Flipside Governance Recap | 24 June 2022

Welcome to the Flipside Governance Team recap! Here’s a weekly summary of heady governance activity, hard-hitting content we published, and key news in the broader governance space.

Team Highlights 🚨

Last Wednesday, Fig spoke on a panel at DAO NYC about Treasury Management!

Our internal team voting process launched on Realms this week. We will be leveraging the tool for governance in the Solana protocols that we participate in.

Research and Content ✏️

• What the fork?: Sushi, Uni, & the Impact of DAO Governance (6/23): Michael takes a deep dive into two technically similar protocols — Uniswap and SushiSwap—to understand the history, evolution and impact of governance processes on their evolution

Governance News for the Week 📰

• Solend Overturns Vote to Take Over At-Risk ‘Whale’ Wallet: Solend DAO has invalidated a previous vote that would have let it access a “whale” wallet that was allegedly putting the protocol at risk. The original vote, which lasted just 6 hours, faced fierce backlash from the community due to its abuse of power and violation of self-custody.
• Bancor Pauses Impermanent Loss Protection: Bancor DAO “temporarily” paused impermanent loss protection due to “hostile market conditions” on Sunday, without putting the change up for a community vote. The removal of the IL protection, which attracted many users to the protocol’s LP pools, comes at a time when users likely needed it the most.
• Lido DAO Explores ‘Two-phase voting’ Proposal: The proposal is designed to mitigate the risk of a “last moment vote” attack, in which the attacker gathers the minimum support value of the LDO token (5% of supply) to deploy in the last voting block, ensuring execution of the desired outcome. The proposal would split voting timeframe into two phases: general and objection phase.

Flipside Governance Activity 📜

The Flipside team had a few notable proposals underway, highlighted by tons of activity (11 proposals!) for Maker. 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!