Threshold Time ~ Issue #6 ~ June 23, 2022
Welcome to Threshold Time — a digest of the most newsworthy and exciting developments of Threshold Network, which formed from the Keep and NuCypher network merger in January. You are receiving this because you subscribed to email updates for NuCypher or Keep.
NETWORK UPDATES
tBTC v1 to v2 migration approach passed
Threshold Improvement Proposal 27 offered two competing paths for migrating legacy Keep staking from tBTC version 1 to the upcoming v2, as well as a third option to do nothing. Option 1, “the sunsettening” (a play on “the flippening”, when ETH overtakes BTC) was the unanimous choice (1.1 billion Threshold work tokens voting); outlined here, it aims to preserve the full decentralization of tBTC, simplify the process of sunsetting v1 and provide continuity through both versions remaining operational indefinitely. Option 2, a custodial wind down, would have maintained a higher amount of TBTC in circulation before the v2 bridge is live and set a fixed amount of relayer expenses.
Threshold Embassy Twitter Spaces events
The Threshold Embassy coordinated a Twitter Spaces with CoinList to help spread awareness about Threshold, tBTC and highlight the staking services offered by CoinList. The event was a fun and engaging way to grow the Marketing Guild’s relationship with CoinList and educate the audience about the Threshold Network.
The next Threshold Embassy event is Wednesday, June 29th at 2pm ET on the Threshold Discord voice channel. NodeFolio will be showing off their dashboard tool for monitoring the status of your Threshold node. The demonstration will showcase a dashboard for POKT network, as the Threshold dashboard is still a work in progress, and the NodeFolio team will also educate us on their staking provider solutions.
Coinbase Cloud issues guide on Threshold
Citing the historic nature of the Keep and NuCypher protocol merger, Coinbase Cloud published a guide for those interested in staking in the network, describing how the network “enables a suite of products secured by threshold cryptography (i.e., where participants — each with access to a secret key — can jointly re-encrypt or sign information without any single participant having access to the entire secret key)”.
Community member creates T node “health monitor”
Further demonstrating Threshold Network’s ability to inspire creativity, a community member has created a Twitter account that posts notifications on the health of the network, such as highlighting when a node goes down so that it can be addressed, as well as when a new node joins the network.
UPDATE ON THRESHOLD DAO
Overview of recently passed proposals
1. 12-month budget for Threshold Treasury Guild
Over the past several months the Treasury Guild has worked in the open to develop a 12-month budget for its operations. Outlined in the forum here, with extensive feedback, the proposal passed its snapshot vote unanimously (1.3 billion Threshold work tokens voting).
The guild noted in the proposal that a) the budget does not include revenues, just spend; b) not every item is an expense, as much of the spend is to preserve or increase the value of Threshold’s treasury through diversifying its assets, and c) we plan to capture a significant share of the liquidity incentives through protocol owned liquidity.
2. Project manager for the DAO
Community member Luna5 wrote a proposal to create a project manager role for Threshold, outlined the cost and described why her background — including as Technical Program Manager at a Web2 software development company and as a PhD in cyber security with a focus on protecting information in critical infrastructures — would benefit the role and our community.
Noting “a strong need for fluent and smooth collaborations and communications between the DAO community, Threshold’s Treasury, Integrations and Marketing Guilds, the Keep and NuCypher teams, as well as the thUSD team,” Luna5 agreed to start part time if the snapshot passed (which it did, unanimously, with 1.1 billion Threshold work tokens voting) and then full time as of July 15th. Welcome, Luna5! 3. Flows & template for Threshold Improvement Proposals (TIP)
Threshold’s governance system is polycentric, and so there will be several categories of proposals, including a) DAO-wide proposals that require and trigger immediate on-chain action, b) DAO-wide proposals that do not require nor trigger immediate on-chain action, and c) sub-DAO specific proposals from individual Threshold guilds or the Council. Thus this proposal standardized the TIP template to provide more structure to the growing Threshold governance process ahead of our first Governor Bravo vote. This passed a snapshot vote unanimously with 412 million Threshold work tokens voting.
4. Marketing Guild Q3 budget
After significant discussion on several community calls, including a June 2nd session to preview the budget (see this presentation of our rationale) and discuss feedback, Threshold’s Marketing Guild made a proposal for funds to support Threshold’s mission in Q3 through educational materials, content, campaigns/ events and administration. The snapshot passed unanimously with 1.1 billion Threshold work tokens voting.
LAYER3 BOUNTY WINNERS!
The Marketing Guild debuted Threshold Network on Layer3 with three contests that included seven winners being awarded a total of 7,500 Threshold work tokens.
1. Connect The Dots
Contestants were asked to curate a list of Web3/DeFi projects and/or DAOs with an active social media presence that our Threshold Embassy could reach out to and coordinate joint community events with. One winner out of 24 submissions was selected by the Marketing Guild Committee to receive 1,500 Threshold work tokens.
2. Thread: #LearnAboutT
Contestants were asked to post a Twitter thread (minimum of 6 tweets) about Threshold and include a link for people to join the Threshold Network on Discord. Three winners were selected, out of 18 submissions, and each received 1,000 Threshold work tokens.
3. Meme Party at Threshold
Contestants were asked to create an engaging meme, GIF, comic, or some other fun art to promote Threshold Network. Three winners were selected, out of forty submissions, to each receive 1,000 Threshold work tokens. Scroll to the next section to see the winning submissions.
COMMUNITY CREATIONS (OH, SO THRESHOLD!)
The winners of the Layer3 meme contest (see section above, and images are clickable):
INTERACT WITH THRESHOLDERS
Until it’s your turn to be interviewed on “A Fern Between Two Keys”, come get some close-ups with these opportunities. All are accessible via Discord: go to Voice Channels (the section below Main) and click on The Hangout.
Meeting times can change, so always good to confirm in Events (at the very top of the Discord server).
Marketing Guild weekly “office hours”: Tuesdays at 10am EST
Integration Guild weekly call: Tuesdays at 1pm EST
Weekly “T party”, hosted by Marketing Guild: Thursdays at 3pm EST
Treasury Guild weekly call: Thursdays at 5pm EST
Threshold Embassy NodeFolio event: Wednesday, June 29th at 2pm EST
Community monthly call: Friday, June 24th at 3pm EST
Contributor call — DAO-wide alignment: Friday, July 1st at 10am EST
ADDITIONAL RESOURCES
- Websites: Threshold.network, Keep.network, Nucypher.com
- Discord: Threshold
- Twitter: Threshold, NuCypher, Keep
- Threshold Content Hub
- Threshold Github
- Threshold Reddit
- Threshold Telegram
WHAT DO YOU THINK?
Have questions, comments or suggestions for this newsletter? We’d love to hear them! Please take 60 seconds to fill out this survey (10 randomly selected responses will receive 250 Threshold work tokens).
You can also hop into the Threshold Network discord and get involved. If you’d like to join the Threshold Marketing Guild go to the #dao-contribute channel at the top of the discord and select the emoji, which will open the guild channels to you (the Integrations Guild is available there, too).
Created and shipped with love,
by Threshold Marketing Guild
