Why is HOPR looking to upgrade its governance now.

23 May 2023, 15:08

Why is HOPR looking to upgrade its governance now? 🔎 Well for starters there’s more to govern: the ecosystem is expanding with products like RPCh, and new entities like HOPR RiSe and the HOPR Community Trust. But also crypto governance has recently become a lot more fraught. Threats to governance come in two major flavours: 1️⃣ Regulatory Issues The is hard to assess: regulation around DAOs is vague and unhelpful. Ooki DAO is the major scare here, but other DAOs also seem to be on regulators’ radar, with no obvious pattern. 2️⃣ Governance Capture This is more immediately concerning: bad actors gaming governance rules to steal funds. Tornado Cash was the latest victim this weekend. We need to avoid both these threats, and our current governance isn’t a good way to do it. It’s too large and cumbersome to make decisions fast, and this also increases the attack surface for both types of threat. ⚠️ But it’s not all bad news: a new approach to governance is gaining steam, where instead of a lumbering behemoth of a DAO, you create smaller more dynamic entities, each with a narrow goal and remit, and link them all together via a central governance platform. 🔗 It’s this approach which HOPR plans to leverage in its coming governance evolution. 🚀