DAOs: Ethereum merges, Protocols pause ETH borrowing ahead of the Merge, GitcoinDAO elects Steward Council v2, Synthetix opens Council Elections, Coinbase pitches to MakerDAO, SushiSwap’s Head Chef compensation proposals, Uniswap considers deployment on zkSync and Aurora, KlimaDAO helps draft ‘DAO bill’, Optimism enters Season 2, PoolCollective Governance Committee approved, Bancor’s proposals regarding the Merge failed, and more!
Biweekly report on decentralized autonomous organizations vol.33, 2d September — 16th September
TL;DR
- Ethereum has successfully merged to Proof-of-Stake. Protocols pause ETH borrowing ahead of the Merge: A proposal to pause ETH borrowing passed on the Aave. Furthermore, a proposal passed in Compound to mitigate merge risks for their v2 ETH market
- Aave’s AIPs live for Retroactive v3 Funding & Adding stMATIC to Polygon v3. While Llama asks for 2.5M from Aave
- Aragon DAO sponsors Kyiv Tech Summit. Voting on the proposal to “Honor ESD Commitments” has closed. Proposal on the future of AN DAO governance updated
- Compound’s proposals 122, 123, 124 executed. Risk Parameter Changes for FEI proposal looks to adjust risk parameters for FEI at Compound. Compound Treasury launches borrowing for institutions
- Balancer’s BIPs 56–68 closed. Messari presents the new report of Balancer LP annualized
- MakerDAO Governance reduced the stability fee for WSTETH-B Vaults to 0%. Coinbase has posted a proposal to the MakerDAO forums that would have the DAO deposit 1.6B USDC into Prime — its institutional platform
- Gitcoin GitcoinDAO elects Steward Council v2. GR15 kicks off and runs until Sept 22.
- Bancor DAO voted to not take any action regarding the Merge. Bancor Simulator Tutorials is live
- PoolTogether’s proposal that outlines the creation of the PoolCollective approved. PTIP 81: Extend ETH/POOL LP on Uniswap V2 for 60 days at a rate of 150 POOL per day approved
- GnosisDAO’s GIPs 61 & 62 approved
- PieDAO [Epoch-11] MerkleTree Notarization is vali
- IdleDAO’s IIP-25 Reduce LM for Best Yield and Fund restructured leagues passed
- Kleros KIP-55: Update Random Number Generator accepted. “How to Build in Web3” course launched
- LidoDAO’s proposal to enable bridging wstETH to Arbitrum and Optimism approved
- Protocol Guild are awarded 500 ETH, over 1/3 MolochDAO’s treasury
- Colony announced Cohort 2 of DAO Club
- mStable’s TDPs 48, 49 & 50 passed. MCCP 25: Increase Governance Fee Flow to Treasury approved
- The Nexus Mutual’s proposal 180: Sell the mutual’s ETH PoW assets open for voting
- Synthetix opens Council Elections. SIP-271: System Wide Suspension — Proof Of Stake approved. SCCP 230 that increase number of serving Ambassadors from three to five passed
- Uniswap community considering deployment on zkSync and Aurora. Effective accountability for Uniswap governance report is out
- Yam’s Yam Core Development — Phase #2 proposal declined
- Index Coop’s IIP-163: Update Investment Account Multisig & Operations Account Multi-Sig approved
- Hexens engineering team has completed an audit for api3.org.
- SushiSwap: Head Chef Compensation proposals
- KlimaDAO engaging with lawmakers in the United States
- ApeCoin’s AIP-89: Improved Delegation Experience proposal looks to create a more robust and dedicated delegate experience
- TribeDAO’s controversial TIP-121b: Fuse Hack Payment Process
- Optimism Kicks Off Season 2. The Governance Fund resumes voting with Voting Cycle #6
- NFT marketplace Sudoswap unveils governance token and retroactive airdrop
- Near Protocol forms working group to promote DeFi governance
- SyndicateDAO launches “Collectives”, their first social networking & community building primitive for web3
- Active proposals: Compound, Index Coop, MakerDAO, Synthetix, Uniswap
- New & ongoing discussions: Aave, Balancer, GitcoinDAO, PieDAO, mStable, Yam Finance, Curve, Yearn Finance, Nexus Mutual, LidoDAO, BancorDAO, Akropolis, GnosisDAO, PoolTogether, API3, Idle, KyberDAO, BadgerDAO, Kleros
- 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
Top DAOs
Like two weeks ago, the rating is headed by Uniswap and BitDAO.
Global stats
Leading DAOs by votes
Read & Listen
- Describing power in DAOs by Samantha Marin
- DAOs are APIs for Organizations by carlosdp.eth
- Organizational transformation for dYdX by Joana7459
- Nouns’ next governance iteration: dynamic quorum
- Effective Accountability for Uniswap Governance from Other Internet
- Contributors Need To Be More Accountable to the DAOs They Serve by John Morrow
- Tribes and Endgames: DAOs Stretching Themselves by Luca Prosperi
- How do we measure community health in DAOs? from RnDAO
- Accrual Accounting for DAOs from LoupeDAO
- Except by Consent of the Governed from Volt Protocol
- Major DAOs in Solana Ecosystem from StableNode
- Digital Cities from Metropolis
- ImpactDAO Are Shaping the Future of Regenerative Organizations from BanklessDAO
- Sharing insights: Governance Learning Forum 2022 by 0xdeniz
- Major DAOs in the Polygon Ecosystem from StableNode
- Tornado Cash: What web3 Needs to Know by Katie Haun
- The exchange theory of web3 governance from RMIT Blockchain Innovation Hub
- The New PoolTogether DAO Part II: Team Compensation
- Using jokedao for soft consensus in governance
- Compound Treasury Launches Borrowing for Institutions
- Instantiate Krause House Governance 2.0
- ENS Endaoment RFP
- DAO Governance Education Gitcoin Round
- Optimism Season 1 Proposals — Retrospective
- Gitcoin August 2022 Financial Report from Llama
Podcasts
- Best Practices for Operating a DAO w/ Dennison Bertram on Rehash Podcast
- MakerDAO Onchain Governance Tooling on DAO Governance Education Podcast
- Delegated Voting in DAO Governance on DAO Governance Education Podcast
- Minimizing Governance w/ Pet3rpan on Seed Club Podcast
- Scaling Socialware w/ Julia Rosenberg on Seed Club Podcast
- Allocating Treasuries w/ Jango on Seed Club Podcast
- Incentivizing Contrarianism w/ David Phelps on Seed Club Podcast
- Tokenized Communities and Creator Ownership, with Jihad Esmail of ForefrontDAO on The Ownership Economy Podcast
- Breaking Down The Merge and Why it’s Just the Beginning for Ethereum w/ Jon Charbonneau on DAOn the Rabbithole Podcast
- Non-Financial Use Cases for Tokens w/ David Phelps on Rehash Podcast
- BanklessDAO Governance 2.0 w/ 0xJustice on DAO Governance Education Podcast
- Stablecoin Decentralization and Governance w/ Ameen Soleimani & Sam Kazemian on The Flywheelpod
- MCON2 Denver Day 1 & Day 2
Frameworks
Aragon
Recent blog posts and news
- Aragon is sponsoring the Kyiv Tech Summit, a hackathon helping solve tangible, on-the-ground issues to help Ukrainian people fight for freedom.
- Governance Proposal : Future of the AN DAO Charter was updated and new forum posts were created to discuss related topics.
Closed votes
Discussions
- Governance Proposal : Future of the AN DAO Charter: This proposal was updated to reframe and clarify the questions that need to go to vote. The main point of discussion is what happens to the AN DAO when the new Delegate Voting DAO is deployed? ANT Holders should decide whether they want to uphold or terminate the AN DAO Charter, when the Charter of the Delegated Voting DAO is enacted.
- Financial Proposal : Future of AN DAO Treasury Balance: This proposal was created to address the financial risks and implications of Governance Proposal : Future of the AN DAO Charter. The goal of this proposal is to clarify what happens to the balance of the AN DAO Treasury in the absence of a Charter.
Other discussions
- Financial Proposal: Intention to Honor ESD Committed Funds
- Discussion : Future of AN DAO Community
- Financial Proposal: Customer Discovery , Validation & Alternate Revenue for Aragon DAO
- Financial Proposal: EVMcrispr, mutating DAOs’ DNA
- Financial Proposal: Demoing a Tao Voting DAO
Moloch
Active proposals
- Grant Proposal DAOhaus v3
- Legal Aid for Builders
- Grant Proposal — Community Health Analytics (project by RnDAO)
- Privacy preserving wallet on Ethereum
- Grant Proposal — Sporos DAO
Closed proposals
Discussions
- Moloch Grant Proposal — DAOhaus v3
- : Funding Proposal — Grant Proposal DAOhaus v3
- Grant Proposal — WorkFi Tools
- Grant Proposal — Usher: Rewards Protocol
- Rage Comics memes DAO to montize memes
Governance
Aave
Recent blog posts and news
- Llama shared their August financial reports
- Messari shared their first weekly report
- Gauntlet launched an Analytics Dashboard for Aave
- Chaos Labs released their Aave v3 Risk Application
- The on-chain vote to retroactively fund Aave Companies for developing v3
- After a successful on-chain vote, ETH borrowing has been paused ahead of the Merge
Re-enable ETH Borrowing: This proposal looks to re-enable ETH borrowing on the Aave V2 Ethereum market. Proposal AIP-97 was previously passed to pause all ETH borrowing ahead of the Ethereum Merge. Pausing borrowing on the protocol helped mitigate insolvency risk caused by liquidation failures. This on-chain proposal would revert the pause and enable borrowing on the DeFi protocol while a set of protocol conditions will be monitored closely to ensure stability. A complete post-mortem with analytics and statistics will also be shared. [100% voting ‘Yae’/ discussion]
Llama asks for $2.5M from Aave: The Llama community has submitted a proposal to the DeFi protocol for the creation of a 12-month working agreement. This proposal would have Llama compensated $2.5M for 12 months of protocol work. KPI focus includes treasury and revenue growth, maintenance of data and analytics, and general protocol maintenance & integrity. Llama previously funded its work through Aave Grants but now seeks a longer-term deal as it matures its contributions.
Closed proposals
- [ARC] Add new KNC to Aave v2 and v3
- [ARC] Increase Supply Cap of sUSD on v3 Optimism to 35m (Fast-track)
- Add agEUR to Aave V3 on Optimism and Arbitrum
- Temporarily Pause ETH Borrowing
On-chain votes
- V3 Retroactive Funding
- Add stMATIC to Aave v3 pool on Polygon
- Pause ETH Borrowing
- FEI Risk Parameter Updates for Ethereum Aave v2 Market
New and ongoing discussions
- Proposal: Llama <> Aave
- Gauntlet Update: V3 Markets Integration Progress
- Temporarily pause sUSD markets during merge
- ARC: Re-enabling ETH Borrowing post-Merge
Latest governance topics on governance forum.
Akropolis
There were no active proposals these weeks.
Latest governance topics on governance forum.
API3 DAO
API3 DAO Tracker: API3 DAO currently involves 5,360 members participated in 46 votings.
Latest governance topics on governance forum.
How to deploy Airnode to read a REST API on Polygon:
Badger DAO
There were no active Badger Improvement Proposals (BIPs) these weeks.
New and ongoing discussions: Badger Discord
To read more about the different proposals and take part in the decision, check out the governance forum.
Balancer
Recent blog posts and news
- The Benefits of Multi-Token Pools
- veBAL Pt.2 — Bribing and BIP19’s Free Bribes
- Messari presents the new report of Balancer LP annualized yield by chain #ETH, Polygon and Arbitrum
Closed proposals
- [BIP-68] Enable wstETH/LDO Gauge [Ethereum]
- [BIP-67] Enable rETH/RPL Gauge [Ethereum]
- [BIP-66] Migrate Lightly Used Gauges to Capped
- [BIP-65] Enable INV/DOLA 50/50 Gauge on Ethereum w/2% emissions cap
- [BIP-64] Revised Gauge Migration to Composable Stable Pools
- [BIP-63] Enable IB/WETH 80/20 Gauge w/2% emissions cap [Optimism]
- [BIP-62] Stable v2, composableStable, Weighted v2 Permission Granting
- [BIP-61] Operating Procedures for DAO’s Selling Their Locked BAL Position OTC
- [BIP-60] Enable XSGD:USDC “FXPool” Gauge [Polygon]
- [BIP-59] Enable MAI/USDC Gauge on Ethereum
- [BIP-58] Increase Snapshot Quorum
- [BIP-57b] Introduce Gauge Framework v1
- [BIP-57a] Introduce Gauge Framework v1
- [BIP-56] Re-enable CREAM/WETH 80/20 Gauge [Ethereum]
Discussions
- [BIP-66] Migrate Lightly Used Gauges to Capped
- [BIP-64] Revised Gauge Migration to Composable Stable Pools
- Llama Delegation Thread
- [BIP-67] Enable rETH/RPL Gauge [Ethereum]
Latest governance topics on governance forum.
Bancor
Recent blog posts and news
- The Ethereum Merge — What to expect
- 0x API Integration is now live on Bancor
- Bancor Simulator Live Tutorials: Fundamentals of Bancor V3 Simulations
Closed proposals
- Proposal: Update mandatory community review time requirements on proposals from a minimum of 2 days to 4 days
- Proposal: Determine action in the event of a PoW Fork
- Proposal: Pause Bancor during The Merge
- Proposal: Increase Trading Fees on the LPL pool to 5%
Level 1 proposals under review
- Proposal: Trial One-Time BNT Burn from V3 Fee Wallet
- Proposal: Update Whitelisting Requirements
- Proposal: Update mandatory community review time requirements on proposals from a minimum of 2 days to 4 days
New and ongoing discussions
- Proposal: Move v2.1 liquidity to v3
- Proposal: Create a development road map and timeline
- A Stronger BNT = A Major Component Towards Repairing Bancor
To read more about the different proposals and take part in the decision, check out the forum.
Bancor Community Call — Sept 11:
Compound
Recent blog posts
Compound: Risk Parameter Changes for FEI: This proposal looks to adjust risk parameters for FEI at Compound. Proposed changes include pausing FEI borrowing and setting the reserve factor to 99%. This proposal would deprecate the FEI market at Compound in light of TribeDAO entering a “terminal state”. [99.9% voting ‘For’ / discussion]
Active proposals
- 124 Initialize Compound III COMP Distribution [executed]
- 123 Risk Parameter Changes for FEI [executed]
- 122 cETH Risk Mitigation [executed]
- 121 Unpause Seize [canceled]
Closed proposals
New and ongoing discussions
- CGP 2.0 — Delegated Domain Allocation by Questbook
- Penn Blockchain Delegate Platform
- TUSD market update proposal
- Proposal To Improve Governance Discussion and voting processes
Latest governance topics on governance forum.
Curve
New and ongoing discussions
- Proposal to add MAI/LUSD to the Gauge Controller
- Proposal to add agEUR/EUROC to the Gauge Controller
- MAI Gauge Proposal on Ethereum
To read more about the different proposals and take part in the decision, check out the forum. Vote here.
Gitcoin
Recent blog posts
- Gitcoin: the Ecosystem Innovation Flywheel
- Web3 Has the Potential to Tackle Climate Change
- WTF is Trust Bonus?
- Gitcoin Grants Round 15 kicks off Sept. 7
GitcoinDAO Elects Steward Council v2: The public goods DAO has announced a fresh round of elections for its Steward Council. A total of thirteen Stewards have been elected for the upcoming cycle. Members in this batch include Linda Xie, Simona Pop, Kyle Weiss, Lefteris Karapetsas, and many more. The idea of a Steward Council was first proposed in December 2021 to align the most engaged community members and drive responsible governance participation. Under this council structure, Stewards hold their role for 180 days. Community members require an 8/10 score under Gitcoin’s famous Steward Report Cards to be considered for nomination.
There were no active proposals these weeks.
New and ongoing discussions
- Treasury Diversification Part II — Welcoming Strategic Partners
- Introducing the FDD Review
- Discussion: What is the purpose of GTC?
- Knowledge Transfer: Hardness, a feature of Gitcoin
- Knowledge Transfer: Characterizing the Sybil Resistance Problem
To read more about the different proposals and take part in the decision, check out the governance forum.
From Grantee to Funder | GR15 DAOVibes:
Gnosis
Closed proposals
- GIP-62: Should GnosisDAO Sponsor Prode Markets?
- GIP-61: Shall GnosisDAO fund BootNode as a Core Contributor Team?
New and ongoing discussions
- GIP-64: Should GnosisDAO distribute SAFE tokens to incentivize decentralizing Gnosis Chain?
- GIP-53: Should GnosisDAO sponsor Necromorfo’s Cryptorock Tour 2022?
- GIP-65: Should GnosisDAO fund Yubiai?
- A Week in GnosisDAO Farms — September 12th, 2022
Find out the latest GnosisDAO proposals here.
Idle
Recent blog posts
Closed proposals
- IIP-24: Reduce LM for Best Yield and Fund restructured leagues
- Clearpool PYTs as a new yield source for BY
- [IIP-25] M3–2022 Leagues budget, and $IDLE incentives distribution update
- Voting framework for stkIDLE holders v2
New and ongoing discussions
- Clearpool PYTs as a new yield source for BY
- [IIP-25] M3–2022 Leagues budget, and $IDLE incentives distribution update
- ANGLE rewards for stkIDLE voters
- Idle DAO Governance Mining
To read more about the different proposals and take part in the decision, check out the governance forum.
Index Coop
Recent blog posts
Active proposals
Closed proposals
- IIP-163: Update Investment Account Multisig & Operations Account Multi-Sig
- [Aave-101] Re-enable ETH Borrowing
- [Aave-100] Add MaticX to Aave v3 Polygon Pool
- [Uniswap Snapshot] [Temperature Check] Deploy Uniswap V3 to zkSync
- [Aave Snapshot] Add agEUR to Aave V3 on Optimism and Arbitrum
- [Compound-121]
- [Compound-120]
New and ongoing discussions
- IIP-163: Update Investment Account Multisig & Operations Account Multi-Sig
- Finance Nest — A Thread of Monthly Budget vs Actuals Reports
- August 2022 Rewards Distribution
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
Recent blog posts
Closed proposals
To read more about the different proposals and take part in the decision, check out the governance forum.
CODIFI — Blockchain-Based Dispute Settlement Mechanisms (1/3):
How to Build in Web3 — Lesson 2 — Strategy Design:
KyberDAO
Recent blog posts
- KyberSwap Trading Contest continues with Lido Finance! Trade & Win Exclusively with Lido tokens $LDO $stMATIC $wstETH…
- KyberSwap Product Update: Trading Contest UX Improvements
- Interim Update: Hack Is Removed, KyberSwap is Secure, & Next Steps
There were no active proposals these weeks.
Find out all proposals here. Check them out on GitHub.
Lido
Recent blog posts
Closed proposals
- Should the Lido DAO add the 2 shortlisted Solana operators to the Lido on Solana operator set?
- Lido on Ethereum Block Proposer Rewards Policy v1.0
- Enable bridging wstETH to Arbitrum and Optimism
- Engage Steakhouse Financial on a Lido DAO Finance Workstream
New and ongoing discussions
- Treasury Diversification #2 — Part 2
- Compensating security assessment costs for Lido-on-X projects
- [reWARDS] September ’22 Budget
- Lido for the Interchain
To read more about the different proposals and take part in the decision, check out the governance forum.
MakerDAO
Coinbase’s Pitch to MakerDAO: Centralized exchange, Coinbase, has posted a proposal to the MakerDAO forums that would have the DAO deposit $1.6B USDC into Prime — its institutional platform. The proposal requests a third of Maker’s USDC reserve in exchange for an annual yield of 1.5%. Maker’s decentralized DAI stablecoin is primarily backed by over $4.8B USDC. The deal would generate an estimated $24M in annual revenue for MakerDAO. The deal has shocked many as the DAO holds discussions about removing its USDC exposure altogether. Co-founder of Maker, Rune Christensen, has come out in support of the proposal in the forums and sees it as the same as holding USDC and aligned with his Endgame Plan.
Active Polls
3 Polls — ending Sep 19
- Community Greenlight Poll — GUNIV3-BUSD-DAI (Gelato Uniswap v3 BUSD-DAI)
- Community Greenlight Poll — GAMMA UNI-V3-WBTC-RENBTC (Gamma Uniswap v3 wBTC-renBTC)
- Community Greenlight Poll — GNO (GnosisDAO)
6 Polls — ending Sep 26
- Ratification Poll for Amend Measurement Period For Delegate Participation Metrics (MIP4c2-SP24)
- Ratification Poll for the MakerDAO Delegates MIP Set
- Ratification Poll for MKR Compensation for StarkNet Engineering Core Unit, SNE-001 (MIP40c3-SP79)
- Ratification Poll for Special Purpose Fund for The Ambassador Program (MIP55c3-SP7)
- Ratification Poll for Modify GovAlpha Core Unit MKR Budget (MIP40c3-SP80)
- Ratification Poll for Strategic Happiness Core Unit (SH-001) Offboarding (MIP39c3-SP2)
Executive
- Core Unit Budget Streams, SPF Funding, HVBank Legal Update, MKR Stream Accounting Cleanup [expires Oct 14]
- Core Unit MKR Vesting, Recognized Delegate Compensation, MOMC Parameter Changes [executed]
New and ongoing discussions
- MIP86: CoinShares USDC Institutional Rewards
- MIP55c3-SP8: Legal Work on MIP65 Special Purpose Fund
- MIP81: Coinbase USDC Institutional Rewards
- Doo Delegate Platform
and many more!
Read more about the different proposals and take part in the decision.
Governance and Risk | Ep. 207:
mStable
Recent blog posts
Closed proposals
- TDP 50: mStableDAO x WorkDAO Partnership
- MCCP 25: Increase Governance Fee Flow to Treasury
- TDP 49: Funding Request — mStable Ecosystem subDAO (Sep-Dec 2022)
- TDP 48: Funding Request — mStable Builder subDAO (Sep-Dec 2022)
To read more about the different proposals and take part in the decision, check out the governance forum.
Nexus Mutual
Closed proposals
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.
Nexus Mutual Mutant Meetup Call, Sept 6:
Pie DAO
Closed proposals
New and ongoing discussions
To read more about the different proposals and take part in the decision, check out the governance forum.
PoolTogether
Recent blog posts
- Making PoolTogether accessible to the masses with Coinbase
- Web3 Communities, PoolTogether and The Singularity
- PoolTogether Community Podcast #38 with Sid and Pratik from Juno
- PoolTogether Community Podcast #37 with Farooq and Charles from Rain
- Learning DAOs, Building Trust and Rehash
PoolTogether: PoolCollective Governance Committee: This proposal outlines the creation of the PoolCollective, a PoolTogether governance committee participating in Optimism’s governance. The committee would be comprised of three community members controlling a 2/3 multisig to execute votes. The proposal also calls for the delegation of $OP voting power from the protocol rewards. Motivations behind the proposal include increased participation in Optimism’s ecosystem, ensuring no voting power is lost, and learning from a PT meta governance experiment. [99.97% voting ‘For’ / discussion]
Closed proposals
New and ongoing discussions
- PTIP 82 — A foundation for protocol owned liquidity
- 🗳 PT Improvement Proposals
- A Foundation for Protocol Owned Liquidity
- PTIP-81 Extend ETH/POOL LP on Uniswap V2 for 60 days at a rate of 150 POOL per day
- The New PoolTogether DAO Part II: Team Compensation
To read more about the different proposals and take part in the decision, check out the governance forum.
Synthetix
Recent blog posts and news
- New Synthetix Perp Futures Market: sOP
- Synthetix Elections — Nominations start Sep 10th
- New Synthetix Perp Futures Market: sXMR
Increase the Number of Serving Ambassadors: This proposal looks to increase the number of seats on the Synthetix Ambassador Council from three to five. An increased workload for the council has prompted the need for a larger council. The Ambassador Council serves to promote and advocate for the interests of Synthetix across the ecosystem. An increase in protocol partnerships, governance activity, and high-value Optimism integration warrants the change. Synthetix’s Council nomination window is now open. [100% voting ‘sYes’]
Active proposals
- SIP-274: Introduction of an Inactivity Threshold in Spartan Council SIP and SCCP Vote Participation
- SCCP-232: Lower Target Collateralization Ratio 350% from 400% temporarily
- SCCP-235: Update Atomic Swap Parameters
Closed proposals
- SCCP-233: Unpause Op Market
- SCCP 230: Increase number of serving Ambassadors
- SCCP-231: Temporarily Lower Max Atomic Volume Per Block
- Can the DEVS DO SOMETHING???
- Increase Ambassador Council seats
- SCCP-229: Lower Minimum Collateralization Ratio — 350%
- SIP-272: Atomic Swaps — Dynamic Fees
- SCCP-228: Unpause XMR Market
- SCCP-226: Increase Atomic Exchange Fees — ETH
- SCCP-227: Increase Atomic Twap Window
To read more about the different proposals and take part in the decision, check out the governance forum.
Uniswap
Recent blog posts and news
Deploy Uniswap v3 on zksync: This proposal looks for the approval of a license exemption to deploy Uniswap v3 on zkSync, a layer 2 scaling solution on Ethereum. Penn Blockchain, in collaboration with Matter Labs, looks to enable the growth and mission of the Uniswap protocol to deploy on multiple chains. zkSync is an EVM-compatible ZK Rollup with a growing number of user activity and deployed protocols. The proposal looks to make Uniswap the largest DEX in the zkSync ecosystem. This is a temperature check vote with possible consensus and on-chain votes to follow. [100% voting ‘Yes’ / discussion]
Active proposals
New and ongoing discussions
- Proposal: Paid Uniswap chat support
- RFC: Uniswap Universal Governance Module
- Deploy Uniswap V3 to zkSync
- FranklinDAO (Prev. Penn Blockchain) Delegate Platform
To read more about the different proposals and take part in the decision, check out the governance forum.
Yam Finance
Closed proposals
New and ongoing discussions
- E Yam Core Development — Phase #2 (Aug Sep)
- UMA Delegated Voting — Project Specification
- 2022–08 — E Monthly transparency report
- Designer August 2022 Compensation Report
Check out the latest YIPs discussions here.
Yearn Finance
There were no active proposals these weeks.
Check out the latest YIPs discussions here.
MISC
Ethereum Merges: Ethereum has successfully merged to Proof-of-Stake. At approximately 6:43 am UTC on September 15th, 2022 the merge was finalized. The merge marks a monumental moment for the Layer 1 blockchain. The move comes after years of hard work and collaboration from hundreds of Ethereum developers, builders, and evangelists. The merge stands as the largest upgrade in the network’s history. Ethereum is notably home to thousands of DAOs and protocols. Protocols that had paused activity in anticipation of the Merge now look to resume on-chain activities and governance on their new consensus layer. Ethereum continues on its path to being the global settlement layer.
Protocols Pause ETH Borrowing Ahead of Merge: A proposal to pause ETH borrowing in the period leading up to the Ethereum Merge passed on the Aave protocol. Ahead of the Merge, the Aave protocol faces the risk of high utilization in its ETH market — the proposal aimed to pause borrowing to mitigate this risk of high utilization. To do this, it will place a freeze on ETH borrowing and change the ETH variable borrow rate at max utilization from 103% to 1,000%. This comes just days after a proposal was passed and queued in Compound to mitigate merge risks for their v2 ETH market. The proposal set a borrow cap of 100,000 ETH and changed the interest rate model to a jump rate model with a 1,000% APR max rate. We’ll be closely tracking how other DAOs prepare for the upcoming merge.
TribeDAO Offers Full Repayment: The controversial TIP-121b: Fuse hack repayment saga continues at TribeDAO. On September 8th a snapshot vote to fully repay hack victims passed with 95% approval. The proposal details an exchange of cTokens from affected pools for FEI for which victims will be paid out in equal value of their bad debt (losses). A forum post now requests affected protocols to post their wallet addresses to receive repayment, and an on-chain binding vote is expected to start on September 16th. Separately, proposal TIP-123 was also posted which looks to deprecate both the Optimistic Governance and Tribal Council smart contracts. This would effectively dismantle two key governance processes set up by the DAO. TribeDAO nears its end.
SushiSwap: Head Chef Compensation: A series of six proposals have been posted as snapshot votes to determine the next Head Chef’s compensation. The six proposals include Base Salary, Sushi Price Targets, Total Sushi Roadmap & Price Targets, Initial Cliff for Sushi Compensation, Contract Length, and Severance Length. These proposals look to split up the compensation package for the future Head Chef and allow the DAO to vote on each parameter. The controversial proposal to nominate Jonathan Howard as Head Chef prompted a more granular approach to the compensation package. SushiSwap continues its Head Chef Search. [discussion]
SushiSwap narrows its Head Chef Search: Sushi’s search for a new Head Chef appears close. On September 12th, a snapshot vote was posted to approve a final schedule and process to appoint a Head Chef. The timeline is described as follows: first, hold a snapshot vote on the schedule itself, next, a two-week period of nominee campaigning and lobbying. Thereafter, a week of nominee debates, and finally a snapshot vote on September 26th to confirm a Head Chef. A total of five nominees are on the shortlist for Head Chef which includes Kenneth Hurley, Jared Grey, Jared Cohen, Pauly Walton, and Andy Forman. The coveted DeFi leadership role has been vacant since December 2021. The role appears to finally have a clear timeline.
Optimism Kicks Off Season 2: It’s officially Season 2 at Optimism’s Token House. After a brief off-season, the Governance Fund resumes voting with Voting Cycle #6. Voting Cycles are dedicated voting windows to streamline and consolidate proposals. Proposals in the GF mainly focus on building and incentivizing sustainable growth of the Optimism ecosystem. Updates for Season 2 include an updated Operating Manual, a new Grant Proposal Template, the introduction of Governance Committees, and a new Committee Formation Template. Four governance committees have been introduced to help offload proposal filtering to more specialized groups including two DeFi committees, one for Tooling, and one for NFTs and Gaming. Proposers of grant proposals now need to specify which governance committee they’d like to review their proposal. Importantly, governance committees can only make recommendations and not any final decisions. Season 2 runs from September 8th through November 9th.
ApeCoin AIP-89: Improved Delegation Experience: This proposal looks to create a more robust and dedicated delegate experience directly on the ApeCoin site. The proposal would fund a dedicated team of engineers with $150k APE. Four improvements are outlined: 1) Process For Delegate Applications; 2) Dedicated UI/UX for Delegation; 3) Creation of Governance Leaderboard; 4) Open Sourcing the tech. ApeCoin DAO looks to benefit from improving its delegation model due to low governance participation. [99.26% voting ‘In favor’ / discussion]
NFT marketplace Sudoswap unveils governance token and retroactive airdrop: Automated NFT market maker, Sudoswap, has outlined plans to airdrop its governance token. The airdrop introduces SUDO as a governance token to help govern the marketplace as they decentralize. There will be an initial supply of 60M SUDO tokens. Tokens will be distributed to XMON holders, 0xmons NFT holders, a retroactive LP airdrop, DAO treasury, initial team members, and SudoRandom Labs. SUDO will not be immediately transferrable until a governance proposal changes this parameter. This parameter hopes to drive early governance participation at the DAO.
KlimaDAO engaging with lawmakers in the United States: The DeFi carbon credit protocol has collaborated with U.S. legislators on a proposed ‘DAO Bill’. The ‘Lummis-Gillibrand Responsible Financial Innovation Act’ is a piece of legislation that looks to define key terms in crypto, digital assets, and more importantly DAOs. Since May, the DAO has been working closely with staff members from Sens. Cynthia Lummis and Kirstin Gillibrand’s office to draft a comprehensive and legitimate DAO bill. Under this proposed bill, DAOs would be classified as business entities.
Near Protocol Forms Working Group to Promote DeFi Governance: The Near Digital Collective is a self-governance initiative aimed at further decentralizing the Near ecosystem’s decision-making by moving it to a blockchain.
SyndicateDAO launches “Collectives”, their first social networking & community building primitive for web3:
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