This Week in DAOs - December 23, 2021
CityDAO Takes Next Steps, BadgerDAO Votes on Restitution Plan, and Fei<>Rari Merger Passes
Keep scrolling to get caught up on this week in DAOs.
📊 This Week’s Stats
Ecosystem Overview - December 23, 2021:
💰 $16.69 billion in DAO treasuries 💰
🗳️ 407,807 ballots ever 🗳️
👥 60,838 unique voters ever 👥
✍️ 3,933 proposals ever ✍️
Governance Activity - Last 7 Days
🗳️ 16,231 ballots cast on 153 different proposals 🗳️
👥 6,510 unique voters 👥
🌐 35 DAOs with active voters 🌐
✍️ 71 new proposals created this week ✍️
For a deeper dive into DAO governance data, check out the Boardroom Explorer.
📰 This Week’s News
Back in July, Scott Fitsimones tweeted this ^ and now there is a DAO with $7 million in its treasury and 40 acres of land in Wyoming.
If you aren’t familiar with the CityDAO story:
This week, CityDAO is taking another step forward with the proposed CityDAO Council. As one might expect, owning and tokenizing ownership of land is fraught with legal challenges and now that CityDAO has begun to seriously scale, the community is looking to formalize things to ensure their experiment can continue to thrive.
The CityDAO Council would be elected by Citizen NFT holders and take over responsibility from the existing “core team,” starting with a focus on ratifying the CityDAO Charter and implementing the DAO LLC Operating Agreement. Read this for more detail:
And, next month, the first plots of CityDAO land go up for sale:
BadgerDAO Restitution Plan
A massive DAO governance undertaking is happening in the BadgerDAO community in the aftermath of the nearly $120 million hack at the beginning of December 2021.
Through a series of governance proposals, the community is working out what to do next.
Read this great CoinDesk article to get caught up to speed. Below is a breakdown:
This past week, the community voted on BIP-79 to restore the Badger governance tokens lost in the hack and BIP-81 to “use $10 million in stablecoin assets from the $17 million in BadgerDAO’s treasury to buy wBTC under $57k per token.”
Both measures passed.
Now, the community is considering BIP-80 to complete the “restitution plan".
BIP-80 asks the community for feedback on three ideas:
What % of the proceeds from BIP-81 should go to those who suffered losses in the hack.
The amount of un-circulating BADGER held in BadgerDAO treasury that should be used in a restitution program
Whether additional funds be used in restitution in addition to the two sums selected above.
All in all, this is an admirable effort by the BadgerDAO community to recover from a devastating hack in a consensus-driven manner. Episodes like these are an opportunity to bring communities closer together and it seems that is exactly what is happening.
Rari<>Fei Merger Passes
The much-discussed merger Rari Capital and Fei Protocol is proceeding! Twin proposals in the two communities passed with flying colors - 93% to 1% among RGT holders and 90% to 0% among TRIBE holders.