Illuvinati Times Issue #6

Transition to Gov V2

As the Illuvium DAO prepares for its transition from Gov V1 to Gov V2, there hasn't been much new information to report over the past 30 days. The team has been busy working on this major update in hopes to make the transition a smooth one. As a result, other updates, information and announcements have been put on hold while the Council focuses on this important transition.

Council Meetings

The Illuvium Council held five meetings in the past 30 days, but as the team has been busy preparing for the upcoming implementation of Gov V2, they have yet to release any meeting notes. After reaching out to Rich, the Illuvium community manager, it was revealed that the lack of meeting notes may be due to the fact that much of what was discussed in the meetings could not be shared due to non-disclosure agreements (NDAs).

Council Votes

Two proposals were voted on and passed in the month of March. ICCP-5 Initiate Governance V2 Transition Process and ICCP-6  Illuvitar and Land Royalties.

Blickter approved all proposals

ICCP-5

• “Governance V2 is ready for the community. Multiple of the improvements in Gov V2 would have found value this epoch, Illuvium's scope and the required expertise to make the right decision in different areas has expanded, and I believe Gov V2 is the right structure to handle the current and impending decisions.”

ICCP-6

• “I believe diverting royalties now creates the maximum amount of freedom with regards to decisions that may need to be made by future councils. By diverting royalties to the Safety Pool, we leave options on the table. If we were to distribute royalties, there's no going back on that decision.”

Deraji approved all proposals

ICCP-5

• “It’s been about 5 months since @Tarren | Illuvium asked this epoch’s candidates whether we would cut our term short when governance V2 was ready. It took longer than expected, though this new model of DAO leadership could not come at a better time. The governance v2 model has progressed to an excellent state, enhancing DAO leadership through further decentralization and specialization. I am incredibly proud of the team that made this possible, and the community for their honest feedback and encouragement.”

ICCP-6

• “As my other council members shared in a split vote, this is a complex situation between what is best for development and what has been promised to stakers. However, as I shared during past election cycles, my paramount role is ensuring the team has what they need to deliver a successful product. While I am an advocate for increasing accountability regarding product development, I cannot in good conscience allow critical funds to be distributed at a tenuous financial time and broader market uncertainty.”

Scoriox approved ICCP-5 and rejected ICCP-6

ICCP-5

• “I've always maintained that without the community, Illuvium couldn't be as great as its shaping up to be. Governance V2 makes it even easier for those who are particularly passionate in the community to make the project even stronger than it already is. If you have a drive to make Illuvium the best damn game in the world then please nominate yourself for Gov V2, we are all on the same team and teamwork makes the dream work.”

ICCP-6

• “This would set a precedent that would personally make me uneasy as an investor in Illuvium and I have always been vocal that protecting the interests of stakers is really important to me. By completing an action that is retroactive and for all intensive purposes goes against the fundamental belief of the Illuvium ecosystem it sets a precedent that past proposals can be changed on a whim. When in reality the council's duty is to uphold the beliefs and principles of Illuvium and EVERYONE involved in the DAO.”

Animositas approved ICCP-5 and rejected ICCP-6

ICCP-5

• “We've never needed a better council than the next epoch.  There will be critical decisions forthcoming for all aspects of the protocol as we move into launch activities.  Having a larger number of committed, knowledgeable individuals is critical to the sustained success of the DAO.  Giving the maximum amount of time for potential candidates to come forward, community evaluation, and a smooth voting process for the additional sub-councils and main council is essential.”

ICCP-6

• “I am strongly in favor of including Illuvitar secondary sales in the safety pool as this was what I believe the community and I desired and intended beforehand and this represents more of a clarification of that intention.  However, I do not support the inclusion of land revenue retroactively. If we were in an existential crisis for funding to continue the project, the decision would be different for me.  But given Illuvium's current financial state, I do not believe we find ourselves in that situation.  I believe we have flexibility to reasonably work through details of a capital raise and other revenue streams that are actively in progress to sufficiently cover any runway concerns without utilizing these funds after the fact.”

Kieran approved all proposals

IIP-31

• No statement was given.

IIP-32

• “Initially, I was inclined to reject the ICCP-6 proposal, as I felt it was unjust to retroactively revoke distributions owed to stakers. The agreement for Illuvium: Beyond distributions was established before the product launch, while IlluviDex transactions were not. However, upon further reflection and engaging in discussions with fellow council members, my stance has evolved in favor of the proposal. Although the capital raise is nearing completion, the funds have not yet been transferred to the treasury. It is crucial for us to act responsibly until this occurs. Our primary responsibility is to ensure adequate resources are available to fulfill our commitments to ILV holders and to maintain the safety pool as a contingency in case our financial position changes.”

Council Catch-Up

In an effort to help keep the community informed on council action and sentiment I will be interviewing a different council member each month. This month join Scoriox and I as we reflect on what’s next with Illuvitars, what he expects from Gov V2, as well as what has been happening behind closed doors in the month of April.

Final words

The next issue of The Illuvinati Times will be published in the first week of June. Have a specific question, or looking to find more information on an aspect of Illuvium Governance? Feel free to shoot me a DM on Twitter or Discord (Artemis | Illuvialmaster #0233).

Until next time! 

Relevant Links

Proposals Voted on

ICCP-5

ICCP-6

Town Halls