DAOs: Optimism kickstarts governance with airdrop to users, PoolTogether launches NFT series to raise funds for legal defense costs, Aragon’s vote to transfer funds to AragonDAO, Aave <> Governance House, MolochDAO grants round completed, Gitcoin grants round 14 is live, Ethereum’s merge upgrade, and more!
Biweekly report on decentralized autonomous organizations vol.27, 28th May — 10th June
TL;DR
- Ethereum’s merge upgrade goes live on Ropsten testnet. The transition will yield improved scalability, lower fees, and massive gains in energy efficiency, benefitting those both inside and outside of the DAO ecosystem
- PoolTogether Inc launches NFT series to raise funds for legal defense costs. While PTIP-73 approved. Karma <> PoolTogether
- AragonDAO’s vote is live to transition the funds from the Aragon Treasury to the Aragon Network DAO
- MolochDAO successfully completed the June grants round
- Optimism launched its airdrop with some hiccups and is now live
- Aave’s AIP-78 hasn’t passed as it didn’t fulfill both quorum and differential. Furthermore, Governance House, a group of ecosystem members who have been active in Aave governance gave their official introduction on the forum
- AccuWeather has launched its AccuWeather API on Web3 using API3’s Airnode to deliver weather data to decentralized applications
- Compound’s proposal 107 executed, 108 is active
- Curve DAO vote to lower the A Factor of the PUSd/3Crv pool to 25 passed. A proposal to add pxCVX/CVX to the Gauge Controller is under discussion
- Gitcoin Grants Round 14 is live with over 3M in matching funds available. Gitcoin announced Gitcoin Passport, a new identity verification app hosted on the Ceramic
- Gnosis’s GIPs 45,47 & 48 passed. GIP-49: Should GnosisDAO do a BFF Partnership with MakerDAO? is under discussion
- Index Coop’s MetaGovernance Committee Election vote is live
- Vote on ‘Two-phase voting’ proposal for Lido DAO is active. The proposal is to split each Aragon vote timeframe into 2 phases while maintaining the overall vote time to be 72h. Lido on Polkadot
- The Uniswap community considered whether to participate in the Protocol Guild Pilot
- Balancer protocol is now live on Optimism. The Balancer governance forum now has a Delegate section
- DAOhaus Season 5 of HausParty has begun
- Kleros KIP-48 Development Courts on xDai approved
- Kyber Network celebrates 5 years of powering DeFi. To compensate past KyberDAO voters will be added on bonus voter rewards
- mStable’s MCCP 22: Disable underutilized dials & TDP 42: Continue Loan to Market Maker Supporting Coinbase mUSD Listing have passed. TDP 43: Gamma Liquidity Migration is on the forum
- PieDAO’s [Epoch-8] MerkleTree Notarization proposal approved
- MakerDAO’s Greenlight Polls are active. Executive vote on the parameter changes from the latest MOMC proposal is live
- GFX Labs (governance participant in several projects including Compound and MakerDAO) announces new lending and stablecoin protocol, raising interesting questions about potential conflicts
- Synthetix’s Kochab release went out, implementing SIP-246 to upgrade collateral shorts
- Yam’s UMA delegate voting testing & theVDM compensation request approved
- LinksDAO’s proposal to partner with golf course property sourcing and management company to assist with evaluating, sourcing, due diligence and managing LinksDAO’s first course
- Dework, which aims to be a combination of Trello and LinkedIn for Web 3, raised 5M in a seed funding round
- Klima DAO’s KIP-24: Utilize USDC to Extend Development Runway approved
- Terra launches new chain without native stablecoins: While the launch has generally gone to plan, it has caused significant issues with the old Terra chain
- Thing3 and Metacartel Ventures launch Hydra Ventures, a community-run investment DAO that looks to invest and incubate a whole ecosystem of investment DAOs
- Commons Prize winner announced
- Llama features its on-chain analytics work with Dune
- Commonwealth and Utopia announce their Series A fundraises to build the future of DAO operating systems
- Euler Finance lending protocol announces governance launch with Tally and OpenZeppelin governor integrations
- Nansen releases report on triggers for Terra UST collapse
- DAO infrastructure provider Commonwealth raises new funding round
- Optimism native Velodrome protocol launches decentralized exchange
- Waves blockchain proposes a plan to bail out USDN stablecoin and Vires lending market
- Active proposals: AragonDAO, Aave, Compound, Index Coop, Curve, LidoDAO, MakerDAO, Synthetix
- New & ongoing discussions: Balancer, GitcoinDAO, PieDAO, Uniswap, mStable, Yam Finance, Yearn Finance, Nexus Mutual, BancorDAO, Akropolis, GnosisDAO, PoolTogether, API3, Idle, KyberDAO, Kleros, Badger DAO
- 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 Gnosis.
Global stats
Leading DAOs by votes
Read & Listen
- The Coming InDAOstrial Revolution by Julie Fredrickson
- DAO Legal Entity Matrix by Paragigm
- Decentralized Governance and the Lessons of Corporate Governance by Kevin Schwartz et al.
- Ultimate Guide to Metagovernance by Ben Giove
- Legitimacy Lost by Li Jin and Katie Parrot
- The State of Uniswap Governance: A Paradox of Minimization by Other Internet
- A Legal Framework for DAOs Part I, DAO Entity Features & Entity Selection, and A Legal Framework for DAOs Part II by a16z crypto
- Building an independent judiciary for sovereign DAOs by Guangmian Kung
- Dework Just Raised $5 Million. Could It Become Linkedin for DAOs? By Jason Nelson
- Gnosis: The Quintessential DAO Tool, Featuring Stefan George on I Pledge Allegiance with Derek Hsue
- Understanding DAOs and How to Scale them (Yury Lifshits) on DAOn the Rabbit Hole with Anay Sim
- Illegible Enterprises: DAOs, Unwrapped by Mike Wawsczcak
- Back to the Basics: Uniswap, Balancer, Curve thread by Kirill Naumov
Frameworks
Aragon
Active votes
- Transfer the Aragon Project Funds to an Aragon DAO Governed by (Delegated) ANT
- Financial Proposal: Gitcoin GR14 Advocacy
Ended votes
- Financial Proposal: Real-time Community Health Analytics Research Project
- Financial proposal: Changes in contributor reward payments
Discussions
- Financial Proposal: A Path to Decentralised Governance
- Proposal: Transfer the Aragon Project Funds to an Aragon DAO Governed by (Delegated) ANT
- Aragon Ukraine Response WG Proposal
- Real-time Community Health Analytics
- Financial Proposal: EVMcrispr, mutating DAOs’ DNA
- Decentralizing Aragon’s governance: Possible first steps
- Purpose of the Aragon Project — Discussion
Daohaus
Haus Party Live! S5Ep1: Frens & Fam of the Haus:
Haus Party Live! S5Ep2: Flyby of DAO Governance Models:
Moloch
MolochDAO Grants June 2022: Seven grants are funded:
- DAOStar One / DAO standards
- Smart Invoice / Web3 escrow tool for freelancers
- Mycelium Research/ Expert and in depth articles
- Ethereum Cat Herders / Project management around Ethereum protocol
- Apache Tuweni / Multiple libraries for Ethereum and Secure Scuttlebutt
- Black Sky Nexus / Research and content
- ReallyBoringGuild / MolochDAO grant operations
Tribute Labs (OpenLaw)
Governance
Aave
Recent blog posts
Active proposals
Closed proposals
- Add Rocket Pool’s rETH on Aave v2 Mainnet Market
- [ARC] — Whitelist deBridge for Portals V3 (96.75%) — failed to reach 150k quorum as required by the Portals Governance Framework
- ARC: Risk Parameter Updates for Aave V2 and Aave Arc (Fireblocks) 2022–05–26
On-chain votes
- Consolidate Reserve Factors and Enable Borrowing DPI
- Risk Parameter Updates for Aave V2 and Aave Arc (Fireblocks) 2022–05–26 discussion
New and ongoing discussions
- Aave DAO <> Governance House
- Proposal: Add Support for stMATIC (Lido)
- BGD. Proposal for Bounty. Fallback oracle misconfiguration
- ARC: Add support for LUSD (Liquity)
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 5,180 members participated in 36 votings.
New and ongoing discussions
- DAO structure and incoming regulations
- Join the API3 DAO Community
- Quontomons — AI Generated Quantum Monsters
Latest governance topics on governance forum.
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
Closed proposals
- Allocate BAL to a Ribbon Finance Vault
- Send back 3CRV stuck to Stake Dao Multisig Address
- Whitelist Stake DAO to lock BAL tokens
- Enable PAL/USDC 80/20 Gauge [Ethereum]
- Tribe DAO : boost delegation
- Introduce ChildChainGaugeTokenAdder
- Allocate 31,250 BAL for Optimism Incentives
- Amend the Agreement with 1inch for Integrating Boosted Pools
New and ongoing discussions
- Whitelist Yearn Finance’s Voter Contract for Balanacer VoteEscrow
- Allocate BAL towards Etherem<>Optimism Bridge Liquidity
- [Proposal] Allowlist GnosisDAO’s treasury in VotingEscrow
- Operating Framework for Balancer DAO
The Balancer governance forum now has a Delegate section:
Latest governance topics on governance forum.
Bancor
Recent blog posts and news
Closed proposals
- Proposal to End BNT Emissions for the “Primordial Pools” and Reallocate the Same Emissions Budget to BNT Staking
- Proposal Addendum: Incentivize users to migrate to v3 by matching token side LM rewards with up to 50k BNT per pool
- Increase the trading liquidity limit in the MFG pool from 400k BNT to 800k BNT & Fee Tier to 1%
- Increase the trading liquidity limit in the THALES-BNT pool to 200k
- Complete Token Migration to V3
New and ongoing discussions
- Proposal to remove Primordial Pool Rewards instead of reallocating
- Proposal to End BNT Emissions for the “Primordial Pools” and Reallocate the Same Emissions Budget to BNT Staking
- Proposal: Whitelist Doubloon (DBL) on Bancor v3
- Proposal to introduce a moratorium on BNT tokenomics changes until b3 is live
To read more about the different proposals and take part in the decision, check out the forum.
Bancor 3: Very Much Alive:
Compound
Active proposals
Closed proposals
New and ongoing discussions
- Risk Parameter Updates 2022–06–01
- Two year Compound history, one graph
- Linking wallet to forum handle/username
- Compound Need To Increase Community Engagement And More
- Gauntlet Reserve Factor Optimization Framework
Latest governance topics on governance forum.
Curve
Active proposals
New and ongoing discussions
- Proposal to lower A parameter on pUSD pool to 25
- Proposal to raise A parameter on GUSD pool to 1000
- Proposal to add pxCVX/CVX to the Gauge Controller
- Add 2Stable (USDs/FRAX Arbitrum) Pool to the 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
- Gitcoin Grants To Advance DEI in Web3
- Grants Round 14 Hackathon!
- Unlocking WEB3 for the Arts and Culture Hackathon
- Announcing Gitcoin Grants’ New $500k Ethereum Infrastructure Round
- Announcing Grants Round 14
Closed proposals
New and ongoing discussions
- Proposal: Carbon-Neutral Policy at Gitcoin
- [Workstream] Fraud Detection and Defense Working Group Assemble!
- A Compensation Commitment
- Builders of the DAO (soon™)
- Gitcoin // Radicle Public Goods Alliance [Temp Check]
To read more about the different proposals and take part in the decision, check out the governance forum.
DAOVibes Call — June 8:
Gnosis
Closed proposals
- GIP-48: Should GnosisDAO implement the Praise reward system around the Gnosis Chain Validator program?
- GIP-47: Should GnosisDAO pass a Grant Proposal to form a long-term partnership with Nethermind, Gnosis Chain’s primary node?
- GIP-45: Should Trustlines Network migrate to Gnosis Chain?
New and ongoing discussions
- GIP-49: Should GnosisDAO do a BFF Partnership with MakerDAO?
- Should GnosisDAO sponsor “Web3 El Musical Tour”?
- GIP-draft: TrustSwap would like to deploy smart contract utilities on Gnosis Chain
- TrustSwap Would Like to Expand Our Services to the Gnosis Ecosystem
- Should Gnosis DAO fund a new blockchain explorer for Gnosis?
Find out the latest GnosisDAO proposals here.
Idle
Recent blog posts
- Adaptive Yield Split: foster PYTs’ liquidity scalability
- Idle & CelsiusX unveil QuickSwap PYTs on Polygon: welcome cxETH!
There were no active proposals these weeks.
New and ongoing discussions
To read more about the different proposals and take part in the decision, check out the governance forum.
Index Coop
Active proposals
Closed proposals
- [Aave-81] Risk Parameter Updates for Aave Arc (Fireblocks) 2022–05–26
- [Aave-80] Add CVX to Aave V2
- [Compound — 108] Risk Collateral Updates for 5 Collateral Assets
- IIP-155 — Update Investment Account Multisig
- MetaGovernance Committee Election — June 2022
- [Aave-79] Consolidate Reserve Factors and Enable Borrowing DPI
- [Aave-78] Risk Parameter Updates for Aave V2 and Aave Arc (Fireblocks) 2022–05–26
- IIP 154: Fund Gitcoin GR14 with $50,000 USDC
- [Compound-107] — Risk Parameter Updates for 5 Collateral Assets
New and ongoing discussions
- IIP-XYZ — Deprecate IIP-154
- Reviving INDEX’s meta-governance potential with Paladin
- IIP-92 Meta Governance Committee 2.0 & Election Process
- Improving metagovernance participation
- ELECTION LIVE — MGC Election [June 2022]
- IIP-XX: MVI Revised Fee Split
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
- Building an independent judiciary for sovereign DAOs
- How the UST Depeg Opened a New Chapter in the History of Insurance
Closed proposals
Discussions
To read more about the different proposals and take part in the decision, check out the governance forum.
Lido
Recent blog posts
Active proposals
Closed proposals
- Increase ‘Proposal Threshold’ within Lido’s Snapshot Space
- Should the Lido DAO add the 8 shortlisted Ethereum operators to its Lido on Ethereum operator set?
- Increase ‘Proposal Threshold’ within Lido’s Snapshot Space
- Reduce Ethereum Referral rewards from 0.75% to 0.50% starting in June
- Should the team care about LDO’s price?
New and ongoing discussions
- [reWARDS] June ’22 Budget
- Lido to prepare for the bear market
- Lido for Avalanche — Joint Proposal by Hyperelliptic Labs and RockX
- LIP-12: On-chain part of the rewards distribution after the Merge
To read more about the different proposals and take part in the decision, check out the governance forum.
MakerDAO
Active Polls (2 Polls — ending Jun 20)
Ended Polls
Executive
- Parameter Changes, Starknet Bridge Limit and Authority Changes, Recognized Delegate Compensation, SH-001 Budget Distribution [Passed on Jun 8]
New and ongoing discussions
- MIP41c4-SP34: Immunefi Security Core Unit Facilitator Onboarding — IS-001
- MIP63c4-SP4: Onboard/Amend Keeper Network — Keep3r Network
- MIP55c3-SP4: Adding a Special Purpose Fund — Makershire Hathaway
- [Signal Request] Deploy a Trial Permissionless Open Market Operation & Resurrect the Burn
- Doo Delegate Platform
and many more!
Read more about the different proposals and take part in the decision.
Governance Portal, Governance Forum
Governance and Risk | Ep. 193:
Q1 2022 Quarterly Strategy Review (QSR):
Open Decentralized Voter Committee | June 08, 2022:
mStable
- MCCP 22: Disable underutilized dials
- TDP 42: Continue Loan to Market Maker Supporting Coinbase mUSD Listing
New and ongoing discussions
- TDP 43: Gamma Liquidity Migration
- MCCP 22: Disable underutilized dials
- Asset Management subDAO Discretionary Fund Management Whitelist
- Process for adding/editing delegates profiles in the staking app
To read more about the different proposals and take part in the decision, check out the governance forum.
AMA with Minke — mStable:
Nexus Mutual
There were no active proposals these weeks.
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.
DeFi Talks with DeFi Dad — A Guide to How Nexus Mutual Processes Claims and Payouts:
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
- PoolTogether Bounties: The Start of Something Great
- PoolTogether Community Podcast #23 with Torgin from PoolTogether
- PoolTogether Community Podcast #22 with Glen Goodman, The Crypto Trader
Nouns DAO: Mint a PoolTogether Judge NFT: Mint an NFT to support defendants in the lawsuit against PoolTogether et al.
This proposal sought support to mint one Judge Pooly NFT (75 ETH) to contribute to the PoolTogether NFT collection meant to help fund the defense of PoolTogether and others named in a class-action lawsuit. While considered frivolous by some, the lawsuit, as described by The Wall Street Journal, is also seen as a test of certain core DeFi principles, including decentralization: “the lawsuit could be among the first to squarely address the question of who is legally accountable when a DeFi application — known as a ‘protocol’ — is at odds with the law or causes actionable harm to a user.” Some have noted a possible ideological motivation for the lawsuit (cryptocurrencies are portrayed as bad for the environment, for example). Others note that it is less about cryptocurrency than about whether an illegal lottery was being run. In the Nouns DAO discussion, one commenter urges those interested to study the lawsuit itself closely before committing funds (and Nouns’ reputation) in support of the defendants.
Closed proposals
New and ongoing discussions
- Delegate Proposals Mega-Thread
- PTIP-74: Treasury Working Group Third Quarter Renewal
- PTIP-72: single-sided POOL staking with IL protection on Bancor (former PTIP-64)
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
- SCCP-195: Increase Max Initial Leverage
- SCCP-201: Equalize Maker/Taker Fee
- SIP-244: New Inflation Mechanism
Closed proposals
- SIP-238: Only allow token transfers via their proxies
- SIP-241: KPI based Ambassador Mandate
- Should SNX also launch on other L2s like Arbitrum ?
- SIP-246: Upgrade Collateral Short
- SIP-243: Deprecate sDEFI
- SIP-241: KPI based Ambassador Mandate
- SIP-240: Update Liquidate Amount
- SIP-242: OP Token Distribution
- SIP-234: OP Token Distribution
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
- Deploy a 1bp fee tier to UniswapV3 on Optimism
- Deploy Uniswap V3 to Polygon PoS Chain
- RFC: Uniswap Universal Governance Module
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
- 2022–06–03 — Designer’s Silo Compensation Report for May 2022
- 2022–06–04- Mona contributor compensation request
- Yam Design Studio
Check out the latest YIPs discussions here.
Yearn Finance
Recent blog posts
There were no active proposals these weeks.
New and ongoing discussions
Check out the latest YIPs discussions here.
MISC
Terra Launches New Chain without Native Stablecoins: Following the collapse of the UST stablecoin and original Terra chain (now known as Terra Classic), Do Kwon and other Terra insiders rushed to relaunch a new chain to try to capture some of the community value of Terra based users and developers. With several competing Cosmos ecosystem chains able to host Terra’s users and projects, including Osmosis and Juno which both offer cosmwasm smart contract capabilities, Terra faced a race against time to avoid their community dissipating.
The Terra team were able to quickly organize an airdrop to relaunch LUNA as a standalone smart contract chain without native stablecoins. But in their haste, certain compatibility issues between new Terra (LUNA) and Terra Classic (LUNC) were left unaddressed. Most notably, certain protocols still holding funds on the old Terra chain were exploited due to validators delivering the price for LUNA ($5 or higher) rather than LUNC (less than $0.01) to oracle users.
The Terra team was very keen to maintain the LUNA name for the new chain’s token, but it seems they didn’t fully consider all of the dependencies involved in making a ticker change while the Terra Classic chain remained live and in operation. And with access to the new LUNA tokens partly dependent on conversion of outstanding LUNC and USTC tokens, exploits on the defunct Terra Classic chain still have concrete economic impacts.
Synthetic asset trading platform Mirror Protocol was among the projects most impacted by the oracle issue (along with Anchor protocol), but throughout the process the dev team seems to have been unresponsive, with no communications or remedial action taken since the UST collapse several weeks ago. Additional attention from this issue may have contributed to users uncovering a gaping hole in Mirror’s balance sheet, caused by a $80 million hack that had gone undiscovered for months.
The Mirror exploit likely the longest known time frame between an exploit taking place and being discovered or publicly disclosed, which points to both lack of community engagement and relative niche status of cosmwasm development. It wouldn’t be surprising to find more skeletons in the closet as Terra Classic winds down.
Optimism Launches Initial Token Airdrop: After over a year in operation, Optimism launched their highly anticipated governance token through the first of several planned airdrops. While the launch was largely successful, with the OP token holding above a $5 billion fully diluted valuation, it was not without hiccups. To kick off launch day, Optimism sent out a cryptic tweet hinting at activity. But they were caught off guard when users discovered that the airdrop contract had been funded with tokens and the required claims proof data was available on Optimism’s site. This allowed some users to begin claiming tokens even before an official announcement that the airdrop was live.
Optimism’s RPC infrastructure quickly buckled under the loan of users rushing to claim, leading the Optimism team to delay launch announcements for several hours while they worked to deploy more resources. But while the claims process was disrupted, Optimism’s rollup itself continued to operate as normal with no interruption in transactions.
Optimism used a claims process similar to Gitcoin or ENS’s previous airdrops to encourage active voter participation from day 1. Users were led through a two step process to claim their tokens and then immediately delegate to ensure their voting power would be active.
While incorporating delegation into the airdrop claims process helps kickstart governance with strong initial participation numbers, it can also lead to unintended consequences. There’s a risk of initial delegation choices being heavily influenced by name recognition rather than capacity to contribute to governance or other objective criteria. And there’s also a risk airdrop recipients will not actively monitor delegate performance, with voting power unlikely to be redelegated after the initial claims process.
While voter and token holder apathy presents one risk to Optimism governance, we’ve also seen an early surge in proposal discussion in the Optimism forum. Most notably, there’s been a proposal to make sellers of the first airdrop ineligible for future OP distributions under the premise that sellers are not contributing to Optimism governance.
Optimism is planning to hold multiple additional airdrop rounds as part of their focus on “retroactive public goods”, so adjusting airdrop criteria based on past experience is firmly within the project’s mandate. But on the other hand, it could be argued that rewarding holders or penalizing sellers is just a less transparent way to implement single sided staking (where users deposit one token to earn more rewards denominated in that token). This was largely the premise of a second, satirical proposal post by Cobie.
Jokes aside, early Optimism governance is likely to face significant controversy in the early stages. In addition to further user airdrops, Optimism governance is also planning to fund a range of liquidity incentives and distributions with partner projects building on Optimism. This should help increase platform utility and adoption, but may also lead to significant selling pressure without any countervailing revenue sources to blunt the dilution. We may see discontent from early airdrop recipients who are upset about the prospect of being dumped on by later users. This dynamic could put significant importance on Optimism’s two body governance structure which includes not only token holders but also a group of appointed “citizens” to help steward the protocol. Vitalik and others are notable supporters of Optimism’s experiment in non token-based governance, but only time will tell if this structure is properly aligned or devolves into insider politics to protect vested interests at token holders’ expense.
LinksDAO: Course Sourcing and Management Selection: LinksDAO, “a global community of golf enthusiasts in web3 reimagining the modern golf and leisure club” is “on a mission to own one of the world’s greatest golf courses,” and hopes with this proposal to secure approval to negotiate and come to terms with a partner to source and manage its first golf course. A great deal of industry-specific knowledge is required to source, evaluate, and manage a world-class golf course in the current market, which is why the DAO is hoping to secure a partner to provide credibility and lead the effort. A partner appears to have been identified, though their identity will remain secret until the appropriate moment. Funding will take the form of <5% of gross revenue generated by the course(s) managed by the partner. [99.3% voted for / Discussion]
Klima DAO: Utilize USDC to Extend Development Runway: Klima DAO fights climate change by creating an open, decentralized market for carbon. With the wider economy entering bear-market territory, however, bonding inflows have decreased and the value of the KLIMA token — with which the DAO pays contributors — has dropped substantially. Because of this, the Klima DAO treasury could become depleted in the coming months. As modeled by the proposer in the forum discussion, the “current state” runway for the DAO, calculated with several assumptions, is about four months. However, as the proposal notes:
“The DAO should be resilient in the face of prolonged periods of suppressed bonding volume and negative price impact. It is important that during these periods, the DAO continues to build new products and develop the market for ReFi [regenerative finance].”
Shifting the compensation structure for contributors so that it includes a high percentage of the stablecoin USDC in addition to KLIMA (whose value fluctuates) would substantially lengthen the DAO’s runway, the proposal argues. In order to do so, the proposal calls for reserving $1.5M USDC of the treasury to pay contributors. The Core Team may in the future adjust the USDC:KLIMA ratio and will monitor market conditions to determine whether further steps need to be taken for the organization to keep developing even in challenging conditions. See the forum for discussion of important related concerns (cost reductions, organizational roadmap, etc.). [Discussion / Proposal: 77.3% voted for]
- Ethereum’s Merge Upgrade Goes Live Today on Ropsten Testnet: In a historic move, Ethereum’s longest-running testnet called Ropsten is transitioning to a proof-of-stake algorithm. The eventual transition will yield improved scalability, lower fees, and massive gains in energy efficiency, benefitting those both inside and outside of the DAO ecosystem.
- Paradigm Backs $5M Round in DAO Management Platform Dework: Pace Capital co-led the seed funding for the startup, which combines Trello and LinkedIn-like features for Web 3.
- GFX Labs (governance participant in several projects including Compound and MakerDAO) announces new lending and stablecoin protocol, raising interesting questions about potential conflicts:
- Commonwealth and Utopia announce their Series A fundraises to build the future of DAO operating systems:
- Thing3 and Metacartel Ventures launch Hydra Ventures, a community-run investment DAO (fund of funds) that looks to invest and incubate a whole ecosystem of investment DAOs:
- Optimism native Velodrome protocol launches decentralized exchange:
- Euler Finance lending protocol announces governance launch with Tally and OpenZeppelin governor integrations:
- Llama features its on-chain analytics work with Dune:
- Nansen releases report on triggers for Terra UST collapse:
- DAO infrastructure provider Commonwealth raises new funding round:
- Waves blockchain proposes plan to bail out USDN stablecoin and Vires lending market:
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Main Sources
Projects’ blogs and forums
Research articles
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