Flipside Governance Recap | 07 April 2023
Welcome to the Flipside Governance Team Recap. Here you’ll get a full view of what we‘re up to each week, from penning proposals to publishing research to our all-important voting activity & rationales. Enjoy!
🚨 Team Highlights
Flipside Changes Roles in MakerDAO
MakerDAO’s Pregame Constituion (MIP101) was ratified recently and deprecated the Recognized Delegate program. The new Arbitration Scope requires constitutional delegates to become pseudonymous, which does not correspond to Flipside’s value of openness and transparency.
We have formally stepped down as Recognized Delegates and thank all our delegators for their trust in our team and the opportunity to represent them in this venerate institution.
Flipside Governance intends to abide by the rules of constitutional conservers, and hopes to join a qualified CVC in this first quarter while continuing to evaluate opportunities as a team.
We are excited to contribute in new ways, and further leverage our investment in MakerDAO.Since notifying the community, many other delegates have followed suit — notably ConsenSys and StableLab.
There are new token economics, participants, and more importantly — governance structures. A few ways in which entities can engage in MakerDAO now:
- Constitutional Delegate (CD) — must be pseudonymous and abide by a stringent neutrality mandate.
- CVC Member — join existing CVCs and help formulate MakerDAO strategy and policy.
- CVC Founder — entities can create their own committees, which are the bodies defining Maker’s future roadmap.
We as a governance team are excited to witness and contribute to the next iteration of MakerDAO.
📰 Governance News of the Week
Aave Gets Butter(y)
Aimed at better rewarding qualified delegates in the Aave ecosystem, Butter — a team founded by notyourhandle and lajarre has mobilized new and existing delegates within Aave.
Investing a $15,000 grant from Aave Grants DAO, Butter seeks to elect and monitor the work of one delegate over the next three months.
This incentive experiment has been noticed by many, attracting new participants such as Blockworks Research, ConsenSys, TokenLogic, and more.
Flipside — among other qualified candidates — is towards the front of the race, with the Snapshot vote expiring Monday 04/10 at 12:00 pm ET. If you’ve worked with our team or see our results, please consider supporting our candidacy.
Shoutout to Lajarre, a co-founder of Butter, who has used Flipside’s data to monitor the vote:
https://flipsidecrypto.xyz/lajarre/butter-x-aave-delegate-election-gMEwvs
Check out his killer Dashboard and get the latest on the status of the vote!
📊 Analysis of the Week
Stagnant Governance Tokens In Optimism
Many users made their desire to become an official Optimism Delegate known when the official delegate commitment first appeared on the Optimism forum on 7 May 2022. In the following weeks and months, users delegated their OP tokens to these delegates to vote on their behalf. Now, nearly a year has passed.
What percentage of these tokens are delegated to delegates that are still voting? What percentage of tokens are delegated to delegates that have maintained an active voting record?
We used Flipside’s Snapshot voting data to create an analysis to break down delegations / voting power by date of last vote and number of total votes cast.
Most delegated OP tokens aren’t being used in governance.
While there have been 93 proposals on the Optimism Collective Snapshot space, over half (55.11% or 170.7m tokens) of delegated OP tokens are delegated to a voter who has only cast 1 vote in total. Another 101.3 m or 32.75% of tokens are delegated to users that have voted on 10 or less proposals.
The last vote in the Optimism Collective space ended on 18 January 2023, so no user has cast a vote since then. However, delegates that control 67.62% of the total voting power have not voted in the last 6 months. This is a considerable chunk of tokens that have not recently participated in governance.
Active Optimism delegates, now is your time to shine and increase your delegations!
📜 Flipside Governance Activity
Outro
For more all-around governance content, be sure to follow us on Twitter or here on Medium. We’ll keep you updated.
Hear, hear! If you dig the work we’re doing for our partner DAOs and want to delegate to us, click the links below to get to the delegation page:
If you are interested in joining the Flipside Governance team, we are always listening — DM @flipsidegov on Twitter.
