# The Nouncil Protocol - Bring Nouncil Onchain

## TLDR

Requesting 19.5 Ξ + $27,500 USDC to develop & audit 
a scalable onchain Nounish metagovernance system, deployed by Nouncil.

## Context

Nouncil is one of Nouns' oldest delegated voting bodies. Not a subDAO, not a fork, 
Nouncil is a group of goodwilled people who volunteer their time to contribute to the longevity and prosperity of Nouns.

![image](https://hackmd.io/_uploads/rkX7Vc6W1x.png)

Nouncil has not been funded by the DAO since Q1 of 2023. Since that time, Nouncil has voted on almost 500 proposals while maintaining an active voting body of 30+ members.

- [Prop 67](https://nouns.game/vote/67)   
- [Prop 163](https://nouns.game/vote/163) 

Nouncil currently votes through [Nerman](https://nerman.biz/) in the [Nouncil Discord.](https://discord.gg/ZKtZMB7DRw)

Weekly discussion recordings are currently stored [on Notion.](https://nouncil.notion.site/30328df718424f17a623859018497fc2)

Votes (with reason) are collected, transcribed, and cast by a group of multi-sig signers. Nouncils votes are also delegated to this multi-sig.

This system, while workable, is ultimately inefficient, costs the multi-sig signers time and eth, coordination issues occasionally have Nouncil miss votes, and forces votes to be all-or-nothing.

This proposal is for a new onchain protocol suite, deployed by Nouncil, to introduce alternative voting mechanisms and trustless operations.

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![IMG_FE31305D9619-1](https://hackmd.io/_uploads/SJb7a2CbJx.jpg)

\**This is not an endorsement from 4156*

## Scope Summary

The goal is to create a flexible, cost-efficient, and transparent on-chain governance system, that can be replicated by other metagovernance bodies.

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### The Protocol Suite

This protocol is similar to $⌐◧-◧, wherein Nouns are placed in individual smart contract "vaults," and their vote is cast in proportion to the logic setting of the of the votes transmitted to master smart contract.

Noun holders who deposit their Noun into a vault will receive an ERC-721 to reclaim their Noun at will.

Rather than $⌐◧-◧'s ERC-20s which are wrapped in ERC-721's which can only vote on Nouns DAO proposals, this protocol uses Soulbound ERC-721s, and enables Nouncil + any metagovernance body who forks the suite to:

- create & vote on proposals for Nouns DAO, and  
- create and vote on internal proposals with trustless treasury managment. 

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### Costless Voting on Noun Props

Voting on Noun props will remain costless for the large majority of Nouncil members. 

Votes will be implemented using signed messages, which can include a VWR, which are relayed to the master smart contract trustlessly in batches of any size by paying the gas fee.

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### Replaceable Vote Aggregation Logic

Today Nouncil uses a simple majority to decide it's stance on any NounsDAO proposal.

A modular approach will make it possible to replace the aggregation logic with more complex aggregation mechanisms, like weighted majority or proportional voting.

The voting logic will be implemented per a pending internal vote from Nouncil, 
and can be changed by an internal vote in the future.

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### Soulbound membership token

Nouncil memberships will be represented by non-transferable soulbound ERC-721 tokens. The membership application process will be identical to that of submitting a prop, 
with existing members voting (in a costless manner) on new membership requests. 

Assuming a membership request passes, the SBT can be issued trustlessly to the new member. Nouncillor tokens will automatically revoke if a Nouncilors participation rate falls below the % determined by Nouncil. Members shall also have the option of renouncing membership and burning the SBT.

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For reference of previous work, the github for the $⌐◧-◧ ERC-20 protocol can be found [here](https://github.com/thenobleDev/fractional-nouns)

The implementation of this logic is clear and does not need research, 
the code just needs to be written.

*If future updates to Nouns DAO core token logic force changes to the protocol, 
we will first explore options for independent funding through client incentives before proposing for Treasury funds.*

## Timeline & Audit Plan

We anticipate Protocol development to take 8 weeks.

The next step is a 7-day audit with [Sherlock.](https://www.sherlock.xyz)

Sherlok has quoted $23,500 USDC. The final cost may be lower, depending on the total lines of code upon development freeze.

## Transactions

The first transaction streams NobleDev 18 Ξ for protocol development.

The second transaction sends Sherlock $5,875 USDC for the audit deposit.

The third transaction sends 1.5 Ξ to wylin for project management, and proposal writing.

The fourth transaction authorizes wylin to spend up to $17,625 USDC for the remaining audit costs. If the final cost is lower than anticipated, the remaining funds will be returned to close out the approval and a propdate will be shared.

The fifth transaction sends NobleDev $4,000 USDC for post-audit reviews & fixes.

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***Total Request: 19.5 Ξ + $27,500 USDC.***

## Next Steps

We hope this proposal succeeds. 
Once it does, development will begin immediately.
The audit will be scheduled promptly when development is frozen.

Once we’re done fixing any issues and reviewing the fixes, we will:

- deploy the Nouncil Protocol  
- announce the deployment 

Throughout the process, we'll maintain open communication with Nouncil for discussions on specific implementation configurations or feature requests within reasonable scope.

As we develop the protocol, we are open to collaborations for a frontend. 
If funding is desired for a frontend, it will need to be proposed seperately.

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Thank you!

👑 x 🪐 x 💎

Outcome: CANCELLED