DAOrayaki｜DAO industry progress (bi-weekly report) in early and mid-November
DAOrayaki DAO Research Bonus Pool:
Funding address: DAOrayaki.eth
DAOrayaki DAO Research Bonus Pool:
Funding address: DAOrayaki.eth
Voting progress: DAO Committee 3/0 passed
Research Type: DAO, Biweekly report
Contributors: Demo, DAOctor @DAOrayaki
Contributors: Demo, DAOctor @DAOrayaki<>mStable, and more!
Quick Facts:
Original: DAOs: DAOs' legal standing and financial reporting, AN DAO launch, Uniswap's competitive fee proposal, DAO revolution index, Indexed Finance hack, Cream Finance flash loan exploit, BadgerDAO
Quick Facts:
l Snapshot is integrating the Colony protocol to make DAO decisions fairer.
l Curve Finance Emergency DAO shut down the USDM gauge after discovering some suspicious mixing + liquidity activity.<>l MakerDAO considers involuntary personnel changes. A motion to lay off a real-world asset team coordinator has been met with controversy, in what would be one of the first instances of the DAO's dismissal process.
l Aave V3 announced. Aave Governance has voted to fix similar vulnerabilities to CREAM's recent hack. MakerDAO
Aave's innovative cross-DAO partnership.
l Funds allocated to the Aragon Network DAO. And the first escrow transaction on mainnet was between Aragon Budget DAO and Greet DAO.
Compound passed Proposal 68, ending market-distorting incentives to borrow COMP. Proposition 67 to determine whether COMP should be allocated to early adopters failed. Proposal 66 has entered into force.
l The Uniswap community approved Proposal 9, which provides an additional tier of low transaction fees. Uniswap brand update.
l Gnosis proposed to acquire the xDAI industry chain. GIP-15 is now live for snapshot voting.
l MolochDAO’s funding pipeline for the fourth quarter has been opened. Check out the new DAO playbook.
l BadgerDAO's BIP 74 approved. Introducing Badgercast. Badger Boost now works as a single chain system.
l Fei and Balancer protocols are considering exchanging BAL tokens for a combined treasury of FEI and TRIBE.
l Balancer's proposal to activate the protocol fee to develop Balancer DAO has been launched. The second wave of Balancer grants opens.
l Sub-proposals 9, 10, 11 and 12 of API3 are being voted on.
l Index Coop conducted a decision gate vote. IIP-100, 101, 102 passed, while the index proposed by DG2 called iROBOT index was rejected. .
l Nexus Mutual's Snapshot Proposal for Claim No. 102 is live.
l Gitcoin’s ImpactDAO/ProtocolDAO Sandwich (Sandwich) release.
l Vortex on Akropolis: Testnet launch.
l New Idle's roadmap. IIP-15 is implemented and IIP-16 is live.
l PieDAO PIP-66 & PIP-67 voted on site, and PIP-64 passed.
l PoolTogether V4 has been launched. PTIP-40 and PTIP-41 approved.
l Yam's Jason/punk1004 incident. YIP-92 & YIP-93 passed.
l The details of the first phase of Bancor V3 will be announced on November 29.
l Kyber's KIP-18 is implemented.
l Rari Capital’s Fuse pool suffered an oracle manipulation attack, showing increased user liability and risk in the permissionless lending market.
l Paladin launches tokens to voters of other protocols through airdrops.
l Ethereum ENS starts decentralized governance.
l Active proposals: Aave, Compound, Curve, GnosisDAO, Idle, Index Coop, MakerDAO, Nexus Mutual, PieDAO.
l New and ongoing discussions: Balancer, mStable, GitcoinDAO, Synthetix, Uniswap, Yam Finance, Yearn Finance, LidoDAO, BancorDAO, Akropolis, PoolTogether, API3, KyberDAO, Kleros, Badger DAO.
l A podcast about The DAO.
l And more!
overview
Most active organizations this week (sorted by number of discussions):
“Instead of a hierarchical structure governed by a group of humans interacting in person and controlling property through a legal system, a decentralized organization is a group of humans interacting with each other according to protocols specified in code and enforced on the blockchain.” - Vitalik Buterin
DAO means "decentralized autonomous organization". It can be said that it is an open source blockchain protocol, governed by a set of rules created by its elected members, and executes certain actions autonomously without A middleman is needed.
Simply put, a DAO is an organization governed by computer code and programs. As such, it has the ability to function autonomously without the need for a central authority.
Just like DeFi is programmable currency and NFT is programmable media, DAO is an organization of programmable people.
DAO Ecosystem Data
Source: Deepdao.io
Top DAOs
Like two weeks ago, Uniswap and BitDAO topped the list.
Source: Deepdao.io
Most active organizations this week (sorted by number of decisions):
Source: Deepdao.io
Most active organizations this week (sorted by number of discussions):
Source: Deepdao.io
Read and listen link:
Source: Deepdao.io
Read and listen link:
DAO Explained | Author: Paper Ape on Apewell
Crypto City | Author: Vitalik Buterin on vitalik.ca
IDAO as an Economic Engine | By Frogmonkee on Monkey with a Typewriter
web3 is who we are | By Thobey Campion on Exo
IA New Thinking Model of Defi National Bonds | Author: Hasu on Uncommon Core
IDAOs: Absorbing the Internet | On The Generalist
First DeFi, then NFTs, now DAOs, the next big chapter in crypto is already here | By Yasmine Karimi on Nansen
Incentive Design and Tools for DAOs | Ben Perez on Aragon blog
IDAO as a Purpose-Oriented Organization | on the Aragon blog
Building and Running a DAO: Why Governance Matters | By Tarun Chitra on Future
ITuring-Complete Governance | Author: Saffron Huang on baby.mirror.xyz
The DAO Investor's Guide | By Jason Yanowitz on Blockworks
Iribbon Vault | on Ribbon Finance Medium
Patrick Rivera: The Life Cycle of a web3 Community | Show: On The Other Side
Social Tokens and the DAO Landscape - Cooper Turley | Show: Seed Club Podcast
Griff Green and The DAO | Layer Zero | Show: Bankless
ENS DAO & $ENS Airdrop | Brantly Millegan & Nick Johnson | Show: Bankless
The Foundations of Decentralized Governance: A Unicode Community Hackathon Talk | Show: BlockScience
Joel Lin — CitaDAO | Show: Conversations with the Coop
Namik & Ata — PrimeDAO | Show: Conversations with the Coop
Redefining DAO Foundations, Governance Intent, and Compensation in DAOs with Spencer Graham | Show: On the Other Side
frame
1. Aragon
A New, More Decentralized Way of Working | Show: NPR
frame
DAOs as Purpose-Oriented Organizations: By merging into a DAO, any purpose-oriented organization can be equipped with the tools to enable horizontal leadership to flourish by economically incentivizing shared initiatives. This evokes the best that humans have to offer: the innate desire to contribute to something larger than ourselves, beyond profit.
Building a purpose-driven organization requires several prerequisites. DAOs, as they exist today, are configured to meet all of these requirements.
1. Faith
2. Engaged leadership
3. Comprehensive purpose
4. Clear communication
5. Align incentives and performance metrics
6. Empowering individuals
Incentive Design and Tools for DAOs: How to match DAO goals with the right incentives to achieve those goals. A good overview of incentives and DAO tools.
Recent blog posts:
How to join a DAO: Most DAOs are "permissionless", so as long as you contribute, you're in! That said, there are different levels of engagement, so as with most things, the more effort you put in, the more rewards you will get.
Recent blog posts:
l Funds allocated to Aragon Network DAO: Transfers consist of 24.15 $ETH, 100,000 $USDC, and 20,429 $ANT
l DAO Global Hackathon - Open Lane
l Lisbon Blockchain Week
Colnoy
Aragon Community Initiative #7 | November 3, 2021
Aragon Talk S1E02｜What are Pareto Fronts and How These Fronts Can Change e-Democracy
DeFi tool Snapshot now uses Colony to rebalance power in DAO voting: By using Colony's reputation system, Snapshot hopes to make the decision-making process fairer.
"As the DAO ecosystem grows," said Nathan van der Heyden, head of growth at Snapshot Labs, "it seems likely that we will see a proliferation of new governance models, such as Colony's reputation system, designed to address token social scalability limits.”
Van der Heyden believes that using Colony's reputation system is a good fit for Snapshot because Colony focuses on on-chain governance and has received multiple user requests for similar functionality.
The Commons Stack
Commons Stack Review: Sprint 25
Bankless: Griff Green and the DAO | Layer Zero:
Daohaus
HAUS Party LIVE!
Colony co-founder Jack du Rose sees integrating the Colony reputation score into the Snapshot UI as a way to increase the social aspect of voting.
Moloch
DAOhaus - What is a DAO? The first in a series of DAO explainer videos:
OpenLaw
governance
Aave
AAVE <>The funding pipeline for Q4 is open! For more information, please refer to the new DAO playbook, or join us on Discord!
governance
https://app.boardroom.info/aave/overview
MakerDAO: MakerDAO is minting DAI and lending it on Aave instead of going through their normal "collateralized debt position" process.
As the recent attack on Cream exposed new vulnerabilities in the lending protocol, AAVE has executed a vote to suspend the lending of some assets.
active proposal
active proposal
Proposals that have been closed
l Polygon market——wMATIC risk parameter change [Starting on November 16-ending on November 19]
Proposals that have been closed
l Dynamic risk parameters for the second quarter [End on November 12]
l Risk parameter update 2021-11-04 [ends on November 12)
l Disable borrowing of xSUSHI and DPI. Freezing Reserves for UNI and BAL AMM Markets [Ends November 1st]
l Add TerraUSD in Aave V2 [closed on November 12]
l Should the seven (7) total risk parameters of the five (5) Aave V2 assets be adjusted? [End on November 8]
l Should Aave V3 be released? [Ends November 11th]
l Should Aave deploy policies on the side chain or only on the main network? [Ends November 6th]
new and ongoing discussions
l Rabbit Hole Quest [Ends October 31st]
new and ongoing discussions
l Discussion on AIP-44
l Add support for Terra USD (UST)
l Introducing Aave V3
ARC: Added Credmark to the Aave v3 governance permission list
The latest governance topics on the Governance Forum.
The latest governance topics on the Governance Forum.
The latest governance topics on the Governance Forum.
Akropolis
Recent blog posts:
The latest governance topics on the Governance Forum.
There have been no active proposals for these weeks.
The latest governance topics on the Governance Forum.
API3 DAO
Source: https://deepdao.io
Recent blog posts:
Source: https://deepdao.io
l Airnode 0.2: What does it mean for API3?
Source: https://deepdao.io
Source: https://deepdao.io
New and Ongoing Discussions (Sensitive Verification):
API3 DAO Tracker: API3 DAO currently involves 3373 members participating in 14 votes.
New and Ongoing Discussions (Sensitive Verification):
l [SC] - Engaging the university's blockchain group in governance
Official Proposal:
l [SC] - commissioned research through the Messari Center
Official Proposal:
l [Sub-Proposal 12] API Integration Team, November 2021-January 2022
l [Sub-Proposal 10] API3 DAO Operations Team Proposal
The latest governance topics on the Governance Forum.
l [Sub-proposal 9] API3 unifies BD team proposal
The latest governance topics on the Governance Forum.
API3 Alliance Spotlight - New Changes FX
Badger DAO
Source: https://deepdao.io
Apidays LIVE London 2021 - Open Insurance and Smart Contracts, hosted by Giovanni Lesna:
Source: https://deepdao.io
l Badger single chain booster is now enabled
Proposals closed:
Source: https://app.boardroom.info/badgerdao.eth/overview
l BIP 73：NFT Boost v1
l BIP 74. Treasury Controlled Liquidity for Badger
New and ongoing discussions:
l Digg improvement suggestions. BADGER-DIP 1: Pausing negative pullbacks [ends Oct 31]
l BIP 73：NFT Boost v1
l BIP 75. Emissions: Migrating to ibBTC/sBTC Convexity Settings
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
l BIP 74. Treasury Controlled Liquidity for Badger
Badgercast: Spadaboom on Interest Bearing Bitcoin
Balancer
Badgercast: "Curve Wars":
Recent blog posts and news:
Source: https://deepdao.io/#/deepdao/dao/balancer/toplevel
Recent blog posts and news:
l What is miner extractable value?
l What is a balancer? complete guide
Source: https://app.boardroom.info/balancer/overview
Source: https://deepdao.io
Closed Proposals:
Source: https://deepdao.io<>Closed Proposals:
l Fiscal exchange: Balancer DAO
Fei DAO [ends November 12th)
l Appointment of Reptile Presidente as the spokesperson of Balancer DAO [ends on November 8]
l Update funding for stars [ends on November 1st]
New and ongoing discussions:
l The Balancer grants DAO 2nd wave [ends November 1st]
New and ongoing discussions:
l [Proposal] Submission of quarterly financial reports commissioned by Messari Hub
l [Suggestion] Activation of protocol fee to develop Balancer DAO<> Fei DAO
The latest governance topics on the Governance Forum.
The latest governance topics on the Governance Forum.
Bancor
Source: https://deepdao.io
Proposals closed:
Source: https://deepdao.io
Proposals closed:
l Proposal: Increase the co-investment limit of ARCONA Pool to 500K [closes on November 10]
l Proposal: APW open market buyback in exchange for limited LM [ends Nov 10]
l Proposal: Increase the co-investment limit of the ROOK-BNT pool to 2.1 million BNT [ends November 3rd]
l Proposal: Whitelist RAILGUN (RAIL) to co-invest with 75k [ends November 3rd]
New and ongoing discussions:
l Proposal: Increase Bancor's bug bounty payout for Immunefi [ends Nov 3]
New and ongoing discussions:
l Proposal: whitelist ENS and 50k BNT joint investment
l Proposal: Whitelist Sator Token (SAO)
l Proposal: Increase the co-investment limit of the REQ (request network) pool to 1M BNT
To read more about the different proposals and participate in the decision-making, check out the forum.
Compound
l Proposal: Increase the co-investment limit of the TRAC (OriginTrail) pool to 500K BNT
To read more about the different proposals and participate in the decision-making, check out the forum.
The Compound community has 3 governance proposals to update various risk parameters, get community feedback on the distribution of COMP to early users, and end cCOMP borrowing rewards.
Active Proposals:
Active Proposals:
Proposals closed:
l 66 Risk parameter update of LINK, MKR, SUSHI and YFI [ends on November 15]
Proposals closed:
l 67 [Temporary check] Should Compound retroactively allocate COMP tokens to early adopters? [Ends November 5th]
New and ongoing discussions:
l Risk parameter update for AAVE, LINK, MKR, SUSHI, USDC and YFI [end Nov 7]
New and ongoing discussions:
l Review the Compound protocol
l Remove the cCOMP borrowing cap
l Risk parameter update 2021-11-04
The latest governance topics on the Governance Forum.
Curve
l Dynamic risk parameters
The latest governance topics on the Governance Forum.
Curve Finance Emergency DAO Action: A noteworthy DAO governance story is currently developing in the land of Curve Finance, an increasingly systematized DeFi protocol with the most "total value locked" in all of DeFi according to DeFiLama .
Mochi Inu — a brand new project that describes itself on Twitter as “the next generation of decentralized digital currency backed by long-tail cryptoassets” — entered the so-called “curve wars” this week. Mochi’s token launch on Nov. 10 quickly attracted nearly $100 million in liquidity, which allowed the project to mint a sizable amount (~$40 million) of its native stablecoin, USDM. The project then converts USDM to DAI to purchase Convex tokens, which can be used to influence Curve’s governance and, in turn, the distribution of CRV rewards — accumulating value for Mochi.
Participants in the Curve community were quick to label these actions — and Mochi founder Azeem Ahmed — as nefarious. In Curve Finance's first move, Curve's "emergency DAO" shut down Mochi's rewards.
First: We see the impact of the deliberately adversarial nature of Curve's governance, which is designed in such a way that there is a primary incentive to accumulate (or bribe) holders of CRV tokens in order to use them to increase the Mobility rewards. This design is the basis for the so-called Curve War, in which agreements compete for a share of CRV emissions. The “rules of engagement” had been unclear until the actions taken by Emergency DAO. In fact, they are actively enacting in real time. See this CoinDesk article by Andrew Thurman and the Curve Market Cap newsletter to learn more about what's going on.
Active Proposals:
Second, the actions of the “emergency DAO” — and, in some respects, its mere exit — are fueling a debate over whether Curve is a fair, decentralized system. Technically, the Emergency DAO's actions could be reversed by the full Curve DAO, which is also currently weighing whether to remove the DAO's whitelist.
l How much can CRV reach this round? [Ends November 24]
Proposals that have been closed:
Proposals that have been closed:
New and ongoing discussions:
l Proposal for snapshot airdrop [ends on November 11]
New and ongoing discussions:
l Curve Emergency DAO has revoked the USDM gauge
l #126 - Proposed addition of DSU3CRV meter
To read more about the different proposals and participate in the decision-making, check out the forum.
To read more about the different proposals and participate in the decision-making, check out the forum.
Gitcoin
Recent blog posts:
Curve Finance considers removing the whitelist of smart contracts that interact with governance and the veCRV voting lock mechanism:
Recent blog posts:
l DeSci: The Case for Decentralized Science
l Public goods, DAO and Nooks
l How do startups work with Gitcoin to distribute funds for the ecosystem?
Source: https://app.boardroom.info/gitcoin/overview
In a nutshell, ImpactDAO is a DAO oriented towards creating positive externalities. The DAO is also currently leaning towards the ecosystem round, where the project runs its own matching pool alongside the main Gitcoin matching pool. This can be seen in a recent case study highlighting Uniswap’s goals, experience and results of using ecosystem rounds in GR11.
Proposals closed:
Providing non-transferable governance tokens for “structured workflows” to signal contributor interest, proposed by DisruptionJoe, from the decision of The CrossStream DAOops Governance (SDG) Council “for all work that chooses to cooperate rather than defect flow to create a governance token".
Proposals closed:
l Request for Funding FDD Workstream 4th Quarter 2021 Budget [closes Nov. 5]
New and ongoing discussions:
l dCompass (builds dQuests and dKnowledge) - 4th quarter budget request [ends 7 November]
New and ongoing discussions:
l [Proposal] Integrate dCompass within dGitcoin to build dQuests & dKnowledge
l [Proposal] Decentralized Gitcoin Workflow Budget Request - Q4 2021
l A governance issue for GreatestLARP.com
l [Proposal] Gitcoin establishes GitcoinDAO; GTC incentive proposal
l [Proposal] Redistribute GTC to individuals who were unable to apply due to error
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
l Suggestions on adjusting the code of conduct for airdrops
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Gnosis
Tally Workshop Room 2 November 2, 2021:
How Super Fluid can leverage capital flow to improve DAO operations:
Gnosis Proposes to Acquire the xDAI Chain: This proposal will result in the conversion of STAKE tokens to GNO and fold the xDAI chain into Gnosis’ broader expansion plans.
Gnosis made waves this week with its ambitious proposal to acquire the xDAI sidechain and linked STAKE validator tokens. While many other EVM sidechains and L1 projects have seen huge growth in price and adoption over the past year, xDAI has lagged behind its competitors. Gnosis has similarly lagged the market, despite having one of the largest cash reserves in the space. The new proposal has the potential to energize both projects, but also poses various governance risks.
The deal will be similar to tender offers in traditional finance, with each STAKE holder receiving Gnosis' share of GNO tokens based on a discount from the average price before the deal was announced. While the market initially reacted favorably to the proposal, it has since given back nearly all of its recent gains, and the xDAI community also appears to be skeptical, as evidenced by negative comments on their forums.
Gnosis has had well-publicized governance battles in the past, with a few unhappy that excess capital was hoarded rather than returned to token holders. Given this governance risk, STAKE holders may feel they have more upside potential as a standalone project. But on the other hand, many other EVM sidechains have launched large ecosystem incentive programs, and Gnosis’ deep pockets can help xDAI remain competitive with its more resourceful peers, while continuing to fund core research and development.
Active Proposals:
Active Proposals:
New and ongoing discussions:
l GIP-15: Governauts Rewards Systems Research Initiative [ends on November 17]
l GIP-13 Gnosis Protocol Token
l GnosisDAO community solicitation event November 8, 2021
Find the latest GnosisDAO proposal here.
Idle
Recent blog posts and news:
Find the latest GnosisDAO proposal here.
Recent blog posts and news:
l Idle is officially launched on Polygon!
l Uncover the veil of Idle DAO roadmap 2.0. The roadmap will be divided into five sections; each section has a precise sequence in which the initiatives must proceed. Initiatives can be grouped into three categories: community, ecosystem development, and protocol development.
Active Proposals:
Active Proposals:
Proposals closed:
Proposals closed:
New and ongoing discussions:
l IIP-15 [Temperature Check] - Enable $IDLE liquidity mining on IdleFEI [ends Nov 3rd]
New and ongoing discussions:
l [IIP-16] PriceOracle upgrade
l [GRANT] Idle Perp Yield Tranche Convex strategy
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Index Coop
Recent blog topics:
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Recent blog topics:
l How banks invest in digital assets
l Index Coop - October 21 financial report
l Use exchange issuance to purchase MVI dollars
Active Proposals:
Active Proposals:
Proposals closed:
l [COMPOUND-69] Risk parameter update for LINK, MKR, SUSHI and YFI [ends on November 13]<>Proposals closed:
l [BALANCER] National debt swap: Balancer DAO
Fei DAO [ends November 11].
l [AAVE-46] Q2 Dynamic Risk Parameters [ends November 11)
l [AAVE-45] Risk parameter update 2021-11-04 [ends on November 11)
l IIP-71 DG2. Launch Robot Index ($iRobot) [ends November 11]
l IIP-101: Authorization of operating accounts for Larry Capital Strategies [ends November 11]
l IIP-102 DG1: Launching the Unbanked DeFi Growth Index ($GMI) [ends November 11]
l IIP-100 DG1: Launched LINK 2x Flexible Leverage Index (LINK2X-FLI) [ends on November 11].
l [COMPOUND-68] [ends November 9)
l [COMPOUND-66] AAVE, LINK, MKR, SUSHI, USDC,l [COMPOUND-67] [End November 7th]
l [UNISWAP-1.9] Increase the fee level by 1 basis point [ends on November 9].
and YFI's risk parameter update [ends on November 5th]
l IIP-99: Update Operational Account Multi-Signature #2 [Ends November 4th]
l [AAVE-44] Disable xSUSHI and DPI borrowing. Freezing Reserves for UNI and BAL AMM Markets [Ends October 30th]
New and under discussion:
[BALANCER] Balancer Grants DAO 2nd wave [ends October 31st].
New and under discussion:
l IIP-86 MVI fee split proposal
l IIP XX: DAO Revolution Index (DAO)
l IIP-XX launched the Unbanked DeFi Growth Index ($GMI)
Find the latest Index Coop proposal here.
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Kleros
Recent blog posts:
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Source: https://app.boardroom.info/kleros/overview
There are no active KIPs this week.
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
KyberDAO
Recent blog posts:
Kleros/Maker Fellowship - Introduction to research results:
Recent blog posts:
l Pegaxy enhances PGX USD liquidity through KyberDMM DEX
Proposals closed:
Proposals closed:
discuss:
l KIP-18: Pre-appropriation of KNC funds for small-scale liquidity mining activities [ends November 1st]
discuss:
l KIP-18: Early allocation of KNC funds for small-scale liquidity mining activities
l Improving KyberDAO: Snapshots and other governance ideas
Find all proposals here. Check them out on GitHub.
Lido
Recent blog topics:
Find all proposals here. Check them out on GitHub.
l MakerDAO integrates Lido’s Staked ETH (wstETH) as a collateral asset
Proposals that have been closed:
l Enhanced Lido Bug bounty terms
l LEGO: Funding StETH Rabbit Hole Event [ends November 9]
New and ongoing discussions:
l Vote for Isidoros Passadis to assume the role of "Validator Master" for Lido DAO [closes November 2]
New and ongoing discussions:
l Diversification of Lido treasury - Part III
l Transfer StEth to L2 Arbitrum/Optimism<>wstETH pool for LP rewards
wstETH pool for LP rewards
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
MakerDAO
l Start a new period of curve and balancer LP rewards
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
MakerDAO considers involuntary personnel changes. A motion to fire a real-world asset team moderator has been met with controversy, in what would be the first instance of The DAO's dismissal process.
While Maker is no stranger to backroom politics, it has experienced a period of relative calm in the year since the project’s governance transitioned to a fully DAO-governed framework. But that was broken recently when an internal political conflict erupted.
The latest controversy centers on MakerDAO’s Real World Assets (RWA) team, which reviews and processes applications for off-chain assets as collateral for minting DAI. Maker co-founder and Maker Foundation leader Rune Christensen submitted a proposal to replace the current RWA team leader with a new leader.
Rune's initial post seemed to indicate that both parties agreed to a split, but it soon became apparent that the mediator had been forced out. Rune controls the vast majority of the currently authorized and active voting power (approximately 47,000 MKR worth), suggesting he may have the ability to force changes barring significant opposition. The action also sparked debate among former Maker employees involved in the "purple pill" controversy a few years ago.
Ashley’s response raised a number of issues, including the possibility of a self-dealing contract managing Maker’s RWA trades through a third-party “introducer” company. Rune later acknowledged the potential financial interests of the parties to the Maker transaction, while claiming that they should not represent a conflict of interest. But this case suggests that as Maker engages in more complex financing arrangements, the overall level of disclosure may need to increase.
While there was some public backlash against the proposed personnel changes, some commenters expressed support for the rationale. Rune argues that these proposals are necessary due to the privileged position that existing RWA team leaders hold in various Maker-related contracts. Giving too much power to individuals in a DAO protocol could create the risk of organizational capture, even if it is done for expediency rather than for any ill intentions. Rune also noted potential issues with the Centrifuge asset origination model. Maker has relatively little protection for borrowers from unilaterally changing terms, and the ability to bring legal claims is unclear. Part of the debate therefore centers on the DAO's appetite for risk.
The reassignment proposal is likely to be voted on next month, in what could be the DAO's first case of involuntary personnel changes. But it could also be an important test of will and voting power among different Maker constituencies.
MakerDAO drama. This week, MakerDAO's internal politics were brought into the light. It all started with a governance proposal initiated by MakerDAO founder Rune Christensen to fire the current leader of the Real World Assets team, Sébastien Derivaux. Please see here. MIP41c5-SP2: Moderator departure
As can be seen from Derivaux's response on the forum, this wasn't something that had been discussed prior to Rune's post -- in fact, Rune attempted to fire him by moderating the forum post.
Things started to heat up when Ashleigh Schap, who recently worked at Uniswap but was involved in the Maker Foundation in the past, posted a forum post calling on the Maker community to vote against Rune’s proposal in order to preserve decentralization. She also accused Rune of self-dealing and behind-the-scenes politics. Rune responded to Ashleigh's allegations and provided more details about the background of his proposal.
“I am willing to participate for another year to try and get the clean money vision and decentralized workforce framework in place (which I briefly explained on the recent governance call), and then after that, I will exit, no longer Actively engaging in 'deep governance', in addition to passively commissioning and possibly using my public platform to promote the project and the important role it can play in mitigating climate catastrophe. However, if something as simple as firing a mediator has to evolve into Ridiculous drama, then I'll get out of here. There's no reason I have to deal with this crazy stuff.
For clarity, I have stated all my interests at the beginning of this post. Hopefully this has been made obvious, but all the claims and allegations made by Ashley are either lies or grossly distorted facts and it is clear that the entire narrative is extremely biased and one-sided. Interestingly, Ashley first accused me of 'going to war' and then erupted in a tornado of slander for daring me to propose governance. [Rune's response]"
The TLDR is that, behind the drama of the first public "firing" of a DAO contributor, there is a major governance issue. Rune sees legal risks in the way Real World Asset Group and Centrifuge Asset origination models currently operate.
8 active polls - ends November 22:
l Approval vote on adding Deco fixed rate core units (DECO-001)
l Approval vote on supplementary collateral induction application (MIP6c3-SP1)
l Approval vote on Immunefi Security Core Unit (IS-001)
l Approval vote on revision of core unit budget, RWF-001 (MIP40c3-SP39)
l Approval Ballot to Revise Core Unit Budget, COM-001 (MIP40c3-SP40)
l Approval vote for MKR Compensation for Real World Financial Core Unit, RWF-001 (MIP40c3-SP38)
l Approval vote to revise core unit budget, MKT-001 (MIP40c3-SP33)
l Approval Ballot on Addition of Sidestream Auction Services Core Unit, SAS-001
l Community Green Light Vote - MDI (MD Irradiance LLC) - November 1, 2021
New and ongoing discussions:
l Community Green Light Vote - OHM (Olympus DAO)
New and ongoing discussions:
l MIP41c5-SP2: Moderator induction training (RWF-001)
There are a lot more!
There are a lot more!
Read more about the different proposals and participate in the decision-making.
Governance Portal and Governance Forum
Governance Portal and Governance Forum
mStable
Recent blog posts:
l mStable launches mBTC/tBTCv2 connection pool
Source: https://app.boardroom.info/mstable/overview
Closed Proposals:
Source: https://app.boardroom.info/mstable/overview
Closed Proposals:
l PDP36: Update Proposal Workflow [End November 12]
New and ongoing discussions:
l mStable <>l TDP26 - Uniswap V3 liquidity redeployment [ends on November 12]
New and ongoing discussions:
Immunefi Protocol Partnership
l TDP26 - Redeployment of Uniswap V3 liquidity
l Proposed emission controller
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
AMA with Atlantis World—mStable：
Nexus Mutual
Active Proposals:
Active Proposals:
Proposals that have been closed:
l Should we pay 10 ETH from the community fund to compensate affected members who filed claim 102? [Ends November 15th]
l Approve and approve the center charter for the establishment of the investment center? [Ends November 7th]
Vote on governance proposals here to determine the future of the protocol.
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Synthetix
Recent blog topics and news:
Mutant Meetup November 4, 2021:
Recent blog topics and news:
l Lyra fee rebate
l SIP-120 is ready to make the final pull request after the final work is done.
l Avior has been released, the next version will be named Alkaid
Proposals closed:
Source: https://app.boardroom.info/snxgov.eth/overview
Proposals closed:
l ABOBA [ends November 12]
l SCCP-147: Increase cap on DAI wrapping to 30m and reduce minting... [end Nov 9]
l SCCP-146: Forbid new short-term to become an open mainnet [end Nov 7]
l SCCP-145: Increase L2 ETH encapsulation fee to 250bp [ends on November 7]
l SCCP-144: Increase L2 ETH Wrappr cap to 2200 ETH [ends on November 7]
l SCCP-142: Increased L2 inflation reward to 75K
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
l SCCP-143: Increase L2 ETH Wrappr cap to 1,500 ETH and reduce minting fee...[Ends Nov 4th]
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
SIP/SCCP Status Tracker:
l SIP-120 has been approved but not yet implemented
l SIP-167 approved, but still being tested to ensure its security
l SIP-184 for dynamic exchange fees has been approved but will not make it to the next version i.e. Alkaid
l SIP-80 for futures is in the feasibility stage to understand its impact on existing services
l SIP-156 is still being drafted and checks the specification for the debt pool oracle
l Debt pool unification SIP-165 is being drafted, need to discuss creating an abstraction for this idea, or at least what it looks like
Pie DAO
Talking to Kain Warwick's The Stakeborg DAO - Lessons From Billion Dollar DAOs:
Recent blog posts:
Recent blog posts:
https://app.boardroom.info/piedao/overview
https://deepdao.io/
Active Proposal:
l Announce the list of 100 veDOUGH holders ZSUNFT winners
Active Proposal:
l [PIP-65] SLICE composite to veDOUGH [ends on November 1st]
l $2 billion private dollar DoDo, can we get a piece of it? [Ends October 31st]
Proposals closed:
l Donations [ends December 31]
Proposals closed:
l Requires at least 1 veDOUGH to create a snapshot proposal [ends on October 29]
l New ICO "Crushing It" expects 25K capital infusion [closes on October 17]
Ongoing discussions:
l [PIP-62] UMA KPI option for DOUGH betting
l [PIP-65] Staking rewards compounded to veDOUGH
l [PIP-64] The composition of the initial reward pie
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
l [Proposal] Create a bridge from eDough to veDough
PoolTogether
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Alessio Delmonti: PieDAO - Asset Management of Tokenized Portfolios:
Source: https://www.withtally.com/governance/pooltogether
Source: https://app.boardroom.info/pooltogether/overview
Proposals closed:
Proposals closed:
New and ongoing discussions:
l PTIP-40 bond program and POOL incentives [ends October 29]
New and ongoing discussions:
l Purpose of PoolTogether DAO
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Uniwap
https://www.withtally.com/governance/uniswap
l PoolGrants committee open application<>To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Uniswap Proposal #9: Last week, a proposal to add a 1bp fee tier to Uniswap V3’s factory contract to compete in the stablecoin swap space passed temperature and consensus checks and was formally voted on by on-chain governance. This proposal should add a 1bp fee tier with 1 tick interval. From a technical point of view, this change is simple and will help Uniswap in the stablecoin market.
Stablecoins compete in pairs.
l The Unicode Hackathon ended on November 10th
Source: https://app.boardroom.info/uniswap/overview
Proposals closed:
Source: https://app.boardroom.info/uniswap/overview
Proposals closed:
l Added 1 basis point fee tier [ends November 11]
New ongoing discussion:
Consensus Checks - Added 1 bps fee tier [ends 30th October]
New ongoing discussion:
l Bed Index Proposal
l Proposal - Add 1 basis point fee level
l Deploy Uniswap V3 on Polygon/Matic
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
To read more about the different proposals and participate in the decision-making, check out the Governance Forum.
Yam Finance
Recent blog posts and news:
l Jason / punk1004 incident
Proposals that have been closed:
Recent blog posts and news:
l YIP 93: Should Jason/Punk1004.eth be banned from Discord [ends on November 11]
New and ongoing discussions:
l YIP-92: Should Jason be paid for his work in October? [Ends November 11]
l Jason/Punk1004.eth events and votes
Check out the latest YIP discussions here.
Yearn Finance
Source: https://deepdao.io/
Source: https://app.boardroom.info/ybaby.eth/overview
There have been no active proposals for these weeks.
discuss:
There have been no active proposals for these weeks.
l [Proposal] FixedForex Vault
Check out the latest YIP discussions here.
MISC
ENSDAO
l [Proposal] Allow yvBOOST to vote on new CRV meters
Check out the latest YIP discussions here.
The Ethereum Name Service (ENS) caused a stir this week when they announced that they would decentralize control of “key components of the ENS protocol” with the launch of the ENS DAO and $ENS token.
Token Distribution and Utility: 100 million USD in ENS tokens will be minted, 50% of which will go to the community-managed treasury, and the other part will be distributed by ENS contributors and users.
Through the ENS DAO, $ENS token holders will control the ENS community funds. As mentioned above, this community treasury will hold 50% of the $ENS token supply, but crucially, it will also hold ETH-denominated proceeds from name registrations and renewals. As such, ENS DAO may end up being one of the largest DAO treasuries in the space. The first actions for $ENS token holders will be:
A vote on a "proposed ENS constitution, a set of community rules and guidelines" during the first week of the claims process, which began on November 8.
l Vote on proposals that "formally request that root key holders have the following capabilities as a means of obtaining future revenue."
Afterwards, the ENS DAO will make key decisions regarding ENS' treatment of various (current) "non-crypto entities" and their trademarks. For those interested in how the DAO will interact with the "real world", this will be something to watch. [Read "$ENS Token Distribution"]
Legal structures: Speaking of interacting with traditional organizations and frameworks, it is worth noting how ENS approaches legal structures. As can be seen from the above article on their mirror page, "We have established an organization in the Cayman Islands called the ENS Foundation to legally represent the DAO, for example to meet any tax obligations." ENS has in their governance documents More detailed introduction. DAOs can vote for:
l Appoint or remove directors, members or supervisors.
l It is prohibited to admit any members in the future.
l Instruct the directors to wind up the foundation and specify which charities or other foundations should receive the assets of the foundation.
Although not directly stated in the constitution, the DAO can also direct directors to act on behalf of the foundation — such as signing contracts, hiring companies to provide services requested by the DAO, or delegating some of the director's powers to DAO working groups.
Delegation: Under the leadership of Gitcoin, ENS DAO is integrating delegation into the token collection process. There is currently an open call for delegates: ENS DAO: Call for delegates A running ENS delegate talk thread can be viewed on ENS Discourse: ENS DAO delegate application.
Ethereum Name Service Announces Decentralized Governance: ENS has a large treasury to govern, but also faces some of the most complex challenges of any protocol DAO.
Earlier this week, Ethereum Name Service announced that they would decentralize core governance functions through a DAO. Launched on October 8, the structure features the distribution of tokens to team members and the community, while having a Cayman Islands foundation to represent the legal interests and responsibilities of the DAO.
An initial 50% token allocation is split equally between core contributors and past users, with the remaining half of the token supply allocated to the DAO. In addition to the ENS tokens from the genesis supply, the governance layer will also control the ETH earned on ENS root multi-domain registrations and renewals, which should quickly catapult ENS to the highest value organization in the treasury.
While ENS has a large head start in financial positioning, the new ENS DAO will face some of the more difficult challenges of any protocol DAO. The domain name space is inherently coupled with non-crypto-native industries, and issues such as respecting trademarks and evicting squatters have largely remained unexplored in a decentralized context. Forming a DAO could be an important step in building enough legitimacy to be able to act on these kinds of issues.
To help kick-start participation in DAO governance, ENS will be calling for representatives over the next week. This follows on from the successful launch of Gitcoin tokens, where users were able to choose from a number of public representatives when claiming their tokens, helping to drive voter participation and diversity of representation.
The ENS has enough real-world integration and entanglements that it may not be able to avoid deep integration with the traditional legal system. Still, forming a linked foundation has raised some skepticism among community members, given the history of offshore foundations as centralized organizations in many cryptocurrency projects.
What makes ENS different is that it gives the token governor explicit power over the foundation's operations and board membership. This reverses the previous power dynamics of off-chain entities and may help avoid some of their poor oversight pitfalls. If this DAO-directed trust structure proves to be effective, we may see a wave of projects seeking to incorporate corporations to benefit from further clarity on legal and tax issues.
ENS DAO Launch: The launch of the ENS DAO has been the talk of Crypto Twitter for the better part of the past week, not just because of its smooth implementation, but of course the major price action in $ENS.
A notable aspect of the pension claim process is the built-in delegation step, which prompts pension holders to delegate their tokens to a long list of eligible delegators. [Current number of delegates]
Of these options, Coinbase currently ranks second in the delegated vote. Some in the community expressed dissatisfaction with the result. But smaller startups, individuals, and other DAOs are poised to play a huge role in the governance of this critical public good. People also discussed whether ENS representatives, and in general, should be paid for their services.
ENS considers a successful start of governance to have hundreds of delegates and a wide distribution of votes.
Fei Protocol Considers a Series of DAO Partnerships
The proposed partnership with Balancer and Tokemak includes treasury swaps and improved liquidity support for FEI.
