Optimism is electing its Security Council, and the deadline to vote is September 1st at 18:45 UTC.
Active Votes
Security Council Elections Cohort A Members — ends on September 1 at 17:45 UTC.
[Concluded] Upgrade Proposal #10 — Granite Network Upgrade
Earlier in August, Mofi, a protocol engineer at OP Labs, submitted an upgrade proposal (Granite Network Upgrade) in response to security vulnerabilities identified during a series of third-party security audits of the Fault Proof mechanism by Spearbit, Cantina, and Code4rena.
Although none of the vulnerabilities have been exploited, and user assets are not and were never at risk, the fallback mechanism was activated in order to avoid any potential instability while the vulnerabilities are patched.
The proposed upgrade included both a set of smart contract upgrades to fix the vulnerabilities identified in the audit as well as an L2 hardfork to improve the stability and performance of the fault proof system. The proposal passed quorum successfully, but there was a lot of debate surrounding it.
[Active] Security Council Elections
The elections for the Security Council members are ongoing and will conclude on September 1st at 18:45 UTC. You can find a roundup of all the nominees here and cast your vote on Agora.
Proposal Title: Rolling Mission Requests
Gonna, the Grants Council lead, submitted a proposal on behalf of the Grants Council that requests the Token House’s permission to use the ~1.7M unallocated OP to create additional Mission Requests throughout Season 6 if needed.
Cycle 26 Grants Preliminary Review Report
Gonna, the Grants Council lead, published a preliminary report for the Cycle 26 grants. The Grants Council received 29 new applications, and 24 carried over from the previous cycle.
Discuss with L2BEAT
We’re interested in discussing the situation around Fault Proof mechanisms and Granite upgrade with other Optimism stakeholders. We’re also in the process of deciding who we’ll be voting for in the Security Council elections, so if you’re a nominee, feel free to reach out to us to ‘pitch’ us on why you’d be a good fit.
When/where to catch us:
You can find us to discuss all of the above and more during our Optimism Office Hours every Tuesday at 3 pm UTC.
Upcoming Events (Times in UTC)
Code of Conduct Council Office Hours on 29.8 at 2:00 pm
Granite Network Upgrade Office Hours on 29.8 at 6:00 pm
Arbitrum continues buzzing with activity with several different initiatives moving forward at the same time. An important point to keep in mind is that there will be a need for a ~3 week moratorium of onchain proposals as Tally moves forward with the governor contract upgrades.
Active Votes
Onchain
Funds to bootstrap the first BoLD validator — ends on September 6 at 01:29 UTC.
ARB Staking: Unlock ARB Utility and Align Governance — ends on September 6 at 06:00 UTC.
Delegate to Voter Enfranchisement Pool — Event Horizon — ends on September 13 at 01:56 UTC.
Temp-check
Ethereum Protocol Attackathon Sponsorship — ends on August 29 at 18:49 UTC.
[RFC] Arbitrum DAO Procurement Committee: Phase II
Following the conclusion of Arbitrum DAO’s Procurement Committee’s (ADPC) original proposal (see their report here), the ADPC members have submitted an RFC proposing its extension for another six months. The overall budget request for the 6-month term will be USD 414,000, including OpEx.
The proposal outlines four different scopes that the ADPC II would tackle, including procuring RPC providers for projects building on Arbitrum and the continued management of the subsidy fund set up in phase 1.
[RFC] Extend Delay on L2Time Lock
Arbitrum Foundation has submitted an RFC extending the time delay between when the voting protocol has concluded and the time it takes for the successful proposal to be passed along by the system until it is in the right destination to be executed. The focus is on the L2 Core Time Lock contract that lives on Arbitrum One and proposes changing the delay from 3 days to 8 days, which effectively increases the delay by an additional five days. It’s important to note that the delay would only affect constitutional proposals, not those that move funds from the DAO’s treasury.
[RFC] Fund the Stylus Sprint
Entropy has submitted an RFC to present the one-time “Stylus Sprint” program, which aims to encourage the early development of Stylus smart contracts and tooling by awarding up to 5,000,000 ARB to teams that build with Stylus. An Evaluation Committee of five people will be responsible for creating lightweight RFPs in specific verticals and assessing applications.
The proposed sprint’s duration is 60 weeks, with eight weeks for applications. The total cost, including the program’s operational expenses and the grant money, is 5,150,000 ARB, which will be handled by an MSS-secured multisig.
[RFC] Delegate Incentive Program v1.1
Following a successful proposal to temporarily extend the delegate incentive program by two months, SEED has submitted an RFC introducing Delegate Incentive Program 1.1.
The key differentiators between the new and the old program are the following:
- The duration is one year instead of 6 months.
- A maximum monthly compensation of $7,000 per month per delegate (previously $5,000).
- Use of the MSS to administer the payments instead of a separate multisig.
- Delegates’ adherence to social agreements is included in eligibility.
- Feedback provided to a proposal at least 2 days before going to Snapshot will have more weight than feedback provided in the last day, or any day after.
- Attendance of the monthly open governance call and the biweekly discussions of proposals will affect scoring.
The proposal requests $4,421,000 for the whole duration, including a 30% buffer to account for price fluctuations. If you are unfamiliar with the original delegate incentive program, the proposal includes all the necessary details.
[RFC] Ethereum Protocol Attackathon Sponsorship
Rodrigolvc submitted an RFC that seeks funding from the Arbitrum DAO to support an “Attackathon,” a large-scale security audit event organized by the Ethereum Foundation and hosted on the Immunefi platform. The Attackathon will focus on enhancing the security of the Ethereum protocol through three phases: education, active code hunting, and result evaluation. This effort is crucial for ensuring the stability and security of Ethereum, which is vital for maintaining the reliability of projects on Arbitrum.
The DAO has two options for sponsoring the Attackathon, +75 ETH donation or +30 ETH donation, both of which come with their own perks. It’s important to note that this proposal will be paid in ETH, not ARB.
[RFC] STIP-Bridge Operational Budget
AlexLumley submitted an RFC that seeks the DAO’s approval to disperse 100,000 ARB for the operational expenses of the STIP-Bridge, as outlined in the original proposal. The 100,000 ARB was already allocated, and the funds are in the LTIPP multisig waiting to be distributed — no further funds will be needed from the DAO.
The breakdown of the 100,000 ARB is as follows:
- 58,200 for the 3 advisors (19,400/Advisor)
- 34,300 for the Program manager
- 5,000 for the proposal’s author, and
- 2,500 for the 5 multisig signers (500/signer)
[RFC] Synthetix LTIP Grant Extension Request
MattL submitted an RFC on behalf of Synthetix that requests an 8-week extension for its LTIP grant to align with the launch of Perps Multi-Collateral and distribute 900k ARB in trading fee rebates. This extension will run from September 9th to November 6th, 2024, aligning the deployment of the remaining grant funds with a major product launch.
Arbitrum Governance Upgrade Rollout & Timeline
In March, Tally received funding from the DAO to work on governance upgrades, which are now ready to be implemented. OpenZeppelin has already reviewed the implementation of the upgrade by ScopeLift to ensure it is secure. As the Security Member of the ARDC, OpenZeppelin recommends the following timeline and plan for the Rollout of the Arbitrum Governance Upgrade, based on the recommendations of ScopeLift, to prevent new proposal submissions during key stages of the upgrade.
You can learn more in the full post here.
GovHack ETHcc Brussels 2024 — Impact Report — Hack Humanity
Klaus from Hack Humanity published an extensive report on the impact of the GovHack Event that they facilitated during ETHcc in Brussels in July 2024. The report covers everything from how the event was planned to a breakdown of the associated costs and the media coverage during and after the event.
Discuss with L2BEAT
Multiple initiatives require delegate attention, and we’re keen to discuss all of them with relevant stakeholders. Furthermore, as the DAO Advocate for the ARDC, we’re interested in discussing potential requests that the ARDC could undertake during the last month of its engagement in September.
When/where to catch us:
You can find us to discuss all of the above and more during our Arbitrum Office Hours every Thursday at 3 pm UTC.
Upcoming Events
Arbitrum Needs Workshop hosted by ThankARB & Disruption Joe on 29.8 at 4:00 pm
Social Media Fellowship on 29.8 at 5:00 pm
ARDC Weekly Sync on 2.9 at 12:00 pm
Arbitrum Incentives Working Group on 4.9 at 4:00 pm
GCP Open Office on 5.9 at 4:00 pm
Social Media Fellowship on 5.9 at 5:00 pm
Uniswap is to vote on a second version of delegate incentives following the conclusion of Cycle 1 in August.
Active Votes
Onchain
Uniswap Delegate Reward Initiative — Cycle 2 — ends on September 3 at 03:01 UTC.
[RFC] Uniswap Delegate Reward Initiative — Cycle 2
Doo from Stablelabs submitted an RFC that outlines the Uniswap Delegate Reward Initiative — Cycle 2, a compensation program designed to improve participation quality and dedication among Uniswap delegates following the conclusion of Cycle 1.
All delegates can apply to receive incentives, but since the spots are limited to 15, only the top 15 most qualified delegates will end up receiving the incentives. Eligibility criteria are described within the proposal. Applications closed on August 27th.
Uniswap Foundation: Summary Q2’2024 Financials
Nataliara from the Uniswap Foundation published a summary of the Foundation’s Q2’2024 financials. On June 30, 2024 the Foundation had $36.81 million in USD and stables on hand and UNI 0.68 million (in UNI). The fiat (USD) cash and stables are to be used for grantmaking and operating activities, and the UNI is for employee token awards. The expected runway is until the end of 2025.
Uniswap-Arbitrum Grant Program (UAGP) Review Report
After the program ended, Fin from Areta published a review report on behalf of the Uniswap-Arbitrum Grant Program (UAGP). Since November 2023, the UAGP has allocated over $1m USD in funds to grantees, with roughly 48% of promised funds ($502k) remaining to be paid out upon the completion of grant milestones. The leftover project runway (bucket that funded new grants) of c.$400k USDC will be used partly to cover a last grantee and then either fully returned to the Uniswap treasury or rolled over into a future grant program, at the discretion of the DAO.
Discuss with L2BEAT
If there’s any initiative in Uniswap you believe we should be involved with, please reach out to us to discuss it.
When/where to catch us:
You can find us to discuss all the above and more during our Uniswap Office Hours every Friday at 3 pm UTC.
Hop to refresh the signers on the community multisig or ratify the existing ones if no new nominees come forward. Hop Grants Committee to soon publish RFPs.
Hop Dao Multi-sig Nominations
Hop’s community multisig has had the same signers for the past year. To prevent things from stalling, Francom, the Head of DAO Ops, published a post seeking new nominations for the multisig. If no new nominations exist, a vote will take place to ratify the existing members for another year.
Community Call Meeting Minutes
Thegreg.eth published a summary of the weekly community call that took place on August 21st. Some highlights from the call are:
- The Arbitrum grant is nearly completed, and about 35% of ARB tokens are used. The program will end in early September.
- The Hop Grants Committee is working on an RFP list.
- Hop V2 got a fresh deployment testing from improved efficiency. More details soon.
- DAO will soon need to evaluate the work of service providers and adjust their compensation accordingly.
Discuss with L2BEAT
We are keen to discuss and understand the extent of the Arbitrum grant’s impact on Hop with the responsible parties. Once published, we’re also happy to discuss the RFPs the Grants Committee is working on.
When/where to catch us:
You can find us to discuss all the above and more during our Hop Office Hours every Friday at 3 pm UTC.
Announcing the Farcaster Frame Innovators Program
Sov, the Head of Grants at Gitcoin, published a post to announce that Polygon is teaming up with Gitcoin to offer 500K MATIC for projects that push the boundaries of Farcaster Frames. Teams with a track record in consumer products, developers with a clear vision for integrating Farcaster Frames or projects that can drive real user adoption and transactions are called to apply here. For questions, you can join the dedicated Telegram Group they have set up.
Discuss with L2BEAT
If there’s any initiative in Polygon you believe we should be involved with, please reach out to us to discuss it.
When/where to catch us:
You can find us to discuss all the above and more during our Polygon Office Hours every Friday at 3 pm UTC.
The first ever token-holder vote is coming to Starknet in early September and it’s about staking.
Upcoming Staking vote
BoazStark published a post to announce that the first-ever vote on Mainnet for STRK holders will happen in early September, right after a test vote on September 2. The vote will be about staking on starknet, and token holders will vote on the minting mechanism and the protocol for modifying its parameters.
Staking on Starknet voting proposal
As part of implementing staking on Starknet, the first token-holder vote will be on the STRK token minting mechanisms. StarkWare has suggested implementing the Staking protocol using a specified minting scheme. Under said scheme, minting will only be done as part of the staking mechanism outlined in the proposal. This proposal does not suggest minting any tokens outside the staking scheme.
SNIP-15: Only an Account Can Call Its ‘Execute’
Ilia from StarkWare has submitted a proposal that suggests restricting Starknet so only an account can call its own ‘execute’ function, preventing internal calls from other contracts. Users act through their accounts via the ‘execute’ entrypoint. Being able to access the ‘execute’ of someone’s account is tantamount to acting on their behalf.
The current status quo is that all safe account implementations explicitly contain a line in their ‘execute’ entrypoint which enforces that the call is not internal. Accounts without this line are exposed to having others act on their behalf. The downside to the proposed restriction is that it will break any applicative flows that call an account’s ‘execute’ from a proxy contract.
SNIP-17: Tokenized Vaults
Nbundi published a post to discuss the proposed standard on “tokenized vaults” created under SNIP-17 and accessible on Github. Tokenized, yield-bearing vaults are a widely used pattern across many DeFi protocols including lending markets, aggregators, and interest bearing tokens on Starknet and beyond.
SNIP-17 defines a minimal API for tokenized (and yield-bearing) vaults focusing on the concepts of underlying ‘assets’ and ‘shares’ and required functions for the management of these concepts through protocols integrating the vaults or users themselves.
Discuss with L2BEAT
We’re looking forward to Starknet’s first vote, and we’re keen to discuss staking and its implications with other Starknet participants.
When/where to catch us:
You can find us to discuss all the above and more during our Starknet Office Hours every Friday at 3 pm UTC.
Following the establishment of Everclear’s Governance Task Force, activity starts ramping up for Everclear, with the flagship topic of discussion being the Security Council, but with other important proposals being discussed as well.
Active Votes
BootNode — no-code xERC20 Launchpad — ends on September 4 at 21:33 UTC.
[Proposal] BootNode — no-code xERC20 Launchpad
Mgarciap from BootNode has submitted a proposal to develop a no-code xERC20 Launchpad, a platform designed to empower teams building protocols, networks, coins, and dApps to launch or upgrade their tokens across multiple blockchains effortlessly.
The overall cost for the development comes to a total of $106,000 and it also includes the cost for a security audit. The proposed timeframe for completion is about 8–10 weeks for the product, with an additional 12 weeks earmarked for hosting and user support.
[RFC] — Everclear Security Council Upgrade
SEEDGov submitted an RFC that seeks to introduce improvements to the Everclear Security Council (SC) and the electoral system behind it. The highlights of the proposed changes are:
- The reduction of signers from 12 to 9.
- Introduction of a Security Council Lead position.
- Adding a requirement that SC members all have technical background.
- Introduction of remuneration for all members of the SC.
- Introduction of a contract that legally protects all SC members and their actions.
- Establishing a step-by-step electoral process for the Security Council elections.
The proposed remuneration for each member of the Security Council is the equivalent of $1,500/mo payable in $NEXT. The payments will be made from a 3/5 multisig established by the GTF, with the 3 members of the GTF, as well as a member of the Everclear Foundation and a delegate.
[RFC] Everclear Security Task Force
GNSPS from Creed submitted an RFC that seeks to introduce Everclear’s Security Task Force, which will be responsible for ensuring the security and integrity of the Everclear system and operations. The proposal is both a standalone proposal but also a preliminary application to Everclear’s Security Council for the position of the Security Council Lead and is structured as such.
The total requested compensation comes to a total of $428,00/year paid in $NEXT, with 20% paid at the start, and the remaining 80% vested linearly over the period of one year.
[RFC] Introducing CLEAR bonding — the NEXT token upgrade
Vending_Machine submitted an RFP that proposes two upgrades to Everclear’s token, following the rebranding from Connext to Everclear:
- A native token upgrade from NEXT to CLEAR, to complement the new Everclear protocol.
- A purpose-built vote bonding system that is tailored for Everclear’s clearing protocol.
This proposal introduces a new mechanism — vote bonding, which is an evolution of standard vote escrowing systems. Unlike veTokens, vote bonded tokens can be unlocked from vesting early at a discount, and the rewarded action is more aligned both for stakeholders and the Everclear protocol.
Everclear Governance Task Force — Communication Thread
SeedGov, the Program Manager of the Everclear Governance Task Force (GTF) published a communication thread on behalf of the GTF. In the post, delegates and other interested parties can find information on the Governance Task Force and how to communicate with its members, as well as updates on the work the GTF is undertaking.
Everclear DAO Financial Updates from DAOplomats
Baer from DAOplomats, the Treasury Officer of the Governance Task Force (GTF), published a financial update for Everclear’s DAO, as per the mandate of the GTF. The report covers the time period between January 2024 and July 2024 and can be found here.
Understanding Next token supply
Jengajojo from DAOplomats published a post that goes over the token supply of NEXT and its breakdown of the circulating supply. That is useful information to have, given the proposal to rebrand the token from NEXT to CLEAR.
Updates from ongoing proposals
The following proposals have posted an update on their progress under the respective threads of the original proposals.
Inverter Network Partnership
Ethereum2077 xERC20 Research
Nebula’s Long-Term Marketing Collaboration
Discuss with L2BEAT
As the Operations Officer for the Governance Task Force, we’re interested in discussing any of the ongoing proposals with other delegates and Everclear stakeholders. If there’s anything you’d like to discuss, please let us know.
When/where to catch us:
You can find us to discuss all the above and more during our Everclear Office Hours every Friday at 3 pm UTC.
Wormhole’s governance is still new, but things are starting to move.
Prospective Community Call Hosts
Following the first ever Wormhole Community Call, GFXLabs published a post that invites parties interested in hosting a Wormhole community call to indicate their interest. Once an official Wormhole DAO calendar has been established, those calls will be added to it.
Discuss with L2BEAT
We’re happy to discuss Wormhole’s governance with other delegates and stakeholders, so please reach out to us if that’s you. We do not have a dedicated Wormhole Office Hours call yet, but we’ll set one up as activity starts picking up.
