Summary
With the establishment of GMX’s governance on Tally, this proposal the creation of an elected Security Committee for GMX DAO. This committee will assign grant roles, update configurations, remove roles from malicious users, handle emergency stops if necessary, oversee passed governance proposals, and safeguard the governance process from unauthorised control.
Motivation
The GMX ecosystem has grown rapidly, bringing both opportunities and risks. As the protocol expands, proactively managing these risks becomes increasingly essential to maintaining user trust and platform integrity. Establishing an elected Security Committee will provide a structured approach to risk management, enabling us to respond swiftly and effectively to emerging threats and vulnerabilities without needing to consult with the full DAO elected body.
Initial Setup
All five positions will be directly elected by the DAO. The elections will be held every six months. At the end of each six-month term, there will be a re-election for the council.
Over time the DAO may alter the size and term of such elections to align with the DAO and protocols security / risk requirements.
Rationale
A dedicated Security Committee will identify and mitigate risks, assign multi-sig roles, update configurations, remove roles from malicious admins, and handle emergency stops if necessary. This expert group will also oversee passed governance proposals, thereby strengthening our protocol’s risk management. Their specialised knowledge and experience can help better identify and respond to potential risks, minimising adverse impacts on our ecosystem. They will also ensure continuous and smooth operation by assessing risks related to governance processes.
Specification
Key Roles and Responsibilities
- Risk and Protocol Management: The Security Committee will maintain the GMX protocol by assigning grant roles, updating configurations, removing roles from malicious users, handling emergency stops if necessary, and overseeing passed governance proposals. Additionally, the committee will manage Immunefi bounties. Their proactive approach to risk identification and strategic planning aims to mitigate potential risks and ensure the protocol’s security and integrity.
- Community Engagement: The Security Committee will actively engage with the GMX community to gather insights, feedback, and concerns related to risk management. Having open communication channels, promotes collaboration and collective problem-solving in addressing protocol risks.
- Governance Compliance: In addition to risk management, the Security committee will ensure compliance with established governance protocols and best practices. This includes monitoring governance activities, enforcing adherence to guidelines, and advocating for governance decisions that prioritise protocol security and integrity.
Emergency Response and Risk Management: In the event of security breaches or critical incidents, the council will swiftly and decisively take action to address the situation, minimise impact, and identify and mitigate potential security risks to protect the interests of GMX token holders.
The Security Committee will consist of five members, who will receive $500 per month for their roles and are expected to dedicate an average of 2 hours per week to committee activities.
Conclusion
With the formation of the Security Committee, GMX DAO reaffirms its commitment to maintaining a secure and resilient protocol ecosystem. By leveraging the expertise and dedication of our community members, GMX will be able to effectively navigate potential risks and uphold the highest standards of safety and reliability for all GMX stakeholders.
As GMX DAO embarks on this pivotal initiative, it reaffirms its commitment to prioritising risk management and security in all facets of protocol operations, by empowering the Security Committee and embracing community-driven governance.