Who Governs AdmiralDAO?

Governance of AdmiralDAO and its related protocols (e.g., Clipper) is driven by the following governing bodies:

SAIL token holders make up the DAO members. Token holders may vote on and make governance proposals directly or delegate their voting to an Operator of their choosing as a nonbinding proxy for their voting decisions on specific APs.

SAIL is AdmiralDAO's governance token and SAIL holders are the lifeblood of community governance. Holding SAIL grants community members governance privileges. SAIL is earned through farming on Clipper and is open to everyone.

Operators are elected by token holders. Operators execute administrative tasks, moderate projects, assist in the governance proposal process, and can act as delegates for token holders that wish to delegate their voting power. Token holders may change their designated Operator or rescind their delegation from an operator at any time (as long as an on-chain vote is not in progress).

Reasons to withdraw support from an Operator may include:

• Violation of Code of Conduct: Operators who breach the Code of Conduct or fail to address unacceptable behavior.

• Inactivity: Extended periods of inactivity without valid reasons.

• Conflicts of Interest: If conflicts of interest hinder unbiased decision-making significantly.

• Failure to Uphold Responsibilities: Consistent failure to fulfill Operator responsibilities.

• Loss of Community Support: If the community expresses dissatisfaction with an Operator's performance.

• Breach of Trust: Actions undermining the trust and integrity of the Operator role or AdmiralDAO community.

The Security Council is composed of individuals responsible for managing the signer wallets of the DAO Treasury multisig at 0xD8Cc0304de58fCE5147796606Db14500d94b5EF2. These individuals are elected via voting by the DAO and are required to be identifiable. Their primary role is to uphold the security and integrity of AdmiralDAO's products. In cases of security emergencies, they have the authority to take immediate action, such as triggering the circuit breaker to halt trading. The powers vested in the Security Council are granted by AdmiralDAO and can be retracted by the DAO. Periodic elections are held to elect new Council members and governance proposals can be used to modify the Security Council's powers or dissolve the Council entirely. Security Council members receive indemnification from Admiralty, LLC.

Similar "copies" of the Security Council multisig contracts exist on both Ethereum and AdmiralDAO-governed chains.