NEW YORK and LONDON and SINGAPORE, Jan. 15, 2025 -- Taiko, Ethereum's first based rollup network, has further committed to full decentralization today by deploying its DAO on Helka testnet. Built in collaboration with Aragon, this is the next step in Taiko's journey as a fully decentralized extension of Ethereum.
The DAO design will include a multi-threshold multi-sig system that handles both standard and emergency situations. It will also include a Security Council whose members create and approve proposals. Anyone can become a delegate if they gather token stakes from holders.
"Taiko's vision is to build a rollup as a public good, ensuring Taiko L2 is neither owned nor controlled by any single entity. Achieving true permissionlessness and decentralization is crucial to realizing our shared vision, and we are committed to making this vision a reality," said Daniel Wang, co-founder of Taiko Labs.
With its optimistic governance structure, proposals are submitted by Security Council members and enter a 7-day veto period. During this time, token holders and delegates can review the proposal and vote on-chain to veto it if they disagree or have concerns. Proposals that don't reach the veto threshold by the end of the period will be executed with a delay of 7 days.
This veto right by token holders introduces a new level of ownership for the community, moving beyond simple signaling votes, to a more tangible involvement in project decision-making.
"We wanted to ensure a balance between speed and safety. Securing a DAO is vital but it can't hamper overall community involvement and decentralization. There is also the acknowledgment that DAO participation is not consistent, so we decided to take a different approach by empowering our community to speak up if they see issues with a proposal rather than needing to simply check a box to say they are onboard each time," explained Daniel.
Taiko's DAO design has gone to great lengths to ensure security mechanisms surround the proposals. For example, emergency proposals are reserved for situations that require immediate action. Any council member can submit a proposal and a super-majority of council members are required for approval. All details of the proposals are encrypted and become public once they've been implemented to avoid the possibility of exploitation of the vulnerability.
The selection of the Security Council members is still underway and will be announced at a later date ahead of the DAO launch on mainnet.
Find the DAO on Helka here.
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