GIP-7: Set Protocol v2 Fork & Paying Homage to Set Labs

GIP-7: Set Protocol v2 Fork & Paying Homage to Set Labs

Summary

Galleon wishes to pay homage to Set Labs for all the development and R&D provided in relation to Set Protocol V2 through a fixed $DBL donation. Also, simultaneously Galleon wants to move to own its infrastructure with an endorsement by Set Labs to fork and extend Protocol V2 across all networks & use cases.

Abstract

Galleon seeks to own its own asset management infrastructure to be able to control our product roadmap more closely and build bespoke protocol upgrades that may be specific to Galleon’s priorities & roadmap.

Set Labs being some of the earliest founders and pioneers within DeFi, built Set Protocol over a number of years, with it having a reputation for being one of the most battle-hardened, robust protocols in DeFi today and trusted by a number of organisations building structured products such as Galleon, Index Coop, SW DAO & Stakeborg DAO. Having personally been involved with the team at Set Labs since the earliest stages of the protocol, I can attest to the deep due diligence, quality assurance and R&D that goes behind anything they do, a league above the rest.

With Set Labs rightfully so focusing on their own roadmap and new ways to innovate going forward, Galleon wants to give Set Labs 1% of the $DBL supply as a show of goodwill to friendly fork Set Protocol V2 for unlimited use and extension to fulfil Galleon own product roadmap and desired features. Doing so will allow Galleon to operate and develop products in line with its own roadmap and ambitions without having to align itself with 3rd party development roadmaps.

It’s important to note that Set Labs are happy to endorse our next steps irrespective of any DBL context and support Galleon and our ambitions. However, it would not feel right without honouring the founding protocol development team. Additionally, on use cases - Galleon will not be looking to utilise the forked protocol as a general asset management protocol for public use but rather a bespoke implementation for Galleon’s product needs, a clear delineation of the original protocol use case.

Motivation

Set Labs are Galleon’s closest partner, with Set Protocol being integral to the success of the DAO. With our product requirements amongst other DAOs building on Set taking us far and beyond the engineering capacity of Set Labs, the need for us to own our own infrastructure to scale and deliver on our roadmap has become very apparent, but not at the cost of our relationship with Set Labs. Therefore we want to ensure that we pay homage via $DBL to Set Labs and the years of work they have put behind the protocol before we friendly fork the protocol. Set Labs, irrespective of the donation, are happy to officially endorse our deployment as a trusted partner, giving us baseline validity from the years of trust they built up.

Galleon would not exist without Set Protocol and the Set Labs team, and therefore it feels right for them to have upside in Galleon’s success for this next leg of our journey as well as a meaningful stake in Galleon’s governance and direction.

Immediate motivations for deploying our own friendly fork:

  • Arbitrum protocol deployment, home of our governance token $DBL
  • Modules required for our ETH/BTC ratio & ETH dynamic leverage product on Optimism
  • Modules for integration with GMX on Arbitrum, enabling the same product suite from Optimism as per our new strategy
  • Strengthen Galleon and its brand equity by owning its own infrastructure it relies on

Specification

Implementation:

  • 1% of Doubloon ($DBL) supply to be sent to Set Labs
  • Endorsement by Set Labs to safely fork Set Protocol V2 under Galleons control (independent of the above)
  • Deploy the protocol to Arbitrum as our initial move

Resources Requested:

  • 1% of Doubloon ($DBL) supply obtained from the Galleon Treasury
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