“Fast Track Proposal” will create an alternative streamlined governance process to be used in emergency situations.
Voting on 1IP-20: 1INCH Fast Track Proposal ended over the weekend. The proposal, which seeks to introduce a fast-track governance process consisting of a 24-hour governance thread discussion phase and a 48-hour Snapshot vote, enjoyed massive support from 1inch DAO. Approximately 100% of the 224 voters backed the idea, with one of the voters stating that “the DAO needs a way to rapidly respond to changes in the landscape.”
It is not uncommon for governance processes to linger on for weeks and sometimes months within DAOs. According to the proposal, 1inch may encounter emergencies that require an urgent response. The fast-track process is designed to address these emergencies by allowing the DAO to “take immediate action; instead of relying on its standard governance process.”
For emphasis, the 1inch DAO’s existing governance process (Snapshot + Safesnap proposal lifecycle) takes a minimum of 18 days.
Implementing a fast-track proposal would decrease the time to pass a proposal from 8 days to 3 days.
Any member of the community can utilize the fast-track option when creating a proposal by inserting “[Fast-Track]” into the title of a proposal. For example, “[Fast-Track] 1IP-25: Deploy 1INCH on zkSync.” However, the new proposal option can only be used when deploying 1INCH on new networks, making changes to the DAO’s governance process, or for changes involving the 1inch resolver.
Meanwhile, the DAO has proposed initially opening the fast-track option to a few whitelisted addresses. This is supposed to prevent malicious actors from hijacking the process.
Due to its swift nature, these votes could go unnoticed; therefore, we must have a fast-track whitelist in place to prevent damaging behavior.
For a new address to be whitelisted, it has to be nominated by an already whitelisted address, and then future subjected to the 1inch governance process and governance vote.
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