DAOs: Optimism DeFi Committee proposal approved, Aave V3 retroactive funding proposal passed, PieDAO voted against front-end sanctions screening, Compound protocol upgrades face errors, Synthetix proposes a token cap, MakerDAO prepares for changes, TribeDAO drama continues, CityDAO proposal to establish the Network City approved, and more!
Biweekly report on decentralized autonomous organizations vol.32, 19th August — 2d September
TL;DR
- Aragon DAO’s quadratic signaling vote on TAO parameters closed. New timeline and details on treasury transfer announced. Voting is active for Financial Proposal: Intention to Honour ESD Committed Funds
- The vote for the Aave DAO to commit to selecting the Ethereum Mainnet running under the POS consensus over any Ethereum fork passed. Furthermore, Aave V3 retroactive funding proposal was approved
- Balancer’s BIPs 44–55 passed. Additional revenue mechanism introduced. Balancer will supply 100k BAL on Aave
- Compound III is live. Following the deployment, a major code error was discovered in one of the protocol upgrades. Proposals 16 & 17 executed, 119 & 120 live. Proposal to deprecate FEI Market & proposal to adjust ETH Interest Rate Model are under discussion
- PieDAO proposal to implement front-end sanctions screening tool failed
- MakerDAO prepares for changes. Rune Christensen has posted the next steps to enact his Endgame Plan. While MakerDAO and Huntingdon Valley Bank announced the first commercial loan participation between a US-Regulated Financial Institution and a decentralized digital currency
- Bancor’s proposal to increase BNT trading liquidity on the ACRE/BNT pool to 100K passed. A new proposal to update the whitelisting requirements is up for discussion
- GnosisDAO’s GIPs 62 & 63 are under discussion
- The Graph adds Gnosis Chain to Its decentralized blockchain indexing protocol
- IdleDAO’s IIP-24: Reduce LM for Best Yield and Fund restructured leagues defeated
- Kleros V2 is coming. Furthermore, applications are open for the third batch of the Kleros Incubator
- Lido DAO proposal to engage Steakhouse Financial on the DAO finance workstream approved
- MolochDAO vote is live to send 500 WETH / 33% of the treasury to Protocol Guild
- Colony announced the launch of a new community initiative called Builder’s Spotlight
- mStable’s MCCP 24: Reduce weekly MTA emissions has passed and to be executed
- The Nexus Mutual’s community are voting to determine how members would like the mutual to use the proceeds of the ETH PoW sale
- Synthetix proposes a token cap. SIP-252 approved, the draft implementations for SIPs 301–305 completed, and SIP-301 should be in audit
- Uniswap community behind DEX establishes Foundation to support open-source development
- Yam’s YIP-115 Updating Compensation Procedures closed. Yam Core Development — Phase #2 is active
- CityDAO proposal to initiate the realization of a real-life “Network City” that uses Web3 community governance approved
- Optimism’s Token House has officially kicked off its pre-season voting cycle intended to prepare for Season 2. The DeFi Committee proposal approved
- FWB: Season 7 Operational Budget proposal
- Curve founder says it’s ‘possible’ crvUSD stablecoin will launch next month
- Coordinape launches decentralized compensation tool for DAOs
- The new PoolTogether DAO & Protocol Constitution
- Gitcoin GR15 starts Sept 7th
- TribeDAO drama continues
- Safe proposes airdrop for 22K users
- NFT lender BendDAO begins vote to change protocol amid liquidity crisis
- Slow ventures raises stakes on crypto governance with ‘Timber sDAO’
- Gearbox protocol raises 4M dollars
- Orca Protocol rebrands to Metropolis
- Active proposals: Aragon, Moloch, Aave, Compound, Index Coop, Nexus Mutual, Yam Finance
- New & ongoing discussions: Balancer, GitcoinDAO, Synthetix, PieDAO, Uniswap, mStable, MakerDAO, Curve, Yearn Finance, LidoDAO, BancorDAO, Akropolis, GnosisDAO, PoolTogether, API3, Idle, KyberDAO, Kleros, BadgerDAO
- 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
- An Exploration of Internet-Native Organizations by Scott Moore & Maxwell Kanter
- Efficient DAO Design by 0xJustice
- Tokens are Products by Jesse Walden
- The Plight of Governance Tokens by Gwart
- Understanding Voter Fatigue by atareh.eth
- 3 Lessons You Can Learn From JokeDAO from Coinvise
- Endgame Plan V3 by Rune Christensen
- The Gitcoin Hyperstructure by Kevin Owocki
- 3 Questions That Will Help You Build Better DAO Communities by Barnabas Atam
- DAO Fatigue by erixink
- Treasury Management: A Guide to Navigating Downturns from a16z
- Minimum Viable Permissionless-ness from SuperBenefitDAO
- How online communities are revolutionizing human coordination by Donatus Schaumburg
- The Great Convergence: $GHO and the Story of the Five Old Kings by Luca Prosperi
- Tokens of appreciating appreciation by Joey DeBruin
- Marching Towards Ungovernance from Reflexer Labs
- The Path of Compliance and the Path of Decentralization by Rune Christensen
- Ideas for things worth building by Vitalik Buterin at ETHMexico
- Curve founder hints at crvUSD stablecoin launch next month
- GitcoinDAO July 2022 Financials from Llama
- SafeDAO reworks SAFE distribution to now include 55k users
- Orca Protocol rebrands to Metropolis
- The New PoolTogether DAO Part 1
- OP Summer Summary
- DeTalks Episode 1: Metagovernance w/ Mel.eth & Shawn
- DiB Governance Weekly w/ David Phelps
- Guild: Building the Infrastructure Layer for Online Communities w/ Reka on DAOn the RabbitHole Podcast
- GovernorDAO w/ Jon Greenwood & Zane Huffman on The Green Pill Podcast
- DAO NYC Afternoon Session
Frameworks
Aragon
Recent blog posts and news
- DAO Experts Cohort 2.0 launched, adding five new Experts to the roster.
- Aragon sponsoring Kyiv Tech Summit
- TAO parameter parties have concluded and a quadratic signaling vote is closed.
- The AA announced an updated timeline for the treasury transfer.
Active votes
Discussions
- Financial Proposal: Intention to Honor ESD Committed Funds: The Executive Sub-DAO (ESD) is requesting that the Main DAO honor all funding agreements established by the ESD to cover remaining and outstanding commitments and debts.
- Clarifying the path towards evolving Aragon Network governance: This proposal presents three options for restructuring the Aragon Network DAO to accommodate delegated voting. The proposal is open for discussion for 30 days.
- Proposal Update: Quadratic Voting on the TAO Voting Parameter Proposals: This is a quadratic signaling vote to build consensus on TAO MVP parameter proposals. This is a governance tooling (TAO Voting + token log) experiment, so the results of this vote are non-binding. This experiment simply enables the team to test alternative methods and tools for collective governance.
Other discussions
- Financial Proposal: Demoing a Tao Voting DAO
- Discussion: Ratify Seasons & Formalise Simple Process to Enable Paid Time-Off
- Financial Proposal — Eagle Ops
Moloch
Active proposals
- Privacy preserving wallet on Ethereum
- Grant Proposal — Sporos DAO
- Smart Invoice
- Geo Web
- Ethereum Cat Herders
- Protocol Guild Pilot
- Ethereum TEF
Discussions
- Privacy preserving wallet on Ethereum
- Grant Proposal — Charon
- Moloch Grant Proposal 62 — Sybil Resistance
- Grant Proposal — Sporos DAO
- 26: Funding Proposal — Grant Proposal — Sporos DAO
Governance
Aave
Recent blog posts and news
- Llama shared their July financial statements for Aave including a deep dive into the treasury holdings, Safety Module and Reserve Factor holdings.
Aave: V3 Retroactive Funding: This proposal seeks to retroactively reward Aave Companies for the development and deployment of Aave V3. Aave DAO would compensate Aave Companies with $15M for incurred work plus an additional $1.3M for audits performed. The Aave V3 upgrade introduced important new features to the protocol that made it more efficient, reduced risk, and improved user experience. [99.9% voting ‘For’ / discussion]
Aave DAO: Stance on Ethereum POW Fork: This proposal asks the DAO to signal its full support for Ethereum’s upcoming mainnet shift from proof-of-work (POW) to proof-of-stake (POS) consensus — over against any alternative fork that might form. AAVE will be fully functional after the consensus change, as shown through extensive testing; and there is general agreement among the builders of the protocol that it is “effectively impossible to sustain a viable Aave Market on any Ethereum fork running an alternative consensus.” [proposal: 99.9% voting for / discussion]
Active proposals
Closed proposals
- Aave V3 Retroactive Funding
- [ARC] Ethereum v2 Reserve Factor — aFEI Holding Update
- [ARC] Risk Parameter Updates for Ethereum Aave v2 Market
- Aave DAO Stance on Ethereum POW Fork
- Risk Parameter Updates for Aave V2: 2022–08–18
- Ban Hackers from Transferring Community Contributing Members 4500X AAVE
- Asset Listing Framework (Market Risk) and Community Consensus Check
- [ARC] Add MaticX to Polygon v3 Market
On-chain votes
New and ongoing discussions
- ARC. Strategy on sunsetting of Aave v1
- ARC: Aave DAO Stance on Ethereum POW Fork
- [ARC] — Whitelist deBridge for Portals V3
- Penn Blockchain Delegate Platform
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 5,334 members participated in 46 votings.
Executed Proposals
Latest governance topics on governance forum.
Community Call — August 25th:
Badger DAO
Closed 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.
Balancer
Recent blog posts and news
Closed proposals
- [BIP-55] Funding Proposal for the Balancer OpCo
- [BIP-54] Authorize Balancer Labs to initiate distributions on Optimism gauges
- [BIP-53] Enable crosschain Gauges via LayerZero
- [BIP-52] Allocate BAL Liquidity to Aave
- [BIP-51] Gauge Migration to Composable Stable Pools
- [BIP-50] Set Protocol Fee on Yield
- [BIP-49] ComposableStable and AaveLinearPools: permission granting
- [BIP-48] Kill FEI/WETH Gauge
- [BIP-47] Balancer <> Across Protocol for Bridging Tokens Across Chains
- [BIP-46] Enable SILO/ETH Gauge on Ethereum
- [BIP-45] Balancer LP BAL into MLP
- [BIP-44] Support Balancer Space delegation on Snapshot for vlAURA holders
- [BIP-43] Redeem Treasury FEI for USDC
Discussions
- [BIP-XX] Introduce Gauge Framework v1
- [BIP-XX] Increase Snapshot Quorum
- [BIP-50] Set Protocol Fee on Yield
Latest governance topics on governance forum.
Bancor
Recent blog posts and news
Closed proposals
New and ongoing discussions
- Analysis of Bancor & The Merge
- A Stronger BNT = A Major Component Towards Repairing Bancor
- Proposal: Move v2.1 liquidity to v3
- Proposal: Tokenize the Deficit
- Proposal: Create a development road map and timeline
- Proposal: Let LPs have the option to withdraw with ILP at a 1% rate per week
- Future vBNT LP reimbursement
To read more about the different proposals and take part in the decision, check out the forum.
Bancor Community Call — Aug 21:
Compound
Recent blog posts
Compound has a messy upgrade: Following the deployment of Compound III, a major code error was discovered in one of the protocol upgrades. This error disrupts users looking to borrow and lend cETH, the protocol’s second largest market. Compound Labs and the relevant emergency teams responded by drafting a new governance proposal to revert and update the code. The code was previously audited and missed by three different firms. Compound’s current governance process includes a seven-day timelock before any proposed changes can occur. No funds look to be currently at risk.
Active proposals
Closed proposals
- 118 Risk Parameter Updates for 1 Collateral Asset [failed]
- 117 Compound Oracle Upgrade v3 [executed]
- 116 Initialize Compound III (USDC on Ethereum) [executed]
New and ongoing discussions
Latest governance topics on governance forum.
Curve
New and ongoing discussions
- MAI Gauge Proposal on Ethereum
- Proposal to add agEUR/EUROC to the Gauge Controller
- Proposal to raise A parameter on DOLA to 450
- vETH/ETH pool — Bifrost Finance <> Curve
To read more about the different proposals and take part in the decision, check out the forum. Vote here.
Gitcoin
Recent blog posts
- 4 Ways Gitcoin Passport Can Help DAOs
- Gitcoin: Supporting Builders in Bull and Bear Markets
- Level up your grant for GR15
- GitcoinDAO July 2022 Financials from Llama
Closed proposals
- GR15 Round Structure
- Memes, Merch and Marketing Season 15 Budget Request
- S15 DAO Ops Budget Update
- Moonshot Collective S15 Budget Request
- Fraud Detection and Defense Funding S15 Budget Request
- Public Goods Funding S15 Budget Request
- Withdraw $10MM of GTC to diversify our treasury and increase governance partners
New and ongoing discussions
- Impact Certificates [Proposals Wanted]
- The Network Effects of GitcoinDAO’s Protocols
- Grants 2.0 is how we scale our impact
- Gitcoin Treasury Diversification Update
To read more about the different proposals and take part in the decision, check out the governance forum.
Public Goods Call with Maxwell:
Impact Hyperstructures with Kevin from Gitcoin | #refi #web3:
Gnosis
There were no active GnosisDAO Improvement Proposals (GIPs) these weeks.
New and ongoing discussions
- Should GnosisDAO Sponsor Prode markets?
- Should GnosisDAO treasury use a part of its allocated SAFE tokens to reward GNO, LGNO and gnosis chain safe users?
- Should GnosisDAO expand Stably’s multichain fiat-backed stablecoin $USDS, and multichain on/off ramps onto Gnosis?
- Should GnosisDAO fund Sisu Network — A Grant Matching and Universal Private Contract Initiative?
- Should GnosisDAO award a Grant to Algovera to develop a DAO framework for Decentralized AI Teams?
Find out the latest GnosisDAO proposals here.
Idle
Proposals
New and ongoing discussions
- Voting framework for stkIDLE holders v2
- Voting Framework for stkIDLE Holders
- [IIP-24] M3–2022 Leagues budget, and $IDLE incentives distribution update
- 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
- Compound Bug Affecting NAV Price of ETH2x-FLI
- FAQ: Index Coop Products and The Merge
- How to Earn Yield with Stablecoins (and MNYe)
- 👨🏼💼 A Financial Advisor’s View of The Merge | August 24th Newsletter
- ESG Impact of The Merge
- A Financial Advisor’s View of The Merge
Active proposals
Closed proposals
- [Aave-96] FEI Risk Parameter Updates for Ethereum Aave v2 Market
- [Compound-119]
- [Aave Snapshot] Temporarily Pause ETH Borrowing
- [Aave Snapshot] Temporarily Pause ETH Borrowing
- [Compound-118]
- [Aave Snapshot] Aave V3 Retroactive Funding
- [Aave-95] Add LUSD to Aave V2
- [Aave Snapshot] [ARC] Ethereum v2 Reserve Factor — aFEI Holding Update
- [Aave Snapshot] [ARC] Risk Parameter Updates for Ethereum Aave v2 Market
- [Aave-93] Add MAI to Aave V3 on Polygon
- [Compound-117]
- [Aave Snapshot] Aave DAO Stance on Ethereum POW Fork
- [Aave Snapshot] Risk Parameter Updates for Aave V2: 2022–08–18
- [Compound-116]
- [Aave Snapshot] Ban Hackers from Transferring Community Contributing Members 4500X AAVE
- [Aave Snapshot] Asset Listing Framework (Market Risk) and Community Consensus Check
- [BadgerDAO] BIP 96 — zeroDAO Deal Restructure
- [Uniswap-24]
- [Aave Snapshot] [ARC] Add MaticX to Polygon v3 Market
New and ongoing discussions
- Index Coop Council Update on Progress Made during Season 2: Response to the Open Letter by Set & 1kx
- IIP-161: Reduce MNYe Fees
- IIP-136: DG — Launch the FIXED Suite
Find latest Index Coop proposals here.
To read more about the different proposals and take part in the decision, check out the governance forum.
What to Expect From the Ethereum Merge?
Kleros
Recent blog posts
There were no active KIPs these weeks.
To read more about the different proposals and take part in the decision, check out the governance forum.
Demo Day of Kleros Incubator — Second Cohort:
Lido
Recent blog posts
Closed proposals
- Engage Steakhouse Financial on a Lido DAO Finance Workstream
- Vote to engage a Head of Legal & General Counsel for Lido
New and ongoing discussions
- Expansion of Lido’s Ethereum Oracle set
- Lido DAO Finance Workstream Proposal: Steakhouse Financial
- Lido Referral Program on Solana
- Lido for NEAR — Proposal by Everstake
To read more about the different proposals and take part in the decision, check out the governance forum.
MakerDAO
Rune preps his proposals: Rune Christensen, the co-founder of Maker, has posted on the MakerDAO forums the necessary next steps to enact his Endgame Plan. The now infamous plan is Rune’s vision for a more resilient and self-sustained MakerDAO. The forum post articulates a more detailed, actionable plan with six “steps.” Each step in the plan comes in the form of MIPs (Maker Improvement Proposals). These proposals would slowly introduce the necessary changes needed to enact his plan. Some of the steps include the introduction of MetaDAOs, cleaning up MIPs and their voting period, swapping LDO for MKR, changing collateral onboarding, and more. These proposals will be submitted for inclusion in Maker’s October governance cycle.
On Friday, Rune also posted plans to make the DAI stablecoin a free-floating asset. This move contradicts the DAOs recent push into Real World Assets. Recent government sanctions and blacklists have resurfaced plans to remove the risk of government censorship. Rune argues that free-floating DAI away from its USD peg as well as limiting its RWA exposure provides Maker with more robust censorship resistance.
Ended Polls
2 Polls — ended Sep 01
- PPG — Open Market Committee Proposal
- Ratification Poll for Legal Domain Work on Greenlit Collateral (bIBTA) Special Purpose Fund (MIP55c3-SP6)
3 Polls — ended Aug 29 2022
- Community Greenlight Poll — RWA Arranger (BlockTower Credit)
- Community Greenlight Poll — Cabot (Cabot Renewable Energy Crypto Mining LLC)
- Community Greenlight Poll — DDC (Detox Digital Coin)
6 Polls — ended Aug 22 2022
- Ratification Poll for Modify Dai Foundation Core Unit Budget (MIP40c3-SP74)
- Ratification Poll for Core Unit Offboarding Process Amendments (MIP4c2-SP15)
- Ratification Poll for Modify Oracle Core Unit Budget (MIP40c3-SP75)
- Ratification Poll for MIP50 Direct Deposit Module Amendment (MIP4c2-SP23)
- Ratification Poll for Makershire Redux (MIP76)
- Ratification Poll for Offboarding Events Core Unit (EVENTS-001)
Executive
- HVBank Drawdown, Maker Teleport Launch on Optimism and Arbitrum — August 31, 2022 [Available for execution on Sep 05]
New and ongoing discussions
- MIP40c3-SP80: Modify GovAlpha Core Unit MKR Budget — Q3 2022
- MIP79: Recognized Delegate MKR Compensation
- MIP39c3-SP2: Strategic Happiness Core Unit (SH-001) Offboarding
- Endgame Index List
- Endgame Approval MIP Set — next steps
- GFX Labs Delegate Platform
and many more!
Read more about the different proposals and take part in the decision.
Governance and Risk | Ep. 205:
Open Decentralized Voter Committee | Endgame Approval MIP Set:
mStable
There were no proposals these weeks.
New and ongoing discussions
- [RFC] mStableDAO x WorkDAO Partnership
- [Funding Request] mStable Ecosystem subDAO (Sep-Dec 2022)
- MCCP 25: Increase Governance Fee Flow to Treasury
- MCCP 23: Disable underutilized dials II
To read more about the different proposals and take part in the decision, check out the governance forum.
Nexus Mutual
Active 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, Aug 30:
Pie DAO
PieDAO: Implement front-end sanctions screening: Following the sanctioning of Tornado Cash by Treasury’s OFAC, PieDAO’s front-end provider Dexlab can no longer provide its hosting service unless specific sanctions-screening measures are put in place. This proposal asks the DAO to vote on whether the PieDAO front-end should implement sanction-screening measures (and thereby provide “the best UX to PieDAO applications”) or whether it should not implement those sanction-screening measures.[proposal: 50.36% voting against sanctions screening / discussion]
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
- More Optimism Rewards — Phase 2
- Polkadot, PoolTogether and Expanding Your Knowledge
- PoolTogether Community Podcast #36 with Lonely Alien Space Club
- PoolTogether Community Podcast #35 with Stader Labs
- Music, Fashion NFTs and Never Stop Learning
The new PoolTogether DAO: During the past weeks, a group of long-time community members collaborated on expressing their thoughts on an optimized organizational model for the PoolTogether DAO:
There were no active proposals these weeks.
New and ongoing discussions
- RFC: Optimism Governance Committee
- Delegate Proposals Mega-Thread
- RFC: Protocol Constitution
- The New PoolTogether DAO: Part I
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 Markets: BNB, DOGE, and DEBT-Ratio
- Synthetix and the Merge
- A dive into the Synthetix Ecosystem on Optimism
Synthetix Proposes a Token Cap: A governance proposal to cap the supply of SNX tokens to 300M was introduced by Synthetix co-founder Kain Warwick. In the proposal, Warwick details a plan to remove the protocol’s current inflationary token model. Warwick argues that Synthetix no longer requires this token model as fees from its products are producing meaningful yields. Inflationary tokenomics are commonly used by early DeFi protocols to help bootstrap their networks.
Closed proposals
- SCCP-225: Raising the target c-ratio to 450%
- SCCP-224: Lower Max Atomic Volume Per Block
- SCCP-223: Increase Max Initial Leverage on Traditional Markets
- SIP-271: System Wide Suspension — Proof Of Stake 🐼
- SIP-255: Burn fees instead of distributing them (Revote)
- SCCP-222: Unpause Futures Markets — DebtRatio ,DOGE & BNB
- SIP-260: Rate Limiting (Revote)
- SIP-270: Add Synth EUR on Optimism
- SCCP-221: Update Parameters of Futures and Spot Markets
- SCCP-221: Update Futures & Spot Price Parameters
- Create a market to stabalize the price of zcash ($sZEC)
- SIP-266: Deprecation of the dilution function outlined within SIP 104 and referenced within SIPs 152, 191 and 201
- SIP-263: Clarify the Definition of Unanimity in Meta-Governance Votes
- SCCP-300: Set council minimumActiveMembers to n-1
To read more about the different proposals and take part in the decision, check out the governance forum.
Uniswap
Recent blog posts and news
Closed proposals
New and ongoing discussions
To read more about the different proposals and take part in the decision, check out the governance forum.
Yam Finance
Active proposals
Closed proposals
- YIP-115 Updating Compensation Procedures
- Member Comp Model Update (Govops)
- E — Yam Infrastructure (Govops)
- YIP 112 — vote 2 — contributor YAM payment vesting
- YIP-112 vote 1 — as needed YAM minting
- YIP-113: Yam Treasury Director Creation
- Ross — Gov-Ops Council Beta Vote
- Feddas — Gov Ops Council Beta
- E — Yam Infrastructure (Govops)
- Silo-02, Milestone-1, Vote-1: Yam Treasury Management Strategy, Yield Farming, Protocol Owned Liquidity
- Treasury Redemption re-Vote
New and ongoing discussions
- Contributor Compensation Terms
- E Yam Core Development — Phase #2 (Aug Sep)
- YIP-115 Updating Compensation Procedures
Check out the latest YIPs discussions here.
Yearn Finance
Recent blog posts
There were no active proposals these weeks.
Check out the latest YIPs discussions here.
MISC
Optimism: DeFi Committee [Group A]: This proposal introduces a DeFi governance committee for Season 2 at Optimism’s Token House. The proposed committee would consist of 5 delegates focused on covering, summarizing, and providing vote recommendations on DeFi-related proposals. Delegates in this committee include community members Katie Garcia as Lead, GFX Labs, Flipside Crypto, StableNode, and Linda Xie. Governance Committees are the latest experiment at Optimism introduced to offload the high number of proposals to specialized groups. [93.8% voting ‘For’ / discussion]
Pre-Season at Optimism: Optimism’s Token House has officially kicked off its pre-season voting cycle intended to prepare for Season 2. This voting cycle focuses on approving changes to the governance process. Governance Committees are being introduced for the new season to help streamline and specialize proposal oversight. A total of five governance committees are currently up for nomination. Committees include three DeFi committees, one tooling, and one NFT and gaming committee. Voting Cycle #5 runs now through September 7th.
FWB: Season 7 Operational Budget: This proposal outlines the operational budget for Season 7 at FWB. The budget includes a monthly spend of $331,536 for a season total of $1.6M. Monthly costs include $264k for recurring contributors, $28k for non-recurring contributors, $19k for operational spending, and $20k for marketing spending. The budget will fund Season 7 of operations from August through December 2022. [100% voting to ‘Approve Szn 7 Ops budget’]
CityDAO: The Network City: This ambitious proposal is meant to initiate the realization of a real-life “Network City” that uses Web3 community governance. It is inspired by the development of Marfa, Texas and the ideas of Glen Weyl, and will make use of Partial Common Ownership, Quadratic Voting, and Gitcoin’s Quadratic Funding approach. The focus will be on the creation of “positive-sum feedback loops that catalyze organic economic growth.” As stated in the full, nine-page proposal: “These systems provide the incentives necessary to create an equilibrium between cooperation and competition that will maximize the productive, fair and efficient allocation of capital and resources. Ultimately, we are creating the foundation of CityDAO’s future: an economic engine, situated in the real world, for Teams and Citizens to experiment, collaborate, compete, develop their ideas, and build.” [proposal: 95.93% voting to approve / discussion]
Tribe DAO looks for the exit: Fei Labs, creators of Fei Protocol and FEI stablecoin, published a proposal on August 19th detailing plans to wind down Tribe DAO. Tribe DAO was created in December of 2021 when Fei Protocol and Rari Capital joined forces in the largest DeFi merger. In late April, the Rari Fuse pools were hacked and drained in excess of $80m. The hack victims included other DeFi protocols and retail investors. Frax Finance lost $13m and OlympusDAO lost $9m. Following the hack, a snapshot vote was posted and passed that outlined plans to repay and make whole all hack victims. After over a month of waiting, an on-chain vote was finally held to confirm the previous snapshot vote. However, this time, ‘against’ votes prevailed supported in large part by the Fei team. Now, this recent proposal from Fei Labs only outlines preferential distribution to TRIBE holders and severely limits repayment to the hack victims. Controversy and heated discussions have ensued on the best path forward to properly make hack victims whole. Also as a result of this proposal, a number of affected DeFi protocols have introduced their own proposals to help victims or remove risk as Tribe DAO winds down. A snapshot vote is live that explores different paths to consolidate Tribe’s assets. The dissolving of a DAO is happening in real-time. Creditors or in this case tokenholders, may or may not be fully repaid. Look for an on-chain vote in the next month or two.
TribeDAO Drama Continues: After the announcement of a TribeDAO wind-down, a new proposal from OlympusDAO has been posted to the forum that outlines a new route to repay Fuse debt and its hack victims. On Tuesday, the first part of Fei’s controversial proposal passed an on-chain vote. This vote specified which treasury assets would be liquidated to repay the victims. In addition, a number of protocols have submitted proposals to purchase their respective tokens back from TribeDAO. The Tribal Council also initiated a clawback of the Rari team’s vested tokens and returned them to the DAO. This new proposal from OlympusDAO ignores FEI’s initial plans and provides a route to make the hack victims whole. Importantly, OlympusDAO is one of the affected protocols in the Fuse hack. The proposal also calls for delegation as things begin to heat up at TribeDAO.
Gearbox Protocol Raises $4M: The DeFi leverage protocol has announced a fundraising round of $4M, led by investors at Placeholder, Zee Prime, GCR, and others. Back in July, a Snapshot vote was passed with 99% approval to fund the DAO through strategic partnerships. Funds from the raise will reside within the DAOs treasury and be deployed to build V2 of the protocol as well as to continue its DAO growth. The upgrade looks to introduce new levered assets and integrations.
Safe Proposes Airdrop for 22K Users: SafeDAO, the spinoff DAO of Gnosis, has proposed a token airdrop for its early adopters. On August 18th, the proposal was introduced detailing plans to distribute 5% of the total supply of SAFE tokens to users. The airdrop looks to further decentralize the project, reward usage of the protocol, raise awareness, and provide ownership and governance rights to its community. Around 22,000 wallets currently qualify for the airdrop. Safe’s multisig product is widely adopted and used by various DAOs and organizations across the ecosystem.
NFT lender BendDAO begins vote to change protocol amid liquidity crisis: BendDAO is a collateralized lending protocol that provides NFT lending and borrowing. The DAO proposed emergency parameter changes after suffering from a sudden liquidity crisis. The nature of illiquid NFT assets in a bear market and existing poor protocol parameters prompted the crisis to unravel. The community quickly drafted an emergency governance proposal to help stop the bleeding. Now, a new proposal is live that looks to improve on the previous proposal and hopefully keep the protocol afloat.
Slow Ventures Raises Stakes on Crypto Governance with ‘Timber sDAO’: The venture capital firm’s first “legally compliant DAO” bought land, and the second so-called sDAO is buying more. But this time, land with trees.
The Graph Adds Gnosis Chain to Its Decentralized Blockchain Indexing Protocol: Gnosis Chain is the first chain after Ethereum to gain support on The Graph’s decentralized network, which will soon replace The Graph’s centralized “hosted” service.
Blockchain Company Mural, Founded by Palantir Alums, Raises $5.6M: The startup helps global brands manage the treasuries of their Web3 communities.
Web3 Workplace Platform Coordinape Launches Decentralized Compensation Tool for DAOs: Coordinape’s product, CoVaults, uses smart contracts to automate compensation for contributors to the decentralized workspace.
- Developer DAO launches $CODE:
- Orca Protocol rebrands to Metropolis:
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