Flipside Governance Recap | 4 November 2022
Welcome to the Flipside Governance Team Recap! Here’s a weekly summary of heady governance activity, hard-hitting research & data analysis, sprinkled with key news from the broader governance space.
Team Highlights 🚨
- ConsenSys on Govy Show #8: This week the team was joined by David and Cam from ConsenSys where they talk how they got into DAO’ing, DAOlationships, protocol censorship, and MORE.
- Solana Breakpoint Lisbon: Avi to sit on ‘How Much Transparency Is Enough in DeFi Governance?’ panel on Sunday 5.30pm GMT. Also accompanied by Jess and Ian hacking in houses, and avoiding octopus hotdogs. If you missed the Flipside crew and want to chat, please shoot us a message! We stan MonkeDAO btw.
Across the Industry: Governance News of the Week 📰
- Cosmos Hub ATOM 2.0 Vote Goes Live: The Cosmos community officially moves forward with the ATOM 2.0 whitepaper, which was released on September 26, 2022. This document marks the transition to the next phase of the Cosmos Hub as an infrastructure service platform, and a renewed role for ATOM as preferred collateral within the Cosmos Network.
- Japan Digital Ministry to Create DAO for Web3 Exploration: In a November 2 meeting the agency announced they had established a DAO in an effort to explore “the functions and roles” of a DAO. The group added it would consider the benefits and challenges of granting the DAO legal status in Japan 👀.
- A16z Files Amicus Curiae in CFTC v. Ooki DAO case: A16z state in their brief that the Ooki DAO lawsuit is an “untested application of legal principles” and could “impact the future of this emerging technology far beyond the matter at issue”. The VC firm is also seeking permission from a federal court to join an ongoing lawsuit.
Flipside Governance | Analysis of the Week 📊
With the recent election of Ian (d0bby) to the Marinade Grants Committee, let’s turn to look our Marindade Governance Analytics dashboard built by banbannard and d0bby.
Marinade Finance is one of the largest liquid staking protocols on Solana. Users stake their SOL to receive ‘marinated SOL’ (mSOL) to use in DeFi. Plus users can un-stake and retrieve their SOL at anytime. Nice.
Users also have the option to purchase the protocol’s MNDE governance token, which is then locked into an MNDE NFT Chef. With a Chef NFT you can create and vote on the DAO’s proposals on Tribeca.
Figure 1 shows that the cumulative MNDE locked over time has been steadily increasing. Total locked MNDE is currently at 109.5M or ≈ 75% of the circulating supply.
This means that an increasing number of users are eligible to partake in Marinade’s governance.
$MNDE was first released on September 30th 2021, only accessible via liquidity mining (35% total supply) or on secondary markets…until now.
Coinbase announced on October 20th that 2022 they will soon list both MNDE and mSOL on the CEX. This a huge market expansion for Marinade and we can expect MNDE purchases and locking to boom. More MNDE locked, more eligible governors, more community input to the development of the DeFi protocol. Governance on Solana comin’ for ya!
Additionally as more MNDE is vested according to Marinade’s tokenomics, this trend should compound.
Let’s go Marinade!!
Flipside Governance Activity 📜
For more all-round 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.
