Treasury FIS migrates to multi sign wallet plan

Introduction

StaFi DAO has released the beta version of the multisig wallet based on StaFi Chain. To better manage the DAO Treasury assets and improve security, StaFi DAO plans to migrate the assets to the multisig wallet.

Steps

The specific steps for the migration are as follows:

  • Create a multisig wallet and determine the multisig signers, using a 3/5 threshold.
  • Unstake a small amount of FIS from StaFi Chain to a single-sig wallet address, and transfer them to the newly created multisig wallet.
  • Stake the test FIS in the multisig wallet to StaFi Chain. After staking successfully, unstake them again.
  • If the unstake is successful, it indicates that the multisig wallet is working properly.
  • On this basis, six multisig wallets will be created and verified following the above steps.
  • After all six multisig wallets have been successfully verified, the large-scale asset migration will begin. To maintain the security of StaFi Chain, the amount of unstake per operation will be around 3 million FIS.
  • If the migration follows the above process, it will take approximately 3 months to complete.

Additional Details

  • The multisig wallet is a type of wallet that requires multiple signers to approve transactions. This provides an additional layer of security for assets stored in the wallet.
  • The 3/5 threshold means that three of the five signers must approve a transaction for it to be successful. This ensures that a single signer cannot approve a transaction without the approval of at least two other signers.
  • The unstake amount of 3 million FIS is chosen to minimize the impact on the security of StaFi Chain. If too many assets are unstake at once, it could potentially destabilize the network.
  • The estimated time of 3 months for the migration is based on the assumption that the migration will be conducted in a safe and orderly manner.
  • Treasury Wallet Address: DAO Treasury – StaFi LSD Docs

The multi sign wallet has been created

Wallet address

The current members of the multisig mainly consist of core team and community members. You can check the signing addresses of the members on Subscan.