DAOs: MakerDAO votes in favor of ‘Endgame Plan’, Cosmos votes on new white paper, PieDAO votes on token buyback program, Index Coop looks to partner with Balancer, Optimism introduces improvements for Season 3, ConsenSys launches a grant DAO, Compound introduces improvement proposal process, dYdX outlines future plans for its DAO, Gauntlet <> Aave renewal, and more!
Biweekly report on decentralized autonomous organizations vol.35, 26th October — 11th November
TL;DR
- The new Aragon protocol is officially on testnet. Aragon introduces the WorkDao — service to legally employ DAO contributors
- MakerDAO members support founder’s ‘Endgame’ plan to break up into MetaDAOs. ConsenSys becomes a recognized delegate for MakerDAO
- Compound introduces an improvement proposal process. Members vote to pause illiquid token markets to prevent Mango-style exploit. Proposals 132 & 133 executed
- Aave community vote to deploy on zkSync v2 testnet. A proposal for a new type of collateral from Aave Companies: staked aTokens. Gauntlet <> Aave Renewal
- Gitcoin’s GR16 Round Structure proposal. Utopia’s proposal discussion at Gitcoin forum
- GnosisDAO’s GIP-71 is live. GIP-70: Should GnosisDAO pass a Grant Proposal to partner with Gateway.fm approved
- Balancer’s [BIP-103] [second vote] approved, BIPs 104–107 passed. Messari reports that Balancer’s TVL jumped 63% in Q3
- Index Coop looks to partner with Balancer. Index Coop ‘s IIP-166: Deprecate MNYe, GMI, FLI-P & DATA products
- IdleDAO’s Folkvang Clearpool DAI PYTs as new yield source for BY proposal
- LidoDAO proposal and on-chain vote for increasing the allowed APR for Oracle reports from 10% to 17.5% are live
- mStableDAO MIP 28: Deployment of USDC 3Pool Convex Meta Vault & TDP 51: TreasuryDAO Charter passed
- The Nexus Mutual’s members voted not to renew the Dedaub smart contract monitoring service, and voted to discontinue Immunefi matching bug bounty program
- PieDAO proposes token buyback after ending liquidity mining program. Dough/eDough buyback program proposal is active
- Badger DAO’s BIP 99: Badger Emissions Going Forward is live. The new Badger/FraxBP FXS gauge vote round ended
- Synthetix Direct Integrations have gone live. The SIP went out on the Suhail release, and allows governance to drive new integrators to the SNX ecosystem. SCCP-243 is live
- Uniswap v3 is live on 5 different chains. The Uniswap celebrates its 4th birthday
- Yam’s Redemption Proposal passed on-chain vote
- DAOhaus HAUS party is live now on Clubhouse
- KyberSwap launches multichain integration
- Cosmos votes on new white paper ATOM 2.0
- ConsenSys launches a grant DAO
- Optimism’s Token House introduces improvements for Season 3
- dYdX outlines plans for the future of its DAO
- BitDAO asks for proof of custody from Alameda
- OrangeDAO launches a fellowship program
- Merit Circle DAO burns 200M tokens
- Zora announces Nouns Builder & Builder DAO
- Element DAO: GSC Compensation proposal
- Seed Club: Q4 Focuses & Budget proposal
- CityDAO: DAO Coalition Funding proposal
- Bankless: Grants Committee Election for S6 and S7
- ENS searches for an endowment manager
- Japan Digital Ministry to create DAO for web3 exploration
- Active proposals: BadgerDAO, GnosisDAO, Index Coop, PieDAO, Synthetix
- New & ongoing discussions: Aave, Balancer, GitcoinDAO, Synthetix, Uniswap, Compound, mStable, MakerDAO, Yam Finance, Curve, Yearn Finance, Nexus Mutual, LidoDAO, BancorDAO, Akropolis, PoolTogether, API3, Idle, KyberDAO, 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.
Read & Listen
- New Rules for a New Thing: A Petition for CFTC Rulemaking on DAO Participant Liability from Haun Ventures
- DCCPA Update; Haun Ventures’ Petition for DAO Rulemaking; a16z’s Amicus Brief in Ooki DAO Case by DeFi Education Fund
- Paying People to Participate in Governance from a16z Crypto
- The State of Treasury Management for DAOs from StableNode
- Understanding Aera Finance by Emperor
- What Is a SubDAO? A Way to Keep Governance Decentralized from Blockworks
- Why DAOs Need a More Accountable Governance Model by Sasha Ivanov
- Rousseau’s breadcrumbs and the blockchain leviathan by Jonathan Hillis
- What to expect from Professional Delegates from StableNode
- The Buildooooooor — Marc Zeller of AAVE from alpha please
- Escaping the Gossip Trap: DAOs vs. the Mob by Alex Stein
- New Serum Governance System Proposal by TDM Blockchain
- Multisignature crypto wallets are the safest bet for DAOs by Tahem Verma
- How Protocol DAOs Should Work from a Cryptolaw (-ish) Perspective by Gabriel Shapiro
- Framework for an Active DAO Treasury Execution by Marcelo
- Toppling the Internet’s Accidental Monarchs: How to Design web3 Platform Governance from a16z
- Paying in Tokens — What DAOs Can Learn from Startup Equity Compensation by Raphael Spannocchi
- Governance as a Value Add by Fig
- Why should organizations run on the blockchain? by Kaito Cunningham
- Contribution-driven Governance from Sismo
- Quantifying Reputation in DAOs (Part I) from Talent DAO
- Open Source Protocols: All Value Creation, No Value Capture by Brenner Spear
- RiskDAO: Our Vision for Active Protocol Governance from RiskDAO
- Some Ideas for Sushi Strategy by GoldenTree
- Coinbase Says It’s Wary of Suggested Changes to ATOM’s Monetary Policy from Coindesk
- Optimism Governance Data Dashboard from Flipside Crypto
- Bloomberg Businessweek: The Crypto Story by Matt Levine
- Why DAO Treasuries Should Be Put to Work from Blockworks
- Web3 Credentials → A Primer from Chapter One
- Crosschain governance: Connext x Zodiac (Gnosis Guild)
- Ethereum’s Updated Roadmap
- SafeDAO Constitution
- State of ENS Q3 2022
- Utilizing Hats Protocol ERC-1155s
- Retrospective: Hacks in web3
- Bankless Season 6 Specs
Listen
- DAO Governance with Frameworks & Delegation Models w/ Gustav Arentoft at The DAOist Bogota
- 2022 Statistics on DAO Governance w/ Emilie Raffo at The DAOist Bogota
- DAO Legal Governance: Processes to Source Legal Work w/ Layer0 at The DAOist Bogota
- DAOs Need Co-Created Structures w/ David Ehrlichman on Building at the Edges
- Empower the DAO by Empowering the Contributor w/ Aaron Soskin at The DAOist Bogotá
- Paul Lei, Protocol Program Manager at Gauntlet on Genesis Block Podcast
- Krause House DAO Governance Learnings w/ Commodore on DAO Governance Education Sessions
- Tiered Governance with Wonderverse on DAO Governance Education Sessions
- Ownership as Citizenship w/ Nathan Schneider on Building at the Edges
- Building the Digital City of Cities w/ Julia Rosenberg & Chase Chapman on Rehash
- Impact Networks w/ David Ehrlichman on Green Pill
- Reimagining DAO Governance w/ David Phelps on Crypto Sapiens Podcast
- 100% of DeFi Could Become Illegal w/ Gabriel Shapiro on The Defiant Podcast
- DAO Org Design: An Impact Networks Viewpoint w/ David Ehrlichman on The Clique Podcast
- The Potential For Contribution-Based Governance w/ Stefen Deleveaux at DappCon22
- Reimagining Organizations w/ Reuben Bramanathan on Building at the Edges
- DAOs vs. Internet Communities w/ Jon Yan from Vector DAO on Cross-chain Examination
- What a Molecular Gastronomist Can Teach You About Building Empowered Communities and Organizations, with Daniel Ospina of RnDAO on The Ownership Economy Podcast
- How to effectively allocate funds to decentralized teams” w/ Daniel Ospina on DAO Governance Education Sessions
Frameworks
Aragon
Recent blog posts and news
- Aragon ZK Research is presenting OVOTE and BatRaVote at Ethereum Dev Barcelona on November 18th.
There were no live votes these weeks.
Discussions
- Overview of Rules, Guidelines, and Practices
- Financial Proposal: Demoing a Tao Voting DAO
- Financial Proposal — Eagle Ops
- Financial Proposal: Aragon dTech Season 2
How to Fund Your Wallet on Aragon:
Moloch
Active proposals
- Legal Aid for Builders
- Grant Proposal — Community Health Analytics (project by RnDAO)
- Privacy preserving wallet on Ethereum
- Grant Proposal — Sporos DAO
- Geo Web
Closed proposals
Discussions
- Grant Proposal | Cheq Protocol — An extensible liquid escrow protocol for web3 payments
- Grant Proposal — LoFiRe
Governance
Aave
Recent blog posts and news
- bgdlabs shared an update on the status of the Aave <> Starknet Phase I
- Aave Companies shared a proposal for a new type of collateral: staked aTokens.
- Aave Community Members Vote to Deploy on zkSync v2 Testnet: The decision will let developers evaluate whether to fully deploy its decentralized exchange on the layer 2 scaling platform that speeds up Ethereum transactions.
- Aave: October 2022 Financial Report from Llama
Security and Agility of Aave Smart Contracts via Continuous Formal Verification: This proposal is a 12-month work agreement between security firm Certora and Aave. Certora is a smart contract security firm enabling and securing blockchain protocols and projects. The firm was previously granted a six-month grant to continue its work on Aave. This proposal looks to extend their work agreement to a full year and compensate them accordingly. Terms of the deal include a possible 30-day termination via governance vote and payment of $2.7M ($1.89M USDC & 810K AAVE). [99% voting ‘Yes’ / discussion]
Closed proposals
- [ARC] — ERC4626 Strategies as Productive Collateral
- Staked ATokens, A New Aave Primitive Exploring Vote-Escrow Economies
- Security and Agility of Aave Smart Contracts via Continuous Formal Verification
- Deploy Aave V3 to zkSync 2.0 Testnet
- Add Login With Unstoppable as an option to the wallet connect dialog of the Aave app
- Risk Parameter Updates for Aave V3 Avalanche: 2022–10–15
- [ARC] Aave v3 Polygon wMATIC Interest Rate Update
- Add TRYB to Aave V3 on Avalanche Network, Isolation Mode
New and ongoing discussions
- ARC: Harmony Recovery
- [ARC] LDO Emission_Admin for Polygon v3 Liquidity Pool
- [ARC] Gauntlet <> Aave Renewal
- [ARC] BAL Interest Rate Curve Upgrade
Latest governance topics on governance forum.
Akropolis
There were no active proposals these weeks.
Latest governance topics on governance forum.
API3 DAO
Recent blog posts
API3 DAO Tracker: API3 DAO currently involves 6,059 members participated in 49 votings.
Pending proposals
- Vacuumlabs Team Proposal, November 2022-January 2023
- BD Team Proposal, Cycle 9 (1 Nov 2022–31 Jan 2023)
- CORRECTED BD Team Proposal, Cycle 9 (1/11/22–31/1/23)
- [Secondary Proposal] API3 DAO BD Team Proposal #9
- [Secondary Proposal 42] Vacuumlabs Team Proposal, November 2022-January 2023
Discussions
- [Secondary Proposal Draft[ API3 DAO Operations Proposal Cycle #9
- [Secondary Proposal Draft] dAPI Team Proposal #1
- Should we shut down the university governance program?
Latest governance topics on governance forum.
Badger DAO
Active proposals
New and ongoing discussions: Badger Discord
To read more about the different proposals and take part in the decision, check out the governance forum.
Badgercast: A Deep Dive on APY’s:
Balancer
Recent blog posts and news
- Balancer and Certora launch a security accelerator “to deliver a full integration suite for projects building on top of Balancer Protocol.”
- Aura introduces Aura Migrator, “a one-click tool for bringing Uniswap & Sushiswap LP Positions to the purple coin ecosystem.”
Closed proposals
- [BIP-107] Retire TEMPLE/DAI & Enable TEMPLE/bb-a-USD 50/50 Gauge w/10% emissions cap [Ethereum]
- [BIP-106] Enable sfrxETH/wstETH/rETH Gauge [Ethereum]
- [BIP-105] Enable STG/bb-a-USD Gauge [Ethereum]
- [BIP-104] Enable the STG/bb-rf-aUSDC Gauge [Optimism]
- [BIP-103] Karpatkey Balancer Treasury CU Proposal Update [second vote]
- [BIP-101] Enable tetuQi/QI Stable Pool Gauge with 2% emissions cap (Polygon)
- [BIP-103] Karpatkey Balancer Treasury CU Proposal Update
- [BIP-102] Enable the THX/stMATIC Gauge on Polygon with 2% cap
- [BIP-100] Allocate BAL Liquidity to Silo Finance
- [BIP-99] Pay DAO Multisig Stipends for H2 ‘22
- [BIP-98] Fjord (Formerly Copper) and Balancer Exclusive Partnership
- [BIP-97] Enable IB/rETH 50/50 Gauge w/2% emissions cap[Optimism]
Discussions
- Index Coop x Balancer DAO Partnership
- [RFC] Cap all gauges at one half the previous week’s wstETH/WETH gauge
- [RFC]: Mitigation of potential risks associated with TetuBAL Stable Pool settings
- [BIP-103] Karpatkey Balancer Treasury CU Proposal Update
Latest governance topics on governance forum.
Bancor
There were no active proposals these weeks.
New and ongoing discussions
- Proposal: Save. Earn. Borrow w/BancorP2P (includes: licensing fees, increased LP activity, new product, more engagement)
- Bancors Update V3+
- Proposal: Migrate the entire v2.1 surplus to v3 and leave v2.1 withdrawals permanently closed
- Almanak x V3 — Optimization Recommendations
To read more about the different proposals and take part in the decision, check out the forum.
Bancor Community Call — Nov 6:
Compound
Recent blog posts
Closed proposals
- 133 Risk Parameter Updates for 1 Collateral Asset [executed]
- 132 Liquidation Event Handling And Collateral Reserves [executed]
New and ongoing discussions
- Initialize Compound III (WETH on Ethereum)
- CGP 2.0 — Delegated Domain Allocation by Questbook
- Risk Parameter Updates 2022–10–26
- Penn Blockchain Delegate Platform
Latest governance topics on governance forum.
Curve
New and ongoing discussions
- Proposal to Launch Curve on zkSync
- Proposal to add UZD/3CRV to the Gauge Controller
- Proposal to add wsteth/eth on Arbitrum and Optimism to Gauge Controller
To read more about the different proposals and take part in the decision, check out the forum. Vote here.
Gitcoin
Recent blog posts
GR16 Round Structure: This proposal aims to define the structure of Gitcoin Round 16 of the existing Gitcoin Grant Program as it begins its transition into a decentralized protocol. Back in August, Gitcoin DAO began discussing the future of its grant program and how to potentially progressively decentralize it. This proposal looks to kickstart the initiative with a streamlined GR16 alpha cohort launched in January 2023 and a full launch in Q2 2023. The alpha cohort will consist of only the Open Source Software, Ethereum Infrastructure, and Climate rounds. Benefits to this approach include improving & preparing operationally and technically for a future full protocol launch. [99% voting ‘For’ / discussion]
Streamlining Budget with Utopia: This proposal looks to onboard Utopia as the budgeting and payroll software at Gitcoin DAO. Utopia is a web3 native budgeting software application built on Safe and trusted by dozens of DAOs. Utopia’s proposal at Gitcoin outlines the product and its potential value for Gitcoin. Utopia claims their product will help solve operational bloat and further streamline processes at the many Gitcoin workstreams. Amendments and updates are expected as the proposal requests further community feedback. [discussion]
Closed proposals
New and ongoing discussions
- A Quadratic Funding Powered Social Network
- Messari Governor Note: Decentralizing Gitcoin
- [S16 Proposal — INTEGRATED] MMM Budget Request
- [S16 Proposal] DRAFT DAO Operations Budget Request
- [S16 Proposal] DRAFT Gitcoin Product Collective Budget Request
- Sybil Defence Ideas for Gitcoin and Grant Owners
To read more about the different proposals and take part in the decision, check out the governance forum.
Gnosis
Active proposals
Closed proposals
- GIP-70: Should GnosisDAO pass a Grant Proposal to partner with Gateway.fm?
- GIP-69: Should Gnosis Partner with DAOhaus to Support DAO tooling on Gnosis Chain?
New and ongoing discussions
- GIP-71: Should GnosisDAO support hosted Blockscout explorer for Chiado testnet?
- GIP-63: Should GnosisDAO award a Grant to Algovera to develop a DAO framework for Decentralized AI Teams?
- An Analysis of the GnosisDAO Treasury: Context for the submission of new GIPs
Find out the latest GnosisDAO proposals here.
Idle
Recent blog posts
Closed proposals
- Folkvang Clearpool DAI PYTs as new yield source for BY
- Folkvang Clearpool DAI PYTs as new yield source for BY
New and ongoing discussions
- Clearpool PYTs as a new yield source for BY — Folkvang
- Governance Mining #4 — September 2022 DAO Rewards
- [GRANT] Karma reputation aggregation system for 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
- Deprecation of DATA, GMI, MNYe, and Polygon FLIs | 11/02 Newsletter
- JPG NFT Index (JPG) and Collectooors Moving from Index Coop to MoonRock
- Index Coop and Push Protocol Partner to Help Keep Tokenholders Informed
- Introducing the INDEX Insiders Program for Tokenholders
- The Role of Yield-Bearing Assets
- Staking 101: Generating Real Yield in DeFi | 10/26
Index Coop Seeks Balancer DAO Partnership: Index Coop, creators of onchain index products, posted a proposal on the Balancer forums seeking a partnership between the two protocols. Index explains the idea for a partnership comes as a result of their new product offering, ‘Diversified Staked ETH Index’ (dsETH). This new product offering and other planned products will be built on top of Managed Balancer Pools. These pools provide Index with an easy-to-use and dynamic pool of funds that can be structured in a multitude of strategies. In an effort to strengthen the partnership with a long-term focus, Index has proposed a product fee split, a 1:1 treasury token swap, and enabling veBAL gauges on select products. The fee split would have Balancer receive a percentage of all produced MBP fees from Index’s products. The token swap will be comprised of 100K INDEX for a proportional amount of BAL to be locked for a year. The creation of veBAL gauges within Index’s new products and future MBP-based products to help drive more BPT staking. Sentiment in the forums has been positive and the proposal is likely to go to a vote in the coming days.
IIP:-166: Deprecate MNYe, GMI, FLI-P & DATA products: This proposal looks to deprecate and remove the following products at Index Coop: MNYe, all 6 FLI-Ps, GMI, and DATA. The move is part of a larger ongoing restructuring plan at Index to scale back in size and expenditure. These nine products collectively generated $24.5K ($100k annualized) in revenue over the course of 3 months. Index claims the products did not show sufficient demand and signs of product-market fit. Active support for users looking to redeem will end on December 27th. [99% voting ‘For’ / discussion]
Active proposals
Closed proposals
- [Aave Snapshot] [ARC] — ERC4626 Strategies as Productive Collateral
- [Aave Snapshot] [ARC] — ERC4626 Strategies as Productive Collateral
- [Aave Snapshot] Staked ATokens, A New Aave Primitive Exploring Vote-Escrow Economies
- [Aave Snapshot] Security and Agility of Aave Smart Contracts via Continuous Formal Verification
- IIP 168: Spin out the JPG NFT Index Token to MoonRock
- [Compound-133] Risk Parameter Updates for 1 Collateral Asset
- [Aave Snapshot] Deploy Aave V3 to zkSync 2.0 Testnet
- [Compound-132] Liquidation Event Handling And Collateral Reserves
- [Aave Snapshot] Add Login With Unstoppable as an option to the wallet connect dialog of the Aave app
- IIP 167: Product Pod Fee Split Removal
- IIP:-166: Deprecate MNYe, GMI, FLI-P & DATA products
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
Discussions
- KIP-51 PNK Airdrop to PoH users
- KIP Development Courts on xDai
- KIP-56 Interim CTO and Clément taking 3 months paid vacation
To read more about the different proposals and take part in the decision, check out the governance forum.
KyberDAO
Recent blog posts
- KyberSwap Launches Multichain Integration
- KyberSwap Launches NPS Survey to Build a Better Journey for KyberSwappers
- QiDAO will support the Kyber Network Crystal (KNC) token as collateral
There were no active proposals these weeks.
Find out all proposals here. Check them out on GitHub.
Lido
Recent blog posts
Closed proposals
- [LIDO-1] November 1, 2022 — April 30, 2023 | Lido Ongoing Funding Request
- [RCC-3] October 1, 2022 — October 31, 2022 Budget Request
New and ongoing discussions
- [reWARDS] November ’22 Budget
- Lido on Ethereum: Relay Voting Proposal
- Proposal Draft for Lido to buy CVX
- Lido to join Proof Of Stake Alliance
To read more about the different proposals and take part in the decision, check out the governance forum.
MakerDAO
MakerDAO Passes Two Controversial Votes / MakerDAO Votes in Favor of Rune Christensen’s ‘Endgame Plan’: Two proposals were voted on and passed that look to alter the path for Maker. On Monday, the DAO successfully passed MIP81 as well as a larger proposal set that includes MIP83, MIP84, and six subproposals. MIP81 is the notorious proposal to onboard Maker onto Coinbase and transfer $1.6B USDC from its PSM into Coinbase in exchange for a 1.5% annual yield. The vote ended with 146K total votes cast and a 75% ‘Yes’ vote. MakerDAO is now poised to form a legal entity capable of representing the DAO to enter an agreement with Coinbase. A larger executive governance vote is expected once those details are finalized.
Also passed this week was a prelaunch MIP set to initiate Rune’s Endgame Plan. The poll successfully passed with 141K total votes cast and an 80% ‘Yes’ vote. This prelaunch set preps Maker for the upcoming Endgame Plan with updates to its governance process and the removal of outdated processes. Critics argue that the final vote was easily swayed by Rune’s large influence within Maker and its delegates. The largest delegate to vote ‘No’ was VC firm a16z who argued against the bundling of the various proposed changes.
Ended Polls
1 Poll — ended Nov 10
3 Polls — ended Nov 03
- Activate Liquidations for Stablecoin Vaults to Clear Bad Debt
- One Month Budget Extension for Strategic Happiness Core Unit
- PPG — Open Market Committee Proposalker Open Market Committee.
Executive
- Maker Teleport Technical Deployment on StarkNet, Recognized Delegate Compensation Distribution for October, MOMC Parameter Changes [passed Nov 10]
- Budget Stream Housekeeping For Offboarded Core Units, Oracle Whitelist Addition, SPF Funding [executed Nov 6]
New and ongoing discussions
- MIP40c3-SP86: Modify TechOps Core Unit DAI Budget
- MIP40c3-SP85: Modify Sidestream Auction Services Core Unit Budget (SAS-001)
- MIP4c2-SP29: Amend MIP61 to tighten up Recognized Delegate Participation Metrics
- Purpose 2.0 — Endgame, Clean Money and Nuclear Energy
Read more about the different proposals and take part in the decision.
Governance and Risk | Ep. 214:
Forum Recap | October 27 — November 2, 2022:
mStable
Recent blog posts
Closed proposals
To read more about the different proposals and take part in the decision, check out the governance forum.
Nexus Mutual
Closed proposals
- Vote to make $safe transferable [Temperature Check]
- Should members renew dedaub’s smart contract monitoring service agreement?
- Should members continue funding the Immunefi matching bug bounty program?
Discussions
- MetaGov: Vote to make $safe transferable [Temperature Check]
- Reviewing treasury expenditures | Immunefi matching bug bounty program
- Reviewing treasury expenditures | Dedaub smart contract monitoring service
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.
Pie DAO
PieDAO Plans Token Buyback Program Amid Token Freefall: Following the deprecation of their liquidity program in October, PieDAO is proposing launching a token buyback program to prevent further token decline. The DeFi project has seen its governance token DOUGH decline by 98% ($2.14 to $0.04) during the course of its liquidity program. The 18-month-long program was intended to incentivize liquidity providers on the platform and reward them with DOUGH. On Monday, a proposal was posted outlining the creation of a buyback program. This program intends to mitigate token sell pressure and further token decline as a result of the incentives ending. A community vote is expected shortly that will buy back tokens through the DAO treasury.
Active proposals
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
- PoolTogether Community Podcast #48 with Evgeny from Zerion
- PoolTogether Community Podcast #47 with Masha from Celo
- More $OP and New Prizes
There were no active proposals these weeks.
New and ongoing discussions
- [RFC] TLD domain using punk.domains
- TBR-Q4–2022 — PT Inc Protocol Team
- Community Advocate Nominations
- [RFC] Using Otterspace to distribute influence in PoolTogether
To read more about the different proposals and take part in the decision, check out the governance forum.
Synthetix
Recent blog posts and news
Active proposals
Closed proposals
- SCCP-242: Update Atomic Swap Fees
- SIP-288: 1inch Direct Integration
- SIP-287: Extend Governance Epoch Duration from Three to Four Months
- SIP-286: Reduction in the Length of Council Election Periods
- SIP-285: Pyth Network Oracles for Synthetix Perps
- SIP-285: Pyth Network Oracles for Synthetix Perps
- SCCP-241: Update DOGE Futures Parameters
- SCCP-240: Update DOGE Futures Parameters
- SIP-284: Pay DAOs from inflation
- SCCP-240: Raising the target c-ratio to 400%
- SCCP-239: Update OP-PERP Market Parameters
- SCCP-237: Update Debt-PERP Market Parameters
To read more about the different proposals and take part in the decision, check out the governance forum.
Uniswap
Recent blog posts and news
There were no active proposals these weeks.
To read more about the different proposals and take part in the decision, check out the governance forum.
Yam Finance
There were no active proposals these weeks.
Discussions
Check out the latest YIPs discussions here.
Yearn Finance
There were no active proposals these weeks.
Check out the latest YIPs discussions here.
MISC
- Cosmos Votes on New White Paper: ATOM 2.0 On-chain Voting Goes Live: The Cosmos community is currently voting on a proposal that looks to fundamentally reshape the protocol. ATOM 2.0 is a revamped white paper outlining updates to the ecosystem’s functionality, security, and tokenomics. The paper looks to update the original Cosmos 2017 white paper to align the protocol with current conditions. Following a handful of revisions and delays to incorporate community feedback, onchain voting for Proposal 82 is now underway. Proposal 82 requests the adoption of ATOM 2.0 as the protocol’s vision and direction. In the newly revised document, issuance of ATOM has been reduced from the original 40M per year to only 4M, satisfying a large number of tokenholders. Quorum on this proposal has been lowered from 50% to 40%. Voting is live now through November 14th. Following the release of ATOM 2.0, tensions have arisen within the Cosmos community. Jae Kwon, the co-founder of Cosmos who left the project, has returned to introduce Proposal 83. In this proposal, a so-called ‘Atom One Constitution’ is adopted as the protocol’s constitution and mandate. The proposed constitution outlines a significant change to the governance procedure, a potential roadblock for ATOM 2.0. In the document, a 2/3rds supermajority is introduced to the governance process. This change potentially hurts the feasibility of the ideas introduced within ATOM 2.0. Proposal 83, is being rejected at the moment with an 85% ‘No’ vote. Voting ends on November 14th.
- Optimism Concludes Season 2 Plans Changes: Optimism’s Token House continues iterating its governance process. This time around, the Optimism Foundation has published a series of proposed changes for Season 3. On November 11th, the Token House will conclude Season 2 followed by a retrospective and pre-season period to update its processes. The Foundation has been hard at work creating fixes for some of the issues running rampant within its governance experiment. On Tuesday, they posted on the forums a guide to Season 3 alongside five posts detailing proposed fixes for Season 3. Within these plans are a new Governance Fund Charter, a delegate code of conduct, a proposal to introduce a grants council, a proposal to allow protocols to have a delegate voice without self-delegation, and a retroactive reward for delegates. The two draft proposals will be voted on in the upcoming ‘Special Cycle 9’, a pre-season cycle that votes on changes to the Houses’ processes and structure. Community feedback and input are now being gathered on the proposed changes as the Foundation struggles to steward the DAO. Season 3 is tentatively scheduled to resume on January 19th, post-holiday break.
- Optimism’s Token House Rattled with Controversy: Allegations surfaced that a grant recipient potentially misused their OP allocation. During Phase 0, Layer2DAO was granted 300K OP tokens. The project claimed the grant was to incentivize users and provide liquidity on Optimism. A Twitter user called ‘OPGovWatch’ posted a Twitter thread where they allege L2DAO misused the funds by bridging them to Arbitrum. Optimism is facing an uphill battle as more projects misuse or just fail to properly disclose the real use of their grant funds. Currently, there is no explicit mandate to enforce or discipline projects who misuse token allocations. Also, the same Twitter user made allegations against an Optimism delegate for their potential involvement with these projects. Embroiled in the grant dumping controversy is ‘OPUser’, a well-known delegate. The thread alleges the member had deep involvement with L2DAO and potentially colluded and benefitted from their grant wins. Infighting and personal attacks ensued within Discord. As a result of these controversies, the Optimism Foundation has stepped in and is now working on a delegate code of conduct. Season 2 at Optimism ended on November 9th.
- ConsenSys Launches MetaMask Grants DAO: ConsenSys, creators of popular web3 wallet Metamask, have announced plans to launch a grants DAO. MetaMask Grants DAO is an employee-led DAO formed to fund developers building “impactful experiences within the Metamask ecosystem.” The DAO will initially be funded with $2.4M per year ($600K per quarter). Proposals looking to receive funding will fall under one of two categories: Leadership Committee Grants or DAO Grants. Leadership Committee Grants will be allocated funds from a special grant committee comprised of ConsenSys employees. DAO grants will receive funding directly from the DAO through traditional governance. Governance proposals for the DAO will be voted on through the Codefi Activate platform. Over the last few months, the centralized company has increased its presence and activity within the DAO space. ConesnSys plans to trial the DAO experiment for 12 months before it is reevaluated.
- dYdX DAO Plans Its Future: The dYdX foundation has published a blog post requesting community input on the future direction of dYdX DAO. dYdX v4 is the perpetual exchanges’ planned protocol upgrade for Q2 2023. In this new version, the protocol becomes fully decentralized and in need of community stewardship. In their blog post, the Foundation introduces potential next steps to implement a more ready and structured DAO. The post also serves as a call to action to source feedback on some of their ideas. SubDAOs are being introduced to help segment the workload starting with the formation of an ‘Operations subDAO’. This subDAO would be one of the initial subDAOs formed to help facilitate the development of the larger DAO. SubDAOs are to handle specific core functions within the protocol such as finance and treasury management, growth, risk management, community, and more. Today, the dYdX community is comprised of the dYdX Grants Program (DGP), which would continue as a self-sustained subDAO. On Wednesday, Reverie posted a possible path forward with the creation of an ‘Operations Trust’. DYdX’s current governance process will be used to confirm any of the proposed changes.
- BitDAO Pulls Proposal Amongst Market Turmoil: BitDAO, an investment DAO created by Bybit and funded by Peter Thiel among others, canceled its governance proposal this week in light of risky market conditions. BIP-15 was a proposal to deposit part of the BIT treasury into a vault to earn yield. The vote was vacated by the community amid worries of a market decline off the back of FTT. Back in October of 2021, quantitative trading firm Alameda engaged in a token swap with BitDAO. The DAO swapped 100M BIT for 3.3M FTT and was touted as a great idea at the time by Alameda to align the two organizations. The move gave Alameda a large amount of voting power within BitDAO while giving BitDAO exposure to FTX, the centralized exchange. One year later, the FTT token began plunging off the news that Binance, which holds $2B in FTT, is looking to potentially offload its position. Alameda is famously founded by SBF, the FTX CEO. Rumors began to circulate that Alameda potentially held a significant portion of their balance sheet in FTT. These rumors led to a huge amount of sell pressure on the FTT token. Following this news and worried Alameda might sell its assets, BitDAO requested proof of custody from the firm. The DAO worried the trading firm would dump its 100M BIT holdings amid FTT’s rapid decline. On November 8th, the DAO was able to resecure the funds and verify assets from the original deal had not been sold. Also on Tuesday, FTX publicly announced they had entered into a non-binding sale agreement with Binance. The centralized exchanges’ native token FTT proceeded to decline by 60%. On Wednesday, Binance shocked everyone when they announced they had rescinded their offer to purchase FTX.
- Zora Launches Nouns Builder and Builder DAO: Zora, a platform providing web3 creators & operator solutions, has announced a new project called Nouns Builder. Nouns Builder is a no-code tool that enables anyone to quickly launch a Noun-like DAO on-chain. The project had been incubated internally for the last four months. Zora plans to decentralize the project as a self-sustained protocol called Builder DAO. This new DAO would be created as a Noun-like DAO to help steward the protocol. On November 1st, Jacob Horne founder of Zora, submitted a proposal to Nouns DAO to help kickstart the protocol. In the proposal, he requests 1000 ETH from NounsDAO to be placed in an escrow smart contract. This allocation looks to fund the initial development of Builder DAO and help bootstrap the initial phases. Builder DAO will hold daily auctions for NFTs that enable users to govern the protocol. The DAO plans to launch on November 15th should the proposal pass.
- OrangeDAO, a Y Combinator alum-only DAO, has launched an accelerator program: OrangeDAO and VC firm Press Start Capital have joined forces to launch a ten-week fellowship program that features mentorship and a $25K grant for web3 builders. The fellowship is aimed at very early-stage projects and ideas. It describes itself as a bridge and “micro-accelerator” for other larger and more established web3 accelerator programs. Notably, both OrangeDAO and Press Start are able to participate in any of the project’s potential fundraising rounds.
- Bankless: Grants Committee Election for S6 and S7: This proposal is to elect five community members to the Bankless Grants Committee for Seasons 6 and 7. This committee serves to fund projects and initiatives that align with Bankless’s mission & values and fall outside of the normal seasonal funding cadence. A ten-day nomination period was previously held for community members to apply for consideration. A total of seven candidates have come forward and are now being voted on. This proposal will implement weighted voting to allow voters to distribute their votes across candidates. The top 4 candidates will be elected for the next two seasons. The 5th highest-voted candidate will be elected for S6 only. [25% Voting ‘senad.eth’ / discussion]
- Element DAO: GSC Compensation: This proposal looks to create an incentive structure for the newly created GSC role at Element DAO. The Governance Steering Council is a mechanism that will enable the Element community to govern the protocol as it progressively decentralizes. Separately, a GSC roles and responsibilities proposal is being worked on in conjunction with this proposal. This compensation proposal details the minimum contribution requirements a member must meet in order to be compensated 100 ELFI per month. Community feedback is being incorporated into this proposal and details are likely to change before it is pushed to a vote.
- CityDAO: DAO Coalition Funding: This proposal aims to approve fundraising of $9,999 from the DAO treasury for a DAO coalition. This coalition is comprised of 30 DAOs and related organizations that look to advocate on behalf of DAOs in the US and around the world. DAOs in the coalition include Aragon DAO, Bankless DAO, Krause House, Kali DAO, LexDAO, Polygon DAO, and more. The requested funding is earmarked for legal fees related to its incorporation and creation. [99% voting ‘Approve’/ discussion]
- Merit Circle Votes to Burn 200M Tokens: Merit Circle, a DAO building web3 games, has passed a proposal to burn 200M of its native tokens. MIP-20 passed on Wednesday with a 99% ‘Yes’ approval altering the DAO’s tokenomics. The proposal argues that burning the tokens will help reduce the total token supply and bring fully diluted valuations to be more in line with the circulating market cap. The MC community was previously allocated 30% of the initial 1B MC token supply at project inception. Per proposal MIP-7, the community wallet would burn 6M MC tokens each month. This move effectively accelerates the burn and removes a large portion of the MC token supply benefiting existing tokenholders. This token allocation was intended to be used to drive and incentivize community participation, something that has not occurred.
- Seed Club: Q4 Focuses & Budget: This proposal outlines goals and projected budgets for Q4 at Seed Club. The DAO currently consists of four main working groups: Accelerator, Community, Media, and Product. Seed Club’s mission is “to make joining the Seed Club network irresistible to builders and operators of internet native organizations”. This proposal outlines Q4 themes at Seed Club as the following: expanding membership, scaling distribution, and improving builder support. The total projected budget for Q4 is $530k. This is Seed Club’s inaugural community budget proposal introduced to provide insights and incorporate community feedback. [100% voting ‘For (Approve this proposal)’]
- Hop Protocol: Should the Hop community fund a grants program? This proposal looks to fund a community grant program at Hop Protocol. This grant program hopes to fund and attract developers to build on top of Hop, increasing general interest. The proposal outlines an initial allocation of 750K HOP (~$75K) to reward builders. After a 6 month trial period, the program will be revisited and voted on. To be funded, grants larger than $15K will have to go through Hop’s governance process. The program hopes to emulate other successful grant programs within the space such as Uniswap and MakerDAO. The committee will initially consist of five members: Lito, Getty Hill, FourPoops, Jack, and Chris Winfrey. [100% voting ‘Yes’ / discussion]
- More than Just the Ooki DAO: Lessons for Web3 Companies About Control After bZx: The CFTC’s decision to bring an action against a DAO late last month sent shockwaves that continue to reverberate through the Web3 community.
- Crypto Investor a16z Wants to Join Ooki DAO Defense Against CFTC: Andreessen Horowitz is just the latest entity looking to argue the commodities regulator must serve its lawsuit against individual members of the DAO, not the DAO itself.
- Japan Digital Ministry to Create DAO for Web3 Exploration: The ministry is looking to develop understanding of what such organizations can achieve and probe their limitations.
- Crypto Exchange SushiSwap Approves Restructuring, Will Create 3 Firms for DAO: The development of the decentralized autonomous organization will be managed by three organizations, which will be based in Panama and the Cayman Islands.
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