🗳 This Week in Governance - Aug 3

A weekly resource covering crypto governance, politics, and power.

Aug 03, 2023

Aave debates action in CRV markets post Vyper exploit
Optimism details voting badge distribution for next round of PGF
Arbitrum discusses integrating with Rarible for NFT support
CityDAO considers moving into Network Cities

Voting Activity (L7)
🗳️ 702,326 ballots
👥 66,591 voters
📜 725 proposals
🌐 78 active DAOs

Let’s get into it 🔥

🔖 Update: Bookmarks

You can now use the Boardroom CRM to easily save proposals for later by bookmarking them. This feature is perfect for voters that want to keep track of proposals that they are interested in but don't have time to vote, comment, or share right away. Test it out and don’t forget to Mint Your Governor Card.

📰 News

Aave debates action in CRV markets post Vyper exploit

The Aave DAO has been discussing responses to the situation involving CRV in the wake of the Vyper exploit. Participants in the forum — including risk managers Chaos Labs and Gauntlet — discuss various strategies to mitigate potential risks, including freezing CRV on Aave v2, adjusting loan-to-value (LTV) and liquidation parameters, and exploring off-chain communication and over-the-counter (OTC) deals. The conversation reflects a mix of opinions and proposals, with some advocating for immediate action to repay debt or adjust parameters, while others suggest more nuanced approaches, such as buying CRV to boost GHO pools or engaging in OTC deals. A proposal to set CRV LTV -> 0 on Aave v2 Ethereum is currently active.

Optimism details voting badge distribution for RetroPGF 3

In preparation for RetroPGF Round 3, voting badges will be distributed to 208 community members: each badgeholder from RetroPGF 2 will receive a new badge and gain the ability to distribute one to a community member; the top 50 recipients of RetroPGF 2 will each also be able to distribute a badge; and the Optimism Foundation itself will distribute 10 badges. The distribution comes with specific rules and a Code of Conduct, including a prohibition against distributing badges to coworkers on primary projects, and guidelines for distribution that emphasize advancing RetroPGF, domain expertise, alignment with the Optimism ecosystem, and diversity of viewpoints.

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📜 Proposals

Recently Closed

Magic Internet Money: Interest rate adjustment for the CRV cauldrons

This proposal suggests an interest rate adjustment for Abracadabra's CRV cauldrons to mitigate significant exposure to CRV risk, following recent issues that have impacted Curve's protocol TVL. The strategy involves applying collateral-based interest to both CRV cauldrons, with the proceeds kept in the treasury to reduce DAO risk, and the interest rate determined by a combination of the outstanding principal and collateral ratio of the cauldrons. The proposal was defeated on August 3rd.

Ending Soon

BitDAO: Mantle Economics Committee, and ETH Staking Strategies

The proposal by Cateatpeanut and the Mantle core contributor team seeks to establish a specialized sub-governance body called the Mantle Economics Committee within Mantle Governance. This committee's main responsibility will be to evaluate and make decisions regarding the allocation of Mantle Treasury assets, focusing on risk-averse and conservative strategies, and will have the authority to engage in commercial negotiations and decide on the timing and size of strategy entries and exits, including specific allowances for ETH staking. Voting ends on August 5th.

Upcoming

Aave: Cancel Llama Service Provider Stream

Marc Zeller of the Aave-Chan Initiative has signaled that he will soon create an on-chain proposal to cancel Llama’s existing service stream and create an ad-hoc 45-day stream — reflecting the outcome of a recent Snapshot vote in which 55% voted in favor of reducing (rather than canceling) the stream to Llama. For the Snapshot vote, Zeller and the ACI recommended canceling the Llama stream from the Aave DAO due to several instances of performance falling short of expectations, including a delay that cost the DAO approximately $1 million and a failure to ensure adequate balance for payments. By terminating the relationship with Llama, the DAO treasury could save up to $240k, allowing for reallocation to other initiatives. An on-chain vote is expected to go live on August 4. Check the Aave Boardroom portal for updates.

📚 Reads

Tokenized Media is Reshaping the Internet
From Social DAOs to Social Protocols, by 0xJustice.eth
Proof Of History: Against Decentralization, by Jaya Klara Brekke
ROWS #2: Analyzing Web3 Social Infrastructure and Apps, by Albiverse
Entering a Golden Age of Decentralized Stablecoins: What's New? by Ignas
Crypto bill passes congressional committee in victory for industry, by Hannah Lang
Moai, by Arthur Hayes
Exploring DAO Governance: A Empirical Study on Snapshot, from ThePASS
On being a DAO contributor, from justine (via the Optimism Foundation)

🎧 Listens

Beyond On-Chain Implementation the Challenges and Importance of DAO tooling, by Kate Zueva
A Post-Token World | David Phelps, jokerace, on Boys Club
Stephen Palley on the Evolution of Crypto, Insurance, Dumpsters, and AI, on Law of Code
Africa’s Crypto Revolution: Leapfrogging into the Future, on Bankless

💬 Forums

Arbitrum: Building the Future of NFTs: The Rarible Protocol - Arbitrum Integration Proposal

The Rari Foundation has drafted a proposal to integrate Arbitrum One with the open-source Rarible protocol to stimulate growth in the Arbitrum NFT ecosystem. The integration aims to provide tools and infrastructure to make it easier for independent developers to build NFT-based applications on Arbitrum, addressing the current challenges and lack of support that have led developers to opt for other chains, and includes a detailed plan for implementation over a tentative timeline of 7 weeks, with a cost of 200,000 USD, to be equally shared between the parties.

CityDAO: Network City Development & Testing Initiative

CityDAO is proposing the creation of a "Network City," a concept that aims to foster community among Web3 and crypto enthusiasts through both virtual and physical spaces. The draft proposal seeks $9,999 in funding from the CityDAO treasury to develop, test, and assess a pilot program that will include physical locations like coffee shops and hotels, as well as virtual spaces like dedicated Discord channels, with the goal of engaging existing members, attracting new ones, and assessing the financial viability of the concept.

Diva DAO: [RFC] Proposed Terms & Conditions (T&Cs) for Diva Early Stakers Vaults on Enzyme

Diva DAO has announced the pre-launch Early Stakers program, with over 3,700 voting holders, and the protocol is set to go live on the mainnet in the coming months. The program, which will be run on the Enzyme platform, aims to reward early supporters with DIVA tokens, allowing them to actively participate in Diva DAO Staking governance, and includes detailed plans for depositing ETH or stETH into non-custodial vaults, with specific terms and conditions for distributions to be discussed in a separate RFC.

dYdX: Grants Program - v1.5 Extension

The dYdX Grants Program (DGP) is proposing an extension of its current version (v1.5) for an additional six months, with a focus on infrastructure, MEV, validators, and community initiatives. The extension will include restructuring the DGP into two funding buckets and a separate operations contributor, changes to the Trustees and Enforcer of the dYdX Grants Trust, and utilization of the remaining $2M in unallocated funding, with the goal of supporting the launch and potential transition to dYdX v4 and introducing more distributed ownership and decision-making into the program.

Olympus DAO: Towards a Fully Autonomous Olympus

Following the successful passing of TAP-28, the DAO has proposed a plan to accelerate the automation of Olympus, aligning with the 2023 projects and current operations to facilitate the launch of Cooler Loans and further decentralize and automate protocol operations. The proposal outlines a six-month path to full protocol automation and autonomy, including the introduction of on-chain governance through Parthenon, and details the impact on existing projects, categorizing them as Compatible, Incompatible, or Rescoped, with the ultimate goal of achieving a decentralized, automated, and fully autonomous reserve currency by the end of January 2024.

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