 1inch Network DAO Treasury multisig owners will have the ability to veto malicious transactions in a 7-of-12 fashion.
After all steps have successfully completed, the proposal will be executable by anyone who calls the function. The reality.eth participants may then retrieve their bond.
The Kleros DAO Governance Arbitrator is set as the default Anyone can request Kleros arbitration for the reality.eth bonded escalation game at any point after the first answer is submitted. This can be done in the reality.eth app or by interacting directly with the smart contract. Once arbitration is called, the bonded escalation is paused and no further answers are accepted.
Kleros Oracle combines Kleros's dispute resolution court system with reality.eth's cryptoeconomic bonded escalation game for verifying off-chain events on-chain. The Kleros DAO Governance Arbitrator acts as a proxy between reality.eth and Kleros Court contract. It creates a corresponding dispute in Kleros Courts and submits the final ruling as an answer in the proper reality.eth format. There are 5 votes in the DAO Governance Arbitrator subcourt, each vote has a juror fee of 0.072 ETH, so the total cost of arbitration is 0.36 ETH (fee numbers are from the October 2021 Kleros Pramater Update vote and are subject to change).
If the result of the Kleros arbitration is to affirm the answer given by the final answerer, that person receives the question reward. If the result of arbitration is to change the final answer, the individual who paid for arbitration receives the question reward.
1inch DAO Treasury Addresses
|Primary DAO treasury. SafeSnap allows for trustless execution of spending proposals.
|1inch DAO operations fund. This is a 3-of-4 multisig.
Note: Unless otherwise noted, all 1inch DAO treasuries have the same 12 signers, and 7-of-12 threshold, as the primary treasury on Ethereum mainnet.
The 1inch Pathfinder algorithm always provides users the most current and best possible prices on a swap. However, the swap price sometimes moves between the time of the quote and the time that the transaction is mined — resulting in a Swap Surplus. In the past, this Swap Surplus was sent to the 1inch DAO Treasury and served as the DAO's revenue stream.
As of June 2023, with the ratification of [1IP-28] Discontinue Swap Surplus Collection, Swap Surplus is no longer directed to the 1inch DAO treasury.
- 1inch DAO reality.eth module -- 0xa62D2a75eb39C12e908e9F6BF50f189641692F2E
- 1inch DAO Acceptance Criteria -- IPFS deployment