Proposal to create an SNS DAO for Menese Protocol

Menese Protocol is asking the NNS to create an SNS DAO and hand it control of our four production canisters.

What Menese is

Menese is the Multichain Operating System.

It is a composable cross chain execution engine; anyone can build financial tools on top of it, powered by ICP's chain key cryptography, with no bridges, no guardians, and no corporate custody.

Over $2.5 billion has been lost to bridge hacks in the last three years. The root cause is always the same; bridges hold custody. Whether it is a multisig, a guardian set, or a validator network, someone controls the keys, and that someone can be hacked, bribed, or compromised.

Menese does not bridge and does not relay. ICP nodes collectively hold signing keys using threshold cryptography. No single node, server, or company ever holds a full key, and the complete private key is never reconstructed; not during generation, not during signing, not ever.

Most providers stop once the key is distributed. You still need your own servers to watch the market, your own bots to decide, your own infrastructure to coordinate across chains. Menese collapses the whole loop into the canister. It reads the world through HTTP outcalls, decides with on chain logic, then signs and submits real transactions on the destination chain. It perceives, decides, and acts.

This is the difference between a distributed key and a distributed brain.

Where we are today

We are live, in production, and being used.

• Hundreds of active users holding and moving real funds through the wallet
• 5 live integrations with businesses building on the Menese SDK
• An ICP and SOL liquidity pool running on chain with real deposits
• A developer gateway with paid tiers already serving partner traffic

It executes on the chains people actually use

Menese does not just hold assets on these chains. It builds, signs, and submits real transactions on them, and it composes multi step operations across them from inside the canister.

Bitcoin, Ethereum, Arbitrum, Optimism, Base, Polygon, Monad, Solana, Sui, Aptos, NEAR, TON, TRON, Cardano, XRP, Litecoin, CloakCoin, and ICP itself. Eighteen chains, one wallet, one identity, and one place where the logic lives.

On top of that sit venue integrations including THORChain and Hyperliquid, so a user can move value and take a position without leaving the protocol.

Composability is the part that matters. A single action can read a price on one chain, decide with logic that lives on chain, and settle on another; no bridge in the middle, no relayer to trust, no bot on somebody's server. That is what an operating system for multichain finance means in practice.

This is not a plan on paper. It is a working protocol with users and revenue.

Stocks and real world assets, on chain

Menese is not limited to crypto assets. Through tokenized equity venues the protocol gives users access to real markets from the same wallet and the same identity, and lets partners integrate that access through the SDK.

Around 26 instruments are wired in today, covering equities such as NVDA, TSLA, AAPL, MSFT, AMZN, GOOGL, META, COIN, PLTR, ORCL, INTC and AMD, index products such as SPY and QQQ, and real world assets including SGOV for short term US treasuries, SLV for silver, USO for oil, and USAR for rare earths.

Orders are signed by the canister and broadcast by the user, so the protocol never takes custody of the position. The same primitives are exposed through the SDK, so a business integrating Menese can offer its own users exposure to stocks and real world assets without building any of it.

Why we are decentralizing

This DAO is about scale and growth. There are three things we want the community to own and steer with us.

1. Exchange listing. Getting MENES onto a tier one exchange so anyone can

buy and sell it, with the treasury funding the listing and the market making.

1. Debit card issuance. Letting people spend what they hold in Menese in the

real world, which is the step that turns a wallet into money people use.

1. Growing the protocol. More chains, more business integrations, more

partners building on the SDK.

Those are decisions worth more than one company making them. They belong to a DAO.

What the DAO controls

| Canister | ID | What it does | |---|---|---| | backend | cxa6p-xiaaa-aaaad-aczda-cai | The wallet. User balances, address derivation, and threshold signing for every chain we support. | | frontend | cqby3-2qaaa-aaaad-aczdq-cai | The app. Broadcasts already signed transactions and never touches key material. | | icp_sol_swap | w2vjc-2yaaa-aaaab-ae6zq-cai | The ICP and SOL pool. LP shares, settlement, and the swap state machine. | | sdk_gateway | urs2a-ziaaa-aaaad-aembq-cai | The developer gateway. Subscriptions and per operation metering for partners. |

You can check this yourself

The full source of all four canisters, with a pinned Docker builder, is held at github.com/Menese-Protocol/Menese-External-Reviewers. Every one of them rebuilds byte for byte to the module hash that is installed on mainnet right now, and the repository ships a script that checks all four against the live network in one command.

The repository is access controlled. Reviewers can request access from the forum thread and we will grant it.

The installed module hashes need no access at all. Anyone can read the hash on each of the four canisters straight off the network and compare it with the build.

Token distribution

100,000,000 MENES, fixed supply, no inflation.

• Team, 18%, unchanged from the published allocation and issued in full at

genesis as neurons locked for four years; an 18 month dissolve delay that cannot begin until a 30 month vesting period ends. These neurons are the published team allocation. Any MENES a team member also holds on the existing ledger is redeemed 1 for 1 through the same redemption programme as every other holder, described below.

• Mercatura Forum, 10%. Mercatura Forum is Menese Protocol's pre-seed

investor, and its allocation is issued at genesis as a neuron on exactly the same four year terms as the team. It is in this proposal, in the open, locked by the same schedule, rather than sitting in the treasury waiting to be released to them by a later vote.

• Decentralization swap, 10%
• DAO treasury, 62%

The treasury carries named earmarks, all disclosed in full in the repository: treasury and liquidity provision, exchange listing and market making, the Tjati Council reserve for future DAO approved raises, staking emissions, the community allocation, and the reserve that pays existing holders 1 for 1.

Every insider allocation in this DAO is a neuron in the table above. None of it is a treasury balance that becomes liquid on a vote the insiders can themselves influence.

Why the swap is 10% and not 20%

20% of supply is set aside to reach the public, not 10. It is split in half because the two halves buy different things.

10% is sold here, on chain, through this decentralization swap. The other 10% is the exchange listing earmark named above: it is what pays for a tier one launchpad and a tier one centralised exchange listing, together with the market making that a listing requires to be worth having. That is the second of the three things this DAO is being asked to own, and the SNS has no primitive for it; a swap can only sell the swap bucket. So it sits in the treasury as a disclosed earmark and is released by a treasury proposal that the DAO votes on, once there is a venue and terms to vote on.

Selling the full 20% here would leave the listing unfunded.

Voting power at genesis

Token share and voting power are not the same thing.

Treasury tokens carry no voting power at all, so the 62% held by the DAO does not vote. Voting power at genesis is therefore split between the 28% in genesis neurons and the 10% sold in the swap. Because an SNS neuron's weight rises with its dissolve delay, and carries no weight below the 26 week minimum, the swap's neuron baskets are laddered out to 1,456 days rather than the year that is more usual. That choice takes the public's share of genesis voting power from 10.8% to 26.4%.

At genesis the contributors and Mercatura Forum together hold roughly 73.6% of voting power, and swap participants roughly 26.4%.

That 73.6% is not a bloc. It is eleven separate principals, nine individual contributors and two institutions, Mercatura Forum and MR Research. There is no common control between them, no shared custody, and no following relationship configured at genesis. They are listed one by one in the distribution above and any voter can check them.

Tooling that reads this file, including the SNS Tokenomics Analyzer on the ICP dashboard, sums all of them into a single "developer neurons" figure, because that is the only shape the configuration format has. Here is what that figure is actually made of.

| Holder | Principal | MENES | Voting power | |---|---|---|---| | Mercatura Forum | 5elw2-6iogf-6v3bc-weq6n-uhiwc-7umyq-mpxo5-z35cy-6qybd-5sktc-cqe | 10,000,000 | 26.28% | | Timo | sugn6-7mjeq-5kzk5-7dph2-w6sq7-ev56n-qt7yd-a5l66-birkn-kpdx5-gqe | 2,500,002 | 6.57% | | Kareem | vw2b5-vc43c-et5cx-guvr4-yt5y6-ttypw-3mef6-jmxcm-hvwby-5l3oq-yae | 2,499,998 | 6.57% | | Nour | tv73a-nsnvr-u3ruc-sly4k-2fygz-wft3h-gdqve-hdw5q-msmac-gvnnk-yae | 2,250,000 | 5.91% | | Jumana | a2gxl-ixyyn-gc6u3-uksho-svlmu-h7wm7-mnjer-e4ynk-fcw35-r4peg-iqe | 2,250,000 | 5.91% | | Wael | 4b2em-p3hvn-gyjjn-zvbwo-dapoy-5dzl4-jfnfy-sbx3u-lp5cq-5pldy-bae | 2,250,000 | 5.91% | | Abdelrahman A. | 3klrp-ru37l-kaitp-4dvfu-ms5vb-l336m-q35vy-76aak-gylco-arjyx-tae | 2,000,000 | 5.26% | | Adham | atwek-uwz7p-p72f5-32zd7-rtsqt-uhvo6-ghujz-fwm2s-gjheg-vxpku-hae | 1,500,000 | 3.94% | | Abdelrahman E. | 5b6kn-x63mz-2ezyn-q4paf-6hx7q-3mwyw-eng6g-4lfla-ydt3n-t7ddw-7ae | 1,500,000 | 3.94% | | Saher | m4kw6-unwcq-rk7b7-7iyfp-a5f4q-e2ysz-jmr75-hpgrt-fiuh6-l5gr3-mae | 1,000,000 | 2.63% | | Andy | eoogn-23szv-p27ny-5btdd-n7mab-klzqz-wlk7f-okepn-hlj7m-collr-sqe | 250,000 | 0.66% | | Swap participants | | 10,000,000 | 26.41% |

No holder other than Mercatura Forum reaches 6.6%. The largest single holder in the DAO is the pre-seed investor at 26.28%, and the public who buy in this swap outweigh it at 26.41%. Nothing passes here without support from holders who do not answer to one another.

Each of the people above confirms their own principal, in public and from their own account, in the pinned issue on github.com/Menese-Protocol/menese-sns before this proposal is submitted.

That ratio moves toward the community as existing MENES holders redeem and stake, and as the treasury funds the community allocation.

Existing holders are protected

Menese already has a live token, menes_ledger at drgmr-ayaaa-aaaab-aereq-cai, distributed through an early public sale at $0.035 and an on chain staking programme. The DAO mints a new governance token, and a redemption canister exchanges the old token 1 for 1, funded from the treasury reserve.

Redemption covers every holder: MENES held directly, and MENES staked in the sale canister, principal and accrued interest alike, team members' own wallets included. The table of who is owed what is fixed at the existing ledger's block at the moment the NNS adopts this proposal, and is published with that block index and the script that re-derives it, so anyone can check it. The redemption canister is ecx5m-jaaaa-aaaak-qzfyq-cai. It exists today with no code, because its module takes the new ledger and governance as initialisation arguments and those do not exist until this proposal executes. Once the swap has finalised the module is installed with the published table, its module hash is published, and the canister is handed to the DAO by a RegisterDappCanisters proposal, after which SNS root is its only controller.

Redemption stays open with no deadline. Nobody who backed us early gets timed out of their position. The existing ledger keeps running through this vote and through the swap; because the table is fixed at the adoption block, a transfer of old MENES after that block changes nothing about who is owed what. Once the swap has succeeded, the existing ledger is retired: an upgrade refuses any further transfer, and the treasury burns its own holdings on it. The new token's 100,000,000 is the only supply that remains.

Governance

The voting reward rate is 0%. The supply is fixed and the DAO does not print new tokens to pay voters.