Thales Governance Structure
As a project born to be a part of the Synthetix ecosystem, the Thales protocol strives to inherit the same virtues of a decentralised governance made out of co-existing and intertwined decentralised autonomous organisations. This battle-tested concept is regarded throughout Defi as a revolutionary solution to the ever present problem of governing a censorship resistant, decentralized protocol.
The Thales protocol governance is made out of three core DAOs:
Thales council is a governing DAO composed of members elected by the community of token holders. Thales council's main responsibilities are conducting TIP reviews, interviewing the TIP proposers, debating the implications of proposed changes and coordinating with the Protocol DAO regarding the technical implications and implementations. TIP is an abbreviation of Thales Improvement Proposal, and it represents an artifact used to describe proposed changes to the core Thales protocol.
Protocol DAO is a decentralized autonomous organization assigned to be the owner of the Thales protocol core smart contracts. Its main responsibilities are upgrading and releasing new contracts (on behalf of the Thales Council), implementation of TIPs and operational security.
Thales DAO is a DAO with the purpose of managing the treasury of the protocol. It is responsible for properly incentivizing the other governing bodies and to support further developments of the protocol. All of the DAO roles are paid a certain stipend by the Thales DAO.
Each of the DAOs has its own set of responsibilities and all of them together share the same mission of enabling the most optimal, efficient and censorship-resistant way for the Thales community to be the main driving force of the project.