The Enzyme Technical Council (ETC)

Overview

The Enzyme Technical Council was formed to provide technical expertise and efficiency in the protocol's decision-making processes. This design tries to find an optimum number of decision makers to ensure quick decision making. Binding members by their identity and fiduciary responsibilities reduces the risk of any malevolent behaviours. The ETC is primarily designed to represent our most important stakeholders (our users) by providing technical expertise and speed in decision making.

Composition

The ETC is made up of a diverse set of people and entities. The initial members were appointed by the Melonport AG team prior to the launch of the Melon Protocol in early 2019 (later renamed Enzyme). Subsequently, more additions to the council have been made and have to be approved by two-thirds vote of existing MC members.
The decision-making process around this vote will be open and transparent to the community, and the Enzyme Council will be responsible for providing context for their decisions. Applicants should meet the following criteria:
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Responsibilities

The ETC is expected to attend bi-monthly meetings and participate in all votes. They are primarily responsible for decision making on the following topics:
  • Protocol Upgrades: Future improvements to the Ennzyme protocol smart contracts including bug fixes, security patches, feature additions, and third-party integrations. Upgrades also include adding new assets to the Enzyme Asset Universe and authorising new exchanges. When a protocol upgrade is needed (feature addition, bug fixes or security vulnerability), the ETC can either implement the upgrade itself or mandate an external developer or entity to conduct the implementation. Once the implementation is finished, the new code must be audited by an independent party. If the audit passes and the majority of the ETC agrees, the new contracts can be deployed.
  • ENS Subdomains: The ETC owns the key of the owner address of the Enzyme ENS subdomains. The sole power of the ETC lies in their ability to change the ENS subdomain pointers of the Enzyme smart contracts to the newly deployed contracts. Note here that only the ETC (and not the whole EC!) approval is needed to update the ENS subdomain pointers.
  • Resource Allocation: Inflation (described in the Tokenomics section) is the only financial resource available to the Enzyme community and a critical source for future growth and network effects. The yearly inflation of MLN is intended to be used to fund developments of the Enzyme protocol, as well as projects building within the Enzyme ecosystem. Prioritising and executing the allocation of these funds is of the utmost importance.
  • Network Parameters: The asset management gas price per amgu needs to be set and adjusted according to network usage and market conditions. For more context on this issue, please refer to the Tokenomics.
It is expected that in order to vote smartly on these topics additional time is required to conduct thorough research and analysis.
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Last modified 3mo ago
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