What is the Validator DAO Committee?
The Umee Validator DAO Committee takes the responsibility of making delegation decisions each quarter. The committee reviews the validators' delegation applications, evaluate each one's contributions and make delegation decisions as a group.
Each quarter a new Umee Validator DAO Committee will be formed with 11 committee members, all with the same responsibilities. Each contributing committee member will receive 15,000 UMEE for his/her committee effort at the end of a quarter.
Umee community governance has the ability to vote to dissolve the Validator DAO Committee and call for a new one at any time if abuse is detected.
Following the closure of the delegation applications for a quarter, a Validator DAO Committee application will open up for 24 hours. The application will be shared in the #validator-announcement channel on the Umee Discord.
There will be no selection process in order to join the committee. The first 11 validators that apply and meet the criteria outlined in "Eligibility" will form the new Validator DAO Committee; in the event that there are less than 11 eligible committee member applications, the next largest odd number will be the number of new committee members.
- 1 validator that is ranked among the top 10 based on voting power can opt in and become a committee member.
- 6 validators that are ranked from 11th to 50th based on voting power can opt in and become committee members.
- 3 validators that are ranked below 50th based on voting power can opt in and become committee members.
- 1 validator that is not currently in the active validator set of the Umee mainnet can opt in and become a committee member.
Snapshots of the validator ranking takes place in the first 24 hours after the end of each of the Validator Delegation application period.
In the interest of decentralization, no more than 5 committee members can come from the same region.
In the event that more than 5 people from the same region apply first, prioritization is given so that:
- The minimum number of validators for each of the aforementioned eligibility tiers is reached first;
- Those who submitted an application first are selected.
The Umee Validator DAO Committee reviews the validators' delegation applications, evaluate each one's contributions and make delegation decisions as a group.
Each quarter the committee has a total foundation delegation amount to grant to the applicants; the committee must make at least three tiers of delegation rankings based on each validator’s existing contributions to Umee.
The committee is expected to reach a consensus and finalize delegation decisions for each validator by the end of the final month of a quarter; the Umee Core team will distribute new foundation delegations in the first week of the new quarter.
The Validator DAO Committee must have a minimum of 7 members. In the event that less than 7 eligible validators apply during the initial 24 hour committee formation period, the committee formation period will be extended for a maximum of 72 hours. If a committee of 7 is not formed within the total 96 hour period, the existing committee will be responsible for assigning delegations and the Validator DAO will be dissolved thereafter.
No foundation delegation will be given to the top 10 validators and the total number of foundation delegation recipients must be smaller than or equal to 87.
The Validator DAO Committee cannot allocate more than 8% of the total Umee Foundation delegation pool to any individual validator.
Each committee member has the right to veto any proposed decision. When there are 3 or more vetoes on any decision (validator selection, delegation amount, etc.) the decision is voided and cannot pass until there are at least 4 votes of approval and less than 3 vetoes.