Flipside Governance Recap | 05 August 2022
Welcome to the Flipside Governance Team recap! Here’s a weekly summary of heady governance activity, our hard-hitting research & data analysis, and key news stories across the broader governance space.
Team Highlights 🚨
- Flipside Crypto Delegate Platform: The team launched a delegate platform on Aave. We believe that Aave is a pinnacle of Ethereum DeFi and its success means success for the greater industry. Learn about our team and what we offer to Aave as a delegate.
- Maker Delegate Happy Hour: Raphael joined the Maker Delegate Happy Hour as the first-ever featured guest! Learn about his crypto journey and his thoughts on everything from crypto payment rails, to bridges, to RWF core units.
Our Research and Content ✏️
- EthCC 2022: The French Dispatch: Fig talks about his experience at EthCC in Paris. Didn’t make it? Learn about the parties, people, merch, and (most importantly) why the event has us excited for the future of DAOs. His French may suck, but that didn’t stop him from making the most of the event!
Across the Industry: Governance News of the Week 📰
- Uniswap Labs Alum Proposes Uniswap Foundation: The foundation’s mission is to support the decentralized growth and sustainability of the Uniswap Protocol and its supporting ecosystem and community. The budget request is $74M in total, which includes a $14M operating budget and a $60M expanded Uniswap Grants Program over 3 years.
- Aave Gives the Greenlight for GHO: Proposed by Aave Companies, GHO is a native decentralized, collateral-backed stablecoin pegged to USD. Approximately 501,000 AAVE tokens were used to cast votes in support (99%), with just 12 addresses in opposition. The AAVE token price rose 15% over the past week, including a 4% surge within 24 hours of the GHO vote.
- MakerDAO Proposes Changes to Delegate Compensation: Maker, which paved the way for delegate compensation, is debating an increase in compensation and an adjustment to compensation metrics. Max total compensation would be raised from 12,000 to 25,000 DAI (per month), with the potential to earn MKR.
Flipside Governance | Analysis of the Week 📊
Velodrome (🚴,🚴) is an AMM (Solidly fork) with the goal of becoming the primary trading and liquidity marketplace on Optimism. Any $VELO holder can vote-escrow their tokens (from 1–4 years) and receive $veVELO (also known as veNFT) in exchange. $veVELO voters choose which pools get emissions and receive the trading fees / bribes collected by the pairs they vote for.
@thekakamora created a fantastic dashboard analyzing Velodrome Finance Locks. The graph below shows the distribution of tokens locked daily from Jun 19th-Jul 16th based on their locked duration. Of the 4 possible lock durations, the most common selection was the maximum duration (4 yrs), representing 33.74% of the total tokens locked. The 1 year lock option, on the other hand, had the lowest total number of tokens locked (14.1% of total tokens).
The graph below shows the top pools by how many votes they received over the same period. In total, 149M votes were cast across all top 10 pools. The vAMM-VELO/USDC pools accounted for 28.21% of votes and the Top 2 pools (vAMM-VELO/USDC and vAMM-OP/USDC) accounted for over half (51.67%) of votes.
Flipside Governance Activity 📜
Here’s a recap of the proposals we voted on and the rationale for our votes:
If you are interested in joining the Flipside Governance team, please email us at governance@flipsidecrypto.com or ping @avimeyers on Twitter.
Also, check out our new job posting for a Governance Contributor on Ethereum here!
