Flipside Governance Recap | 08 July 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 🚨
- Raph kicked off MakerDAO Delegate Open Office Hours, which attracted many delegates and key CU members. Office Hours allow delegates and contributors to discuss protocol changes and proposals in an open forum.
Research and Content ✏️
- Osmosis Governance | Part 2: Profile of a Governance Participant: Jess follows up last week’s Osmosis Governance Part 1 with a deep dive into participant profiles. What do the holdings of an average governance participant look like? What percentage of active wallets on Osmosis Zone participate in governance? Do they also provide liquidity and make swaps on the Osmosis Zone application? Check out all the Osmosis data in this piece to find out!
Governance News for the Week 📰
- Aave Proposes Introduction of Native Stablecoin: Aave Companies submitted a proposal to introduce a native decentralized, collateral-backed stablecoin, GHO, pegged to USD. GHO would be launched on the Aave Protocol, allowing users to mint GHO against their supplied collaterals. GHO would be backed by a diversified set of crypto-assets chosen at the users’ discretion, while borrowers continue earning interest on their underlying collateral.
- MakerDAO Passes Proposal to Onboard Huntington Valley Bank Originated Loans: MakerDAO passed a proposal to onboard HVB loan syndication collateral to Maker. This proposal, which allows HVB to borrow up to 100M in DAI by depositing collateral, supports Maker’s push towards diversification in yield-generating collateral through RWA.
- Wonderland Community Votes to Invest $25M into Sifu Vision: The DeFi protocol Wonderland has passed a governance vote to invest in Sifu Vision, a crypto project founded by Wonderland’s former treasury manager. Sifu was the second biggest voter, contributing 51k TIME tokens (of the 321k votes in favor) to the vote which promised the benefits of Sifu’s “management and communications” skills.
Governance Charts of the Week 📊
SUSHI — Breakdown of SUSHIPOWAH
Interesting proposal from @Tangle in the SushiSwap forums this week to clarify and redefine quorum thresholds. Sushi members clearly want more clarity on the governance process and more visibility into SUSHIPOWAH distribution and holders.
Flipside created a dashboard for SUSHIPOWAH distribution, proposal outcomes, and voting power buckets a few months back. Data shows that there are ~19,000 potential voters, representing $92mm SUSHIPOWAH. Out of 267 past proposals, 43 (16.10%) reached quorum.
Osmosis — Governance Participation
Many communities struggle with low governance participation. Check out Osmosis Zone, which may be one of the top crypto communities for participation. Outside of Dec ’21-Feb’21, at least 80% of active wallets on any given day have voted on at least one governance proposal!
Flipside Governance Activity 📜
The Flipside team voted in quite a few proposals this week, highlighted by the Huntington Valley Bank RWA onboarding by MakerDAO. 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 apply to be a contributor!
