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DAOs: Wyoming DAO Law is live, Aave introduces new Snapshot space, Uniswap’s DeFi Education Fund proposal passes, API3 authoritative DAO is live on mainnet, Balancer launches on Polygon, Compound votes on long term contributor, KyberDAO discussing new fee liquidation system, Index Coop’s fundraising, and more!

Paradigm
Paradigm
Published in
39 min readJul 10, 2021

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Biweekly report on decentralized autonomous organizations vol.3, 26th June — 10th July

TL;DR

  • Wyoming DAO Law is live: DAOs are recognized as a new form of company in in Wyoming. American CryptoFed DAO is the first DAO to gain approval in the crypto-friendly state
  • Uniswap’s DeFi Education Fund proposal passes: With a final count of 79,681,052 votes in favor to 15,040,585 against, the Uniswap community has agreed to fund a US-based 501(c)4 with 1 million UNI tokens to provide grants for political, educational, and legal engagement
  • Uniswap and Compound consider governance parameter changes: Compound proposal #52 would reduce the threshold to submit proposals to 65,000 COMP, while a Uniswap snapshot proposal advocates for higher quorum requirements
  • Compound community considers onboarding first permanent DAO contributor: Proposal #51 would initiate a streaming payment to Getty Hill for past and future work on Compound’s oracle system. While, Compound TUSD proposal raises concern of suspicious market and voting activity
  • Aave introduces new snapshot space for off chain polling and voting on proposal on Oracle improvement for pegged assets
  • Balancer Protocol has launched support on the Layer 2 solution Polygon to reduce gas costs
  • API3 authoritative DAO & staking live on mainnet
  • Commons Stack uses PAN to fuel community fund
  • BancorDAO co-investment proposals have been passed. Bancor secrets explained: V3, Polygon, Arbitrum, and much more
  • KyberDAO discussing new fee liquidation system. Kyber DMM liquidity mining is live. Coin98 Wallet integrates Kyber DMM
  • Index Coop proposes metagovernance committee to ensure active voting. Furthermore, Index Coop announced a strategic treasury diversification which will bring on board a handful of crypto-focused VC firms and wealth management experts
  • LidoDAO considers renewal of Unslashed insurance coverage for stETH
  • BadgerDAO’s BIP 60 rejected and BIP 61 approved. BadgerDAO x UMA
  • Gnosis Protocol v1 solvers going down
  • Idle’s IIP-10 single token staking proposal has been approved. Furthermore, the community launched the Communications & Marketing Pilot League to foster community engagement
  • Akropolis’s AIP-011 is still under discussion
  • mStable’s PDP 25 and PDP 26 have been successfully passed
  • Active proposals: Aave, Compound, Uniswap, Index Coop, LidoDAO, mStable, Nexus Mutual, Synthetix, BancorDAO, Proof Of Humanity
  • New & ongoing discussions: Akropolis, Balancer, Curve, GnosisDAO, GitcoinDAO, MakerDAO, PieDAO, PoolTogether, Yearn Finance, API3, Idle, Kleros, KyberDAO, Yam Finance
  • 15 ways the world is being transformed by DAOs
  • ‘DAO first capital formation’ by Kain Warwick of Synthetix
  • ‘The Rise of Decentralized Autonomous Organizations: Opportunities and Challenges’ by Aaron Wright
  • ‘The Meta-governance DAO’ by Ben Schecter
  • ‘The ABCs of DAOs’ by Theodor Macu
  • The overview of Humanode’s DAO
  • The recording from the Virtual DAO Summit
  • Podcasts on DAOs
  • And more!

Overview

Blockchain technology is already radically transforming the financial system. However, properties such as trustlessness and immutability aren’t only useful in monetary applications. Another potential application is governance. Blockchains could enable entirely new types of organizations that can run autonomously without the need for coordination by a central entity.

“Instead of a hierarchical structure managed by a set of humans interacting in person and controlling property via the legal system, a decentralized organization involves a set of humans interacting with each other according to a protocol specified in code, and enforced on the blockchain.” – Vitalik Buterin

DAO stands for “decentralized autonomous organization” and can be described as an open-source blockchain protocol governed by a set of rules, created by its elected members, that automatically execute certain actions without the need for intermediaries.

In simple terms, a DAO is an organization that is governed by computer code and programs. As such, it has the ability to function autonomously, without the need for a central authority.

Like how DeFi is programmable money and how NFTs are programmable media, DAOs are programmable organizations of people.

DAOs Ecosystem Statistics

Deepdao.io

Top DAOs

The rating is currently headed by Rarible, Balancer and BarnBridge Governance. Two weeks earlier the first position was occupied by BarnBridge Governance.

DeepDAO.io
  • Top active organizations this week sorted by decisions:
DeepDAO.io
  • Top active organizations this week sorted by discussions:
DeepDAO.io

Read & Listen

Frameworks

Aragon

15 Ways the World is being Transformed by DAOs: It’s difficult to understand just how revolutionary DAOs are unless you’ve attempted to navigate financial regulation, set up a payroll or establish a charity. The latter can take years and involve recruiting trustees, choosing an organizational structure, writing a governing document and getting approval from the national Charity Commission with supporting documents and proof of income. In contrast, a fully-operational Aragon DAO with a transparent treasury and direct democracy of all members is a sovereign digital jurisdiction, which can be funding projects within 5 minutes. DAOs are not government-subsidized like charities, but what might be added by subsidies can be subtracted multiple times over in time and administration costs. As society grasps just how easy it is to self-organize in this way, we will see a Cambrian explosion of activity that will do for organizations what the internet did for communication.

Colony

There were no essential news and updates these weeks.

The Common Stack

Commons Stack Uses PAN to Fuel Community Fund [Panvala Observer Weekly Newsletter]: Griff Green of Commons Stack speaks on public goods, Conviction Voting, and how Commons Stack is using PAN to fund grants chosen by their community.

Read more about Commons Stack’s mission and approach here, and watch Griff speak more to the value of public goods here.

Get the latest updates in Commons Stack Review: Sprint 18 Water-Meadow:

Daohaus

Cut out the DAObt & Come Play DAO Money Games in the HAUS (the latest DAOhaus Newsletter): spokespeople of FederatedDAOs & GoodHart’s Forrest come together in Felipe’s lovely Garden, a breadth of exciting releases coming out the HAUS.

Visit the campaign which will bring the DXdao and DAOhaus communities closer together and establish a home for $HAUS token on SwaprETH here.

Summer of DAOs… Haus Party Gettin’ Hotter (HausParty — Season 2, Episode 8):

Moloch

There were no essential news and updates these weeks.

OpenLaw

Decentralized Autonomous Organizations, or DAOs, via OpenLaw and NEAR [SpaceCastsPod with Priyanka Desai, Aaron Wright and Illia Polosukhin]: DAOs are entities that run on blockchains, make decisions collectively and probably never meet face to face. It’s like corporations run over Discord, or as if Facebook Groups had money to spend. Priyanka Desai and Aaron Wright have started several for-profit DAOs that invest in companies and digital art via their startup OpenLaw and Illia Polosukhin, a co-founder of a blockchain called NEAR, is creating a sort of congress of DAOs in his ecosystem.

Governance

Aave

Aave Performance & Governance Update: the Aave Protocol closes week 27 of 2021 with $17.2 billion of liquidity:

AAVE Snapshot Voting: AAVE is adding a tool to its governance tool box with the rollout of a Snapshot space. Controlled by the aave.eth ENS domain name (such that is controlled by AAVE governance), the Snapshot space will be used as support for AAVE on-chain governance rather than as a replacement.

The announcement post in the AAVE forum hints at this tool playing a role in the asset listing process. But, any user with at least 1 AAVE worth of total voting power will be able to make a proposal so we will see what the community decides to use it for!

The Aave snapshot will empower participation from all $AAVE holders in the ecosystem In addition to $AAVE and stkAAVE (already included in on chain votes), $aAAVE (collateral in Aave money markets), AAVE and aAAVE on @0xPolygon, and stkBPT will be included in voting power.

Any user with at least 1 AAVE worth of voting power (from any of the sources above) can submit a proposal I’d encourage the community to follow these best practices: — neutral phrasing — sufficient review + voting time — full information and links to forum threads.

Active proposals

  • Oracle Improvement for Pegged Assets [end Jul 17: Vote]

New Aave Request for Comments (ARC) discussions

  • Announcement: Aave Snapshot Space [Discuss]
  • Aave Snapshot Space [Meta] [Discuss]

Ongoing ARC discussions

  • Add support for $FEI as a lending currency [Discuss]
  • Give depositors the choice to disable lending of the assets they deposit on aave [Product] [Discuss]
  • Add support for UNI Token into AAVE Polygon market [Product] [Discuss]
  • Add XSGD support as Collateral [Product] [Discuss]
  • Add support for NMR [Product] [Discuss]
  • Add support for DeFi Pulse Index (DPI) [Product] [Discuss]
  • Add PAX Gold (PAXG) Collateral & Borrow Support [Product] [Discuss]
  • Add support for LINK, KNC, ZRX on Aave Polygon Market [Product] [Discuss]

New Aave Improvement Proposal (AIP) discussions

  • Aave Risk DAO [Meta/Strategy] [Discuss]
  • Add Support for BOND (BarnBridge) [Product] [Discuss]
  • Add support for Neutrino USDN (USDN) [Product] [Discuss]
  • Provide better oracle mechanism for stablecoins [Development/Strategy] [Discuss]

Ongoing AIP discussions

  • Add Support for stETH (Lido) [Product] [Discuss]

Latest governance topics on governance forum.

Akropolis

Akropolis Weekly Update (July 3 and July 9): a new UI update!

Ongoing discussions

The following mechanism aims to give stakers the ability to withdraw parts of their rewards anytime during the vesting period- at varying cost, raise funds for development/marketing and organically reduce the amount of tokens in circulation- which in turn to help the price of $AKRO:

Latest governance topics on governance forum.

API3 DAO

https://deepdao.io/#/deepdao/topLevel/api3daov1.aragonid.eth

API3 Authoritative DAO & Staking Live on Mainnet: API3, a decentralized API service for Web 3.0, has officially launched its DAO, which will have “full control over the project.”

Below is an excerpt from a previous blog post of theirs explaining why decentralized governance is so important to the project:

[Decentralized governance] is especially critical for oracle solutions because it’s unavoidable for them to have off-chain components (as they integrate the off-chain to the on-chain). These off-chain components make them prone to complete budget intransparency, corruption and fraudulent business practices. Therefore, an oracle solution should be deliberately designed in a way that its off-chain (centrally governed) components submit to its on-chain (decentrally governed) components, and not the other way around. The on-chain, decentralized governance holding the keys to the treasury is the ultimate way of achieving this.

API3 June development report is out: All three audits from Solidified, Quantstamp and Team Omega are now finalized. This ended up being a usefully diverse combination, where Solidified gave an initial vote of confidence, Quantstamp provided a broad coverage, and Team Omega was much more DAO/governance-focused and went even beyond the scope of a regular security audit

API3 have achieved a feature-complete version of the DAO dashboard this month, which supports three main user flows:

  • The user doesn’t have time to keep up to date with governance or they don’t want to vote actively. Then, the user stakes and delegates their voting power, and continually receives staking rewards without additional interaction.
  • In addition to staking and receiving rewards, the user actively participates in governance by voting on proposals.
  • The user is a contributor to the project and makes DAO proposals, for example to fund their efforts.

The presentation Mason Burkhalter gave at APIdaysGlobal, introducing hundreds of API providers to blockchains, smart contracts, oracles and how they can benefit from diving into this space:

Also check out the recent article about staking rewards mechanics: The DAO & Staking, Part IV.

https://deepdao.io/#/deepdao/dao/api3daov1.aragonid.eth/toplevel

There were no active API3 governance proposals these weeks.

Latest governance topics on governance forum.

Bi-weekly Community Call — 8th of July 2021:

Badger DAO

https://deepdao.io/#/deepdao/dao/badger.aragonid.eth/toplevel

Badger DAO Biweekly Newsletter #21: ibBTC on Polygon, Convex, Extended Rebase Mining, Gitcoin Grants 10.

Check out the DeFi Deep Dive #9: Badger DAO on DeFi Llama.

BadgerDAO x UMA: Rebase Mining & KPI Options Phase II+: In partnership with UMA, BadgerDAO will be extending the Rebase Mining event in perpetuity beginning on July 1st, with adapted drop criteria to incentivize buyers and holders over time. The article details the specifics of the ongoing rebase event and how to participate and earn more DIGG.

https://app.boardroom.info/badgerdao.eth/overview
https://deepdao.io/#/deepdao/dao/badger.aragonid.eth/toplevel

Closed Badger Improvement Proposals (BIPs)

Also check out Rari Capital’s proposal: Whitelist BadgerDAO as Pool Creators [Closed July 2: Read the proposal / Voting results]:

  • Badgers get a location to borrow against native assets without losing governance or boost benefits
  • Rari gets an incentivized and bootstrapped Fuse pool

To read more about the different proposals and take part in the decision, check out the governance forum.

Upcoming events: The DIGG Dojo is open for business every Tuesday from 12:00PM — 1:00PM EST.

Balancer

https://deepdao.io/#/deepdao/dao/balancer/toplevel

The latest Balancer Report:

Balancer is live on Polygon! Balancer Joins Polygon’s Summer of DeFi with $10 Million in Joint Token Incentives:

Balancer Protocol has launched support on the Layer 2 solution Polygon to reduce gas costs. Polygon (MATIC) has seen strong user adoption this year with major DeFi projects like Aave, SushiSwap, and Curve deploying there.

With near-zero fees to make a trade, unique experimentation for pools becomes possible. When gas fees are high, it can be cost-prohibitive to create, join, or exit pools. Furthermore, aggregating liquidity across several uniquely composed pools is impractical due to the extra gas required for each included pool. But on Polygon, those costs are driven toward zero, and the unique value proposition of Balancer as the ultimate flexible AMM is more easily realized.

👉 Try Balancer Protocol on Polygon now 👈

Polygon’s popularity surged this year when protocols like Curve, Aave, and SushiSwap launched on the network. Balancer is the latest Ethereum mainstay that’s hoping to leverage Polygon’s low fees. Similar to Curve, Balancer uses liquidity pools that allow DeFi traders to swap between assets. Its unique feature is that it offers pools with multiple assets rather than just the two, which is common practice across other automated market makers.

DeFi Will Replace a Lot of Traditional Finance Services: Interview With Balancer: CryptoPotato talks with Balancer’s Head of Growth, Jeremy Musighi, about 2021 bull market, Ethereum 2.0, and DeFi as the future of finance.

https://app.boardroom.info/balancer/overview
https://deepdao.io/#/deepdao/dao/balancer/toplevel

Closed proposals

Ongoing discussions

  • Enhance Awareness and Accessibility [Discuss]
  • Balancer V2: Authorize Gnosis Protocol V2 Contracts as a Vault Relayer [Discuss]
  • [RFC] Liquidity Mining Committee to Be Granted Greater Flexibility With BAL Rewards Management [Discuss]
  • [RFC] Staking of BAL for Economic and Governance Benefits [Discuss]
  • [RFC] Use GTC from Ecosystem Fund to Provide GTC/WETH Liquidity on v2 [Discuss]
  • [Pre-RFC Discussion] LP & BAL holder incentive alignment [Discuss]

Latest governance topics on governance forum.

Bancor

Understand Bancor — A Real Passive Income for Token Holders: on passive income on Bancor:

  • Impermanent loss protection is a killer feature for passive liquidity providers. This is the Bancor’s unique value proposition.
  • Comparative analysis between Uniswap and Bancor pools shows that liquidity providers on Uniswap often end up with less money than they would have by “hodling”, while liquidity providers on Bancor always outperform a buy-and-hold strategy when full impermanent loss protection is achieved.

Single-sided exposure combined with impermanent loss protection turns Bancor pools into interest-bearing accounts for token holders who can enjoy their guaranteed passive income.

Check out the updated Bancor staking guide: $RNB holders can now single-side stake without worrying about impermanent loss and earn trading fees whenever someone swaps in the pool on Bancor. Impermanent loss insurance on Bancor is engaged after you keep your liquidity in the pool for 30 days and full impermanent loss protection is activated after staking for 100 days. With full impermanent loss insurance, holders can benefit from any price increases in $RNB and simultaneously earn trading fees.

Let’s Talk Liquidity: Episode Two with Mark & Nate from Bancor: Nat Hindman (Head of Growth, Bancor) and Mark Richardson (Research Lead, Bancor) discuss DeFi platforms, Layer 2 networks, and the future of the relationship between Wootrade and Bancor:

BANCOR Secrets Explained: V3, Polygon, Arbitrum, and Much More:

Community Call Summary — July 1, 2021:

Active proposals

Closed proposals

New and ongoing discussions

  • Whitelist BBS with External IL Protection [Discuss]
  • Whitelist DAPP Network (DAPP) w/ 500k Co-Investment and External IL Protection [Discuss]
  • Whitelist Arcona XR Metaverse [Discuss]
  • Targeted LM Campaign for FARM to capture Buyback Mechanism [Discuss]
  • Proposal to Whitelist Token Pillar (PLR) with 50K BNT co-investment [Discuss]
  • Extend LM on the BAT pool [Discuss]

To read more about the different proposals and take part in the decision, check out the gov.bancor.network

Compound

Compound Labs releases Treasury service to improve business and fintech access to defi yields: The idea is simple: a fixed 4% APR on US dollars, with daily liquidity and none of the complexity of crypto.

Compound TUSD Proposal Raises Concern of Suspicious Market and Voting Activity: A wallet believed to be owned by Justin Sun has used borrowed COMP tokens to support his recently acquired TUSD stablecoin, and makes up the majority of the TUSD market.

While protocol governance is usually carried out with minimal drama, the Compound protocol has seen some intrigue in the past week surrounding a proposal to increase support for TrustToken’s TUSD stablecoin.

TUSD had previously been onboarded in Proposal 45 with no borrowing power (0% collateral factor) or COMP incentives for borrowers or lenders. The low cost and risk to the protocol made this relatively uncontroversial, with only two abstentions and no one voting against.

Proposal 45

But below the surface, there were some questionable tactics actions surrounding the onboarding and usage of the cTUSD market.

A wallet widely reported to belong to Tron founder Justin Sun was one of the first depositors to the new cTUSD pool after onboarding with a $60 million commitment. Over time this market share has grown, now comprising over $100 million in value and over 95% of total TUSD deposits.

Compound TUSD Market

While deposit activity is generally beneficial for Compound (deeper stablecoin liquidity benefits borrowers), this case presents some risk due to the single user’s huge influence on the pool and ability to effectively control utilization and interest rates. Of greater concern is the wallet’s other engagement with the protocol lending markets and governance, which touches on several of Compound’s weak points.

The user has borrowed nearly $10 million in voting tokens (37,000 COMP), which presents two issues for the protocol. First, the cCOMP market only allows for borrowing up to 100,000 COMP in total, and once this limit is reached borrowers can effectively be paid for removing liquidity due to the protocol’s ongoing incentives for the cCOMP pool. The community is now considering removing this borrowing limit, which would allow additional borrowing to drive up market interest rates to an equilibrium level, and hopefully make non-economic borrowing more costly.

However, removing the borrow cap on COMP would potentially increase risk from this address in other ways. In addition to earning an effective 5% yield on the COMP they borrowed from the protocol, they have also used the borrowed tokens to help push through the TUSD onboarding proposal. So any loosening of COMP borrowing limits could give the wallet owner greater influence in the protocol.

This is all coming to a head now due to the TUSD team’s recent proposal to increase TUSD borrowing power and introduce liquidity incentives. Based on the ~115 COMP per day proposed allocation to the cTUSD market and 50/50 split between suppliers and borrowers, this single user would be on track to receive over 50 COMP in rewards per day solely from their TUSD deposit.

https://www.withtally.com/governance/compound

Compound Considers Onboarding First Permanent DAO Contributor: Compound is currently holding a vote to establish Getty Hill as its first long-term paid contributor. Proposal 51 would initiate a streaming payment to Getty Hill for past and future work on Compound’s oracle system.

While certain protocols such as MakerDAO have embraced long term employment, the vast majority of DAOs are still taking an ad hoc approach to talent acquisition. In Compound’s case, this has included one off grants and bounties funded by the Compound Grants committee, as well as invoices attached to certain governance proposals (most notably Gauntlet’s Proposal 30 which allowed for direct COMP transfers to grantees along with a request for a 1,000 COMP allotment to cover costs and future engagements).

These initiatives have been largely considered a success. But a series of informal or short term engagements may not be the best framework for handling all aspects of DAO management.

Proposed grantee Getty Hill’s work for the protocol so far has represented just such a case. After the wave of DAI market liquidations last November, caused by reliance on a single price feed from Coinbase, the community agreed that oracle improvements were necessary. But there were a wide variety of potential solutions, ranging from adding additional feeds to the open oracle system to transitioning to new oracle providers such as Chainlink or Band.

Getty took proactive steps to investigate and spec out potential options, drive community discussion forward, and settle on a final implantation that was acceptable to COMP holders. This was driven by a results oriented approach to oracle safety rather than catering to pre-set deliverables. And the work on Compound oracles will continue well into the future, with potential improvements needed such as migrating the oracle’s fallback reference price from Uniswap v2 to v3 as liquidity shifts.

Considering the ongoing work involved in maintaining and improving Compound’s oracle infrastructure, Getty has proposed a streaming grant of ~500 COMP per year to join as a retained contributor. If this proposal is adopted, we could see a wave of further contributor streaming payments. Compound has a wide range of responsibilities such as risk management and asset onboarding that could be well suited for a longer term engagement.

Governance faces some operational risk of paying streams entirely in COMP tokens, due to potential price changes pushing the rate of compensation above or below fair market value. But with a large and growing warchest of stablecoins (currently over $20 million) earned from their money markets, Compound has the flexibility to structure payments with a balance between stability and incentive alignment.

Compound Consider Governance Parameter Changes: Compound proposal 52 would reduce the threshold to submit proposals. Following on shortly after Proposal 51, Polychain Capital has commenced a new Compound vote intended to broaden access to governance. The new proposed limit of 65,000 COMP is still a considerable sum, amounting to over $25 million at current prices. Additionally, based on current delegation statistics it would allow only 1 additional address to meet the proposal threshold, with total potential proposers rising from 9 to 10.

While this doesn’t change the delegation landscape too much, it makes community autonomous proposals significantly easier to organize. In Compound based governance systems, vote delegation extends to only one degree of separation from the original token holder; delegates can’t re-delegate votes received from a third party. This helps minimize gas expenses and reduce governance complexity, but also severely hamstrings the autonomous proposal mechanism as only token owners rather than delegates can offer support.

Most recently, this dynamic played out with Compound’s Proposal 47 which upgraded the oracle system to use Chainlink feeds. While the proposal was submitted as an autonomous proposal, it relied on Polychain’s 300,000 votes in support to be submitted as a full governance vote. With a lower submission threshold, it becomes more feasible to gather support from small community members.

https://app.boardroom.info/compound

Active proposals

Closed proposals

New discussions

  • TrueUSD proposal update proposal [Development] [Discuss]
  • Remove cCOMP borrow cap [Development] [Discuss]
  • Using the 2.8% seize fee for B.Protocol backstop automatic market maker (B.AMM) [Development] [View]
  • Add MKR as a market: thoughts and discussion [Product/Development] [Discuss]
  • IIP-XX: Data Economy Index (DATA) [Product] [Discuss]
  • MVI x MetaFactory Merch Drop [Marketing] [Discuss]
  • Setting Up a Simple Indices Pod [Staffing] [Discuss]
  • CDWG — Request for funding (1st July to 1st October) [Staffing] [Discuss]

Ongoing discussions

  • Add markets: stETH [Product] [Discuss]
  • New Listing Proposal: PAXOS Stablecoin (PAX) [Product] [Discuss]
  • Oracle Contributor [Treasury/Product] [Discuss]
  • Permissionless Listing / Isolated Markets [Product/Strategy] [Discuss]

Latest governance topics on governance forum.

Curve

Closed proposals

New and ongoing discussions

  • CIP#xx — Enforce Curve’s IP Rights [Discuss]
  • CIP#55 — To make the community fund self sustaining [Discuss]
  • CIP#67 — Remove alUSD gauge [Discuss]
  • Whitelist the Frax Curve AMO Contract [Discuss]
  • Increase Admin Fee on pools which receive rewards from the CRV gauge [Discuss]

To read more about the different proposals and take part in the decision, check out the forum.

Gitcoin

https://www.withtally.com/governance/gitcoin

Architecting & BUIDLing the GTC Token Distributor: Read the update about Gitcoin tools.

Grants Round 10 Finale & Retro W/ Vitalik: Join the Gitcoin team and special guests as they wrap up Grants Round 10 and talk Quadratic Funding:

Closed proposals

  • Future Salaries (an Ethereum salaries widget) in addition to Grants [Closed Jul 9: Voting results]
  • Multi-language support（关于多语言支持的提案) [Closed Jul 4: Voting results]

New and ongoing discussions

  • Should VC funded projects get CLR matched funding? [Discuss]
  • Gitcoin builds GitcoinDAO; GTC Incentive Proposal [Discuss]
  • $oneGTC — a stablecoin for the Gitcoin community [Discuss]
  • Gitcoin Seasons [Discuss]
  • Second Claim Window for $GTC [Discuss]
  • Implement regular opinion polling of grant contributors [Discuss]

To read more about the different proposals and take part in the decision, check out the governance forum.

Gnosis

https://deepdao.io/#/deepdao/dao/gnosis.eth/toplevel

Gnosis Protocol v1 solvers going down: August 1st, 2021, the solvers operated by Gnosis running on Gnosis Protocol v1 (Mesa) will be deprecated in favor of those running on Gnosis Protocol v2.

Gnosis client development team Joins Erigon (formerly Turbo-Geth) to Release Next-Gen Ethereum Client: While putting greater resources toward this effort, Gnosis will deprecate the OpenEthereum legacy codebase and work on a migration path for all existing users.

Check out EulerBeats x Gnosis Safe: A Case Study in Collective NFT Ownership by Beth McCarthy, Marketing Manager at Gnosis.

https://app.boardroom.info/gnosis.eth/overview
https://deepdao.io/#/deepdao/dao/gnosis.eth/toplevel

There were no active GnosisDAO Improvement Proposals (GIPs) these weeks.

Ongoing discussions

  • Should GnosisDAO upgrade governance platforms? [Discuss]
  • Gnosis <> Hats collaboration: Proactive security for smart contract > Next Steps [Discuss]
  • Grant Application — Safe CSV Airdrop [Treasury] [Discuss]

Find out the latest GnosisDAO proposals here.

MEV wtf Gnosis Protocol: Cowswap:

Idle

https://www.withtally.com/governance/idle

IdleGov Biweekly Update — 06/29/21 [BW15]:

Closed proposals

To read more about the different proposals and take part in the decision, check out the governance forum.

Index Coop

The Index Cooperative Completes $7.7m Treasury Diversification Led by Galaxy Digital & 1kx: Index Coop announced a strategic treasury diversification which will bring on board a handful of crypto-focused VC firms and wealth management experts. Joining 1kx and Galaxy are 1confirmation, Defiance Capital, Assembly Capital, LD Capital, Wintermute, Laconia Ventures, and former wealth management executive Phil DiIorio.

Index Coop continues to be a project to watch. In particular, keep an eye on this proposal to form a Metagovernance Committee that will ensure Index leverages its metagovernance powers to their fullest extent.

View from the Nest #33: The newsletter aims to share what we’ve been up to week by week in the Coop, highlighting progress across products, governance and the Index community as a whole.

View from the Nest Podcast #19: On this week’s episode AG and Dark Forest talk a little about the BED index passing DG2 and heading towards launch, discussing the pros and cons of the current setup and the DAO to DAO (D2D) collaboration. There’s time at the end to discuss Bitcoin vs Ethereum and why one has been selected as legal tender in El Salvador over the other.

Conversations with the Coop — Simone Rigolon — Impermax Finance: The transcription of the live conversation between the host, Crypto Texan, and Simone Rigolon.

The Daily Gwei Refuel #159: Index Coop raise, EIP-1559 date and much more:

https://app.boardroom.info/index/overview

Active proposals

Closed proposals

New discussions

  • Launching iETH-FLI — The Ethereum Inverse Flexible Index [Product] [Discuss]
  • Proposal for the creation of the People, Organization and Community (POC) WG [Staffing] [Discuss]
  • MVI Liquidity Mining — July 2021 [Strategy/Treasury] [Discuss]
  • Relentless focus: Q3–2021 Priorities [Strategy] [Discuss]
  • Launching the Index Coop Protocol Ambassador Program [Meta-Governance] [Discuss]

Ongoing discussions

  • IndexCoop Rari Capital Fuse Pool: Formal Proposal [Strategy] [Discuss]
  • Working Groups v1.1 [Staffing] [Discuss]
  • Uniswap V3 — research and recommendations [Strategy] [Discuss]

Find latest Index Coop proposals here.

To read more about the different proposals and take part in the decision, check out the governance forum.

Kleros

https://app.boardroom.info/kleros/overview

There were no active KIPs these weeks.

Ongoing discussions

  • Bounties for building Kleros arbitrated dapps [Discuss]
  • Using categories to help enable non-binary answers [Discuss]
  • Building out Linguo’s user and juror base [Discuss]

Proof Of Humanity:

Active Humanity Improvement Proposals (HIPs)

  • Proof Of Humanity Was instituting the “Mission Board” with an interrim board a good decision? [end Aug 27: Vote]

Closed HIPs

  • Am I legit? [Closed Jul 9: View]
  • When are we ready to choose a PM? [Closed Jul 9: View]
  • HIP-20: Add Proof Of Humanity login mode to cryptoauth.io [Closed Jun 27: View] HIP-19: Code of Conduct for PoH Telegram channels [Closed Jun 28: Vote]
  • HIP-16: Make admin roles of communication platforms eligible [Closed Jun 28: Vote]

KyberDAO

Rainmaker: Kyber DMM Liquidity Mining is LIVE! After much anticipation, Rainmaker, Kyber DMM’s very first liquidity mining program, has officially begun! Kyber DMM is also being deployed on the Polygon Network for the first time.

Coin98 Wallet Integrates Kyber DMM: To share the benefits of Kyber Network’s latest liquidity protocol to as many liquidity providers as possible, Kyber DMM has been integrated on Coin98 Wallet to reach its hundreds of thousands of users around the world. Coin98 Wallet is a decentralized, non-custodial, multi-chain crypto wallet and DeFi gateway; provided as an all-in-one, multi-function wallet application.

Closed proposals

  • Setting DMM fee configuration for the DAO to take 10% of the fee [Closed Jun 29: Voting results]

Ongoing discussions

  • New KyberDAO Fee Liquidation System [Discuss]

Find out all proposals here. Check them out on GitHub.

Lido

Active Lido Improvement Proposals (LIPs)

Closed LIPs

New and ongoing discussions

  • Continue LDO Reward Initiative With 3,750,000 LDO for stETH/ETH Curve LPS [Discuss]
  • Diversify liquidity pools to boost stETH integrations [Discuss]
  • Diversification of DAO Treasury [Discuss]
  • LEGO — Translation Initiative [Discuss]
  • LEGO: stETH Integration on Tempus [Discuss]
  • LEGO: Lido stETH Uniswap V3 Pool [Discuss]
  • LIP-3: Easy Track Motions v2 [Discuss]

To read more about the different proposals and take part in the decision, check out the governance forum.

MakerDAO

Making Maker: June 2021: June saw a number of Maker Governance polls and votes, and several community updates in the Maker Forum, including those regarding MakerDAO Core Units and their budgets. The Maker Foundation, meanwhile, continued to focus on its dissolution, making quick progress in completing its remaining administrative tasks.

Governance Poll: The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors:

Executive Vote: The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol:

Ongoing discussions on Maker Improvement Proposals (MIPs)

  • MIP55: Special Purpose Fund (SPF ☀️) [Discuss]
  • MIP39c2-SP16: Adding Maker Portfolio Core Unit — MPCU-001 [Discuss]
  • MIP13c3-SP11: Onboarding a new collateral type backed by B.Protocol v2 (Declaration of Intent) [Discuss]
  • MIP40c3-SP22: Modify Maker Portfolio Core Unit Budget [Discuss]
  • MIP41c4-SP17: Facilitator Onboarding, Maker Portfolio Core Unit [Discuss]
  • MIP40c2-SP18: Add Core Unit Budget, CPM-001 [Discuss]
  • MIP39c2-SP14: Add Strategic Marcomms Core Unit [Discuss]
  • MIP39c2-SP15: Adding AmaZix Marketing Core Unit, AMZX-001 [Discuss]
  • MIP40c3-SP19: Growth Core Unit Budget, GRO-001 [Discuss]

and many more!

Read more about the different proposals and take part in the decision.

Governance Portal , Governance Forum

Analytics:

The Maker community hosts weekly governance Q & A sessions. All are welcome to attend and learn more about how Maker governance works.

MakerDAO events calendar here.

mStable

https://deepdao.io/#/deepdao/dao/mstable.aragonid.eth/toplevel

mStable Community Call 008–30 June 2021: 8th Community Call with special guest Eugin from DeFiance Capital:

https://deepdao.io/#/deepdao/dao/mstable.aragonid.eth/toplevel
https://app.boardroom.info/mstable/overview

Active proposals

  • Contractual Upgrade for Cat Herders [end Jul 11: Vote]

Closed proposals

Ongoing discussions

  • Should we consider adding ETH mAsset (mETH)? [Discuss]
  • Alchemix alUSD/mUSD fPool [Discuss]
  • Improve mStable Accessibility and Increase MTA Utility & Value Accrual [Discuss]
  • Re-igniting the Save Liquidation Discussion [Discuss]

To read more about the different proposals and take part in the decision, check out the governance forum.

Nexus Mutual

Nexus Mutual Newsletter — 6th July 2021: Proposed Roadmap for Investment Hub; the Nexus Mutual community <> Hats collaboration; and more.

So you bought some crypto, now what? Nexus Mutual Founder, Hugh Karp breaks down how to earn that yield but without all the risk.

Risk Pieces: Crypto Lenders: Hugh Karp, highlights risks related to Crypto Lenders and how you can protect yourself against them:

Active proposals

  • Should we move forward with Nexus Mutual Community <> Hats Collaboration: Next Steps? [end Jul 16: Vote]

Vote on governance proposals to decide the future of the protocol here.

To read more about the different proposals and take part in the decision, check out the governance forum.

Synthetix

June 2021 Monthly Update: Governance: In accordance with SIP-137, elections were held past month for all three Synthetix governing bodies (Spartan Council, grantsDAO, ambassadorsDAO). This epoch’s election featured a near-record high turnout with several close races as well as some turnover within all three DAO’s, including one fairly recognizable new face on the Spartan Council.

The Synthetix governance framework also saw continued evolution last month. SIP-141 formalizes the responsibilities and role of the grantsDAO, and also lays out plans to expand the scope of initiatives supported by the grantsDAO. It is expected that the ambassadorsDAO will follow suit in the near future.

While the grantsDAO and protocolDAO have been folded into a decentralized governance model, the synthetixDAO has yet to be incorporated into that framework. To address this, SIP-155 builds upon the decommissioning of the Synthetix Foundation and lays out a plan for the deprecation of the synthetixDAO and proposes to replace the legacy synthetixDAO with two new decentralised governance bodies: The Treasury Council and the Core Contributor Committee. If passed, this SIP will put all aspects of Synthetix governance under the control of token holders.

Parenthetically, last month we also saw the governance dilution mechanism utilized for the first time. For those who aren’t familiar, dilution is a process that allows SNX stakers to dissent on the decisions made by their chosen Spartan Council delegates by diluting their voting power for any specific SIP or SCCP. To see this mechanism effectively utilized in the governance process is a true testament to the power and decentralization of the Synthetix governance framework.

DAO First Capital Formation by Kain Warwick, the founder of Synthetix: DAOs are becoming much more common and investors are getting comfortable with them, but they are launched in a way that is different from what people expect from an investable company. You have the pre-DAO period before the DAO is instantiated where all you have are a bunch of meatspace agreements, some explicit and some tacit. These agreements dictate how control of the DAO will be distributed based on who has contributed what. The instant the DAO contract is deployed and the governance distribution is crystalised, token holders have control of decisions. This can be strange for someone who is used to investing in an incorporated entity and reading the documents to understand the cap table and who your counterparties are. As a seed investor in a DAO, you are committing to invest in something that doesn’t yet exist, it is not until tokens are distributed that the DAO actually exists.

The key outcome you want from a DAO formation is that it be sufficiently distributed from the moment it is instantiated, that it is acting as a coordination mechanism rather than a control mechanism. A DAO should transmute community preferences into tangible outcomes. While this ensures the project is protected from external capture, it also creates risk for all parties because people contributing capital have minimal to no recourse outside the DAO itself and people contributing ideation and effort have no direct control over “their” idea. But if the DAO is launched in a legitimate fashion you have a platform where all parties can come together to coordinate the next phase in the project. If the DAO structure and token allocation properly aligns incentives, the launch of the DAO should cement this coordination rather than unravel it. It also forces all stakeholders to cooperate to ensure the best outcome. One of the dangers of launching a DAO is that a new project is unlikely to have a strong community and this could lead to a scenario where very few people are taking the initiative to help progress the project, but this is offset in the nascent stages as you have a small group of people all coordinating to achieve an outcome and communication is fairly easy. As the project scales communication will become harder and this will necessitate slowing down and being more explicit and deliberate about communication. The tradeoff is that the project will have gathered many more resources by this time, in terms of asset value and human engagement from the community.

https://app.boardroom.info/snxgov.eth/overview

Active proposals

Closed proposals

Ongoing discussions

  • SIP 146: Add Synth Supply Caps [Parameter Change] [View]
  • SIP 147: Adding sMATIC [Product] [View]
  • SIP-142: Deprecate binary options contracts [View]

New proposals

  • SIP 152: Spartan Council Dilution Bug [Development] [View]
  • SIP 148: Upgrade Liquidation Mechanism [Product] [View]
  • SIP 155: Deprecating the synthetixDAO [Meta] [View]
  • SIP 156: Chainlink Debt Pool Oracle [Product/Development] [View]
  • SIP 157: Ambassador DAO Mandate [Meta] [View]

To read more about the different proposals and take part in the decision, check out the governance forum.

Pie DAO

https://deepdao.io/#/deepdao/dao/0x0c188B183FF758500D1D18B432313d10e9F6b8a4/toplevel

Closed proposals

  • Treasury Farming Initialization [Closed Jul 4: Read the proposal / Voting results]: This proposal introduces the role of the Treasury Farming Committee, as an independent board of professionals formed to provide suggestions to PieDAO on ways of allocating and utilizing its Treasury.

Ongoing discussions

  • PIP-57: $SCALE index creation [Discuss]
  • PIP-47: USD++ Migration To PieVault & Rebalance [Discuss]

To read more about the different proposals and take part in the decision, check out the governance forum.

PoolTogether

https://www.withtally.com/governance/pooltogether

Closed proposals

New discussion

  • PTIP-25 POOL pool Boost and GUSD drip [Treasury] [Discuss]
  • Charity Pool where proceeds go to charity determined by governance [Meta/Product] [Discuss]
  • Coordinape for Core Contributors [Staffing/Meta/Treasury] [Discuss]

Ongoing discussions

  • PTIP-24: Revised saving the little fish (phase 1) [Strategy/Product] [Discuss]
  • PTIP-23: Add The Poolside Bar [Treasury] [Discuss]
  • PTIP-22: Operation 10x, Saving The Little Fishes (phase 1) [Discuss]
  • Community Poll- How best to get prizes to small holders [Strategy/Development] [Discuss]
  • Financial Reporting ideation [Other/Treasury] [Discuss]

To read more about the different proposals and take part in the decision, check out the governance forum.

Uniswap

https://www.withtally.com/governance/uniswap

The DeFi Education Fund & Uniswap Governance: With a final count of 79,681,052 votes in favor to 15,040,585 against, the Uniswap community has agreed to fund a US-based 501(c)4, called the DeFi Education Fund, with 1 million UNI tokens to provide grants for political, educational, and legal engagement. [Results]

It is worth noting how the DeFi Education Fund proposal fits into the broader conversation about Uniswap governance that has been taking place simultaneously. Arguably the two most important parameters in the Uniswap governance design are: (1) the Proposal Submission Threshold, i.e. amount of UNI a participant must hold to submit a proposal for consideration via Temperature Check vote, and (2) the Proposal Quorum Threshold, i.e. the amount of UNI that must vote in favor of a proposal in its final stage for it to be officially passed and implemented.

On June 10th — during the deliberation process about what would become the DeFi Education Fund — Uniswap Proposal #4 officially passed, lowering the Proposal Submission Threshold from 10 million UNI to 2.5 million UNI. Harvard Law Blockchain and Fintech Club has over 10 million UNI delegated to them so they were able to start the Temperature Check process for what would become Uniswap Proposal #5 without “the help” of the parameter change.

As noted above, Uniswap Proposal #5 passed with almost double the amount of affirmative votes than required by the Proposal Quorum Threshold. (Indeed, there was enough votes from just four voters/delegates to reach the 40 million UNI threshold.) Similarly, Uniswap Proposal #4 passed with 90 million affirmative votes.

In response to this seemingly out-of-balance governance design, a new proposal from Penn Blockchain is making its way through Uniswap’s governance process to raise the Proposal Quorum Threshold. Penn Blockchain notes that there is nearly 183 million UNI currently delegated and argues that raising the threshold to somewhere around 60–70 million would “ensure that there is sufficient amounts of consensus before any proposal passes.” The proposal has passed the Temperature Check stage already, but it is unclear when it will proceed to the Consensus Check stage.

Thus, there is a chance that the DeFi Education Fund vote — which was the largest non-liquidity mining DAO treasury disbursement ever — may turn out to be the last Uniswap proposal passed with both the 10 million UNI Proposal Submission Threshold and the 40 million UNI Proposal Quorum Threshold.

Does that context make it any less legitimate? No, of course not — the rules are the rules and they were followed. However, it does add a bit more color to the DeFi Education Fund vote’s place in Uniswap’s specific governance history as well as that of DAO governance as a whole. As the entire ecosystem learns from each other in real-time, fully digesting context is paramount.

Uniswap faces difficulty with governance parameter changes. As Uniswap still relies on the non-upgradable Governor Alpha mechanism, the proposed increase to quorum requirements would require moving to a new contract (potentially a Governor Bravo version to avoid further migrations in the future).

Penn Blockchain, the student delegate group leading this effort, has justified the increase based on the general increase in delegated voting power since Uniswap governance launched last fall. On the other hand, most UNI voting power is still held by investors and team members (either directly or through delegation to others). Raising quorum requirements could allow these holders to block proposals through inaction, instead of being forced to actively vote against proposals they take issue with.

While this change will likely have a limited impact on governance outcomes, it’s encouraging to see more protocols take an active interest in their voting infrastructure. Ensuring governance safety and alignment requires an evidence based approach to parameter selection, and Uniswap’s recent parameter change proposals seem to be heading in this direction.

https://app.boardroom.info/uniswap/overview

Active proposals

  • Consensus Check: Raise the proposal quorum threshold [end Jul 11: Vote]
  • Consensus Check: Community-Enabled Analytics via Yield-Generating Investment Strategies [end Jul 10: Vote]

Closed proposals

  • DeFi Education Fund [Treasury/Strategy] [Closed Jun 29: Voting results]

New discussion

  • Increasing range of LP position with extra token reserves [Product/Parameter Change] [Discuss]
  • Temperature Check — Should the 0.1% or 0.15% fee tier be introduced [Parameter Change] [Discuss]

Ongoing discussions

  • Temperature Check — Turn the FEE SWITCH ON for V2 Pools That Were Incentivized [Strategy] [Discuss]
  • Temperature Check: Larger Grant Program Construct // Community-Enabled Analytics + No Negative Net UNI [Treasury/Other] [Discuss]
  • Governance Proposal 005 — DeFi Education Fund [Strategy/Treasury] [Discuss]
  • Proposal to refine vote withdrawal procedure [Discuss]

Yam Finance

Yam Brief 17: Breaking Down uPUNKS, Yam Synths Punk Fiction. Plus New uSTONKS and more!

Last week’s community call was joined by the founder of NFTX Alex Gausman: Alex shared his thoughts on their v2, the wider NFT market, how users can easily earn yield or hedge their CryptoPunk exposure with uPUNKS on Yam Synths, and the upcoming Punk Fiction drop:

Closed proposals

Check out the latest YIPs discussions here.

Yearn Finance

https://deepdao.io/#/deepdao/dao/yearn/toplevel

Yearn Finance Newsletter #39:

https://deepdao.io/#/deepdao/dao/yearn/toplevel
https://app.boardroom.info/ybaby.eth/overview

There were no active proposals these weeks.

New and ongoing discussions

  • yUSD integration on APWine [Discuss]
  • New ETHv2 Vault strategy with StakeWise [Discuss]

Check out the latest YIPs discussions here.

MISC

It comes after Wyoming lawmakers voted in March to pass a bill allowing DAOs to be officially registered in the state. The law affords these entities — which are governed by smart contracts and dispense with the hierarchical control structure seen in traditional companies — the same rights as a limited liability company. The bill came into effect on July 1, 2021.

https://www.americancryptofed.org/

The DAO law also solidifies Wyoming’s reputation as the most crypto-friendly U.S. state. Last year, it was the first in the US to issue a state charter for crypto banks and has already licensed two: Kraken and Avanti.

“Wyoming is the leading digital assets jurisdiction in the USA, and now, with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world,” said Marian Orr, CEO of the American CryptoFed DAO, in a press release accompanying the announcement.

  • Tracer DAO Raises $4.5 Million: The round is supported by Framework Ventures, DACM, Maven 11, Apollo Capital, Distributed Global Ventures, Paperclip Fund and Supernova. GSR and Efficient Frontier have also joined the round as strategic market making partners.
  • Check out the overview of Humanode’s DAO:
  • Check out the recording from the Virtual DAO Summit: A platform for leaders in crypto to identify the most pressing issues for DAOs and community strategies for resolving those issues:
  • TOP SIGNAL: DAO Dudes | Cooper Turley, Lucas Campbell, Callum Gladstone, James Waugh:
  • 0x Protocol launches grants program:

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Main Sources

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Snapshot

Tally

That’s all for today! Your feedback is highly appreciated!👥

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