🗳 This Week in Governance - April 25: Unlocking Token Utility
A weekly resource covering crypto governance, politics, and power.
📣 Key Points
Arbitrum Unveils BOLD, a new approach to permissionless validation
Safe introduces Safe{Pass}, aiming to boost token utility
Lido checks sentiment on dual governance
NOUNS vs NOGS: Either/Or or Both/And?
Voting Activity (L7)
🗳️ 42,909 ballots
👥 21,132 voters
📜 193 proposals
🌐 63 active DAOsQuery more data using the Governance API
📰 Updates
Safe introduces Safe{Pass}, aiming to boost token utility
Safe has launched Safe{Pass}, a new rewards program designed to increase the utility of SAFE tokens by recognizing and incentivizing active users within the Safe ecosystem. The program follows the recent approval of a proposal allowing SAFE tokens—the governance token for SafeDAO—to become transferable, significantly enhancing their utility. Safe{Pass} rewards users based on their interactions with Safe smart accounts and partner activities, with rewards coming from Safe and various Safe{Pass} partners. Users can earn points by engaging in regular activities such as weekly usage, transaction count, and volume and can boost their points by locking SAFE tokens with additional rewards from partner activities. The first season of Safe{Pass} will run until September 30, 2024, and is set to expand across additional networks in future seasons.
NOUNS vs NOGS: Either/Or or Both/And?
As noted in the latest Nounsletter, the emergence of the $NOUNS and $NOGS tokens has sparked debate within the Nouns DAO community. While NOUNS represents a planned mechanism to convert Nouns NFTs into 1,000,000 tokens, NOGS was initially a community reward that rapidly gained traction, reaching over 20 million ETH in market capitalization at its peak. The rapid growth of NOGS has led to discussions on its status as an "official" nounish token, with some arguing for its legitimacy based on a Nouns DAO proposal. In contrast, others point to changing details since the proposal's passing. The broader debate reflects a trend toward accepting memecoins within the Nouns DAO ecosystem, with uncertainty about the launch of an official NOUNS token and its impact on the ecosystem's future.
Arbitrum Unveils BOLD, a new approach to permissionless validation
The Arbitrum Foundation has proposed upgrading its ecosystem with BOLD, a new dispute resolution protocol designed to bring permissionless validation and enhanced security to Arbitrum One and Arbitrum Nova. BOLD addresses a critical vulnerability in the current Optimistic Rollup design, mitigating the risk of delay attacks by allowing any honest party to defend against malicious claims within a fixed time window. The Arbitrum Foundation plans rigorous testing, including audits and public testnets, to ensure BOLD's reliability, with the upgrade targeted for late Spring on the Sepolia testnet and Summer 2024 for Arbitrum One and Nova, covering all development costs associated with the upgrade.
📚 Reads
Introducing DRIFT: The Drift Governance Token, from Drift
Findings from Uniswap Delegate Reward Working Group (forum discussion)
Governance Revamp (Decentraland forum discussion)
Arbitrum Treasury Token Swap Program (forum discussion)
🎧 Listens
The US vs. Crypto: Jake Chervinsky on Crypto’s Legal and Regulatory Status, on Unchained
Chronicle: A Next-Generation Oracle Protocol w/ Niklas Kunkel, on StablePod
Community Strategy and the Arbitrum Ecosystem with Hunter from Offchain Labs, on DAO Talk
📜 Highlighted Proposals
Arbitrum: Safeguarding Software Developers’ Rights & the Right to Privacy
This proposal seeks the ArbitrumDAO's approval for a monetary contribution to Coin Center and the DeFi Education Fund (DEF) to support their policy, litigation, and advocacy efforts in safeguarding software developers' rights and privacy. Coin Center focuses on defending the rights of individuals to use open-source software and advocating for sound public policy in the cryptocurrency sector. At the same time, DEF is dedicated to promoting decentralized finance and addressing legal issues related to open-source software. The ArbitrumDAO vote will determine the funding amount, with options ranging from 500,000 ARB to 1,500,000 ARB for each organization, intended to bolster these efforts and support ongoing legal battles related to software developers' rights and privacy concerns. Voting ended on April 24th with the largest block of voters (41%) supporting 500k ARB to each organization.
Lido: Dual Governance: Design and Path Towards Implementation
The Dual Governance (DG) mechanism is a proposed iteration for Lido DAO protocol governance designed to provide StETH holders with a dynamic user-extensible timelock on DAO decisions, and a rage quit mechanism that aligns with Ethereum's withdrawal processes. This proposal seeks sentiment feedback from the Lido DAO community to proceed with technical implementation, including collaborating with external research and security-focused teams to ensure the design, implementation, and parameters are ready for mainnet deployment. The project involves multiple external teams for design, code checks, and audits, with a target timeline for testnet deployment in Q3 and a potential mainnet launch in late Q3 or Q4, subject to changes based on security reviews and testnet results. Voting ends on April 25th.
Uniswap: Onboarding Package Bundle
This proposal consolidates four previously approved proposals to avoid the operational challenge of obtaining four separate delegate approvals following consultations with the Accountability Committee (AC) and other DAO members. The bundled proposals cover onboarding packages for Sei, Manta, Taiko, and Moonbeam, each with a $250k-$500k budget for Merkl integration and other related initiatives, along with additional commitments for liquidity and incentives. The proposal suggests the need to upgrade governance contracts for easier management of multiple governance proposals in the future, ensuring that the projects involved are integrated into the Uniswap v3 Deployments record under the new program. Voting ends on April 28th.
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