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🗳 This Week in Governance - June 22
A weekly resource covering crypto governance, politics, and power.
📣 Key Points
Lens introduces governance to social network
Optimism announces RetroPGF Round 3
Arbitrum moves forward and past AIP-1
Zora announces Zora Network
Voting Activity (L7)
🗳️ 251,420 ballots
👥 137,594 voters
📜 227 proposals
🌐 78 active DAOs
Let’s get into it 🔥
🎙️ News Update
The Delegate Podcast discusses the hottest governance updates curated from this newsletter. In 20 minutes, the episode covers major protocol activity:
Lens introduces Governance to social network
Lens Protocol is introducing Lens Improvement Proposals (LIPs), an open and collaborative process that aims to shape the future development of the protocol. Built on the principles of user ownership and control, Lens Protocol envisions redefining social networks in Web3 by embracing open governance and community contributions. LIPs provide a platform for users, creators, and developers to propose innovative ideas, from feature enhancements to bug fixes, fostering transparency, inclusivity, and collective decision-making. The first three live proposals focus on establishing an open governance model, open standards for algorithms, and open standards for metadata, aiming to promote community involvement and advance the evolution of Lens Protocol. Check out the GitHub repository here.
Optimism announces RetroPGF Round 3
The Optimism Collective has announced the third round of RetroPGF, a program that rewards builders, creators, and educators who have made a positive impact on the Optimism Collective. In this round, 30 million OP tokens will be distributed to recognize contributions in categories such as enhancing the OP Stack, collective governance, developer ecosystem, and end-user experience and adoption. RetroPGF aims to build an economy that acknowledges and rewards community members for their contributions, with the ultimate goal of scaling the principle of "impact = profit" globally. The project registration and voting for RetroPGF Round 3 will take place in the fall of 2023.
Zora announces Zora Network, an L2 for creators and their communities
Zora on June 21 introduced the Zora Network, which aims to enhance the Ethereum ecosystem for artists, creators, and communities by making it faster, more affordable, and providing increased opportunities for onchain expression and experimentation. It is a gas-efficient and scalable Layer 2 network built on Optimism's OP stack, seamlessly integrated with Zora's existing creation tools, and already supported by various partners. Zora reportedly has +100k monthly active users.
📚 Good Reads
Overcoming “Token Debt,” by Mason Nystrom
Building Token-Powered Consumer Products, by Amanda Young
Making DAOs Work, from Other Internet
UK Crypto, Stablecoin Laws Approved by Parliament's Upper House, by Camomile Shumba
BIS promotes unified ledger for tokenization as “game changer,” from Ledger Insights
A New Internet: On Web3 Primitives & Social Networks, by Joel John and Siddharth
Measuring Decision Making in Virtual Communities, from BanklessDAO
A CALL FOR DAO MINIMALISM IN PROTOCOL GOVERNANCE, from brantly.eth
Late to this debate but this is a very dangerous take, from Nathan VDH
Zora Announces The "Zora Network," on Bankless
LIPs: Steps Towards Open Governance, from Lens Protocol
DAO Pain Points & Paths Forward, a BanklessDAO space
The Proto-DAO Episode feat. Stefen @ Govrn, on DAO Talk
Rise of Blus: A Nouns Movie (Pilot), directed by HK Jay and Zen Doubt
Arbitrum: AIP-1.2 - Foundation and DAO Governance
This proposal suggests amendments to the Constitution, the Arbitrum Foundation Amended & Restated Memorandum & Articles of Association (A&R M&A), and the Bylaws of the Arbitrum Foundation. The main objective is to remove references to AIP-1 and incorporate other changes based on feedback from the community. These modifications aim to update the governance system and clarify the relationship between the ArbitrumDAO and The Arbitrum Foundation.
⏰ Voting ends: June 23 ⛓️ Type: Onchain ✍ Author: Lemma Ltd 💬 Read the discussion
Decentraland: Understanding and Improving the Governance Participation
This proposal seeks approval for a $15,000 grant in the Core Unit category. DeepDAO aims to address voter fatigue and improve onboarding incentives in DAOs by conducting a data-based segmentation of $MANA token holders. The project intends to analyze the characteristics and preferences of wallet holders, identify non-voters and voters with declining participation, and propose onboarding steps and incentives to enhance voter participation. The project duration is two months.
⏰ Voting ends: June 22 ⚡ Type: Snapshot ✍ Author: DeapDAO 💬 Read the discussion
The proposal suggests allocating $1.2M USDC from the Treasury to fund the operating expenditure of the DAO in the second half of 2023. This funding will extend the DAO's runway until January 2024 and will be used for various purposes such as product upgrades, sales and marketing efforts, partnerships and policy development, and organizational enhancements.
⏰ Voting ends: June 22 ⚡ Type: Snapshot ✍ Author: Hugh 💬 Read the discussion
This proposal suggests a non-governance approach for Aztec's governance and upgrade mechanism, relying on social consensus instead. This means changes and upgrades would be triggered solely by community activity and acceptance, without relying on traditional governance methods like voting or token-based decision-making. While this approach offers decentralized decision-making and immutability, it also requires manual migration for users, developers, and infrastructure providers, which can be a downside for user experience, especially in Layer-2 networks. There are other considerations and challenges to be addressed, such as handling community splits, vulnerabilities, and token minting across different versions of the network.
Developer DAO: [Draft] Governance for Developer DAO
This proposal suggests integrating UMA's oSnap 2, an optimistic governance tool, into Developer DAO's governance system. By leveraging oSnap, Developer DAO can execute Snapshot votes on-chain, eliminating the need for multi-signature wallets and enhancing decentralization and efficiency in the execution process. The integration aligns with the DAO's mission and values, and the implementation steps are straightforward and cost-effective, requiring no additional fees or resources.
This proposal suggests depositing all 25M DAI from the xDAI bridge into the Maker DSR (Dai Savings Rate, currently at 3.49%) and passing on the yield to a Savings xDAI contract. Users on Gnosis Chain can mint Gnosis Chain sDAI with their xDAI, which will accrue the DSR of all the DAI in the Gnosis Chain Bridge. The implementation involves depositing DAI into the DSR, issuing shares in the Savings xDAI contract, and calculating rewards based on the DSR yield. Other alternatives to pass on the yield include charging a performance fee on Savings xDAI or distributing it among GNO validators.
This forum post provides a guide on securely off-ramping MKR holdings while maintaining on-chain privacy. It suggests using Railgun on the Ethereum mainnet to off-ramp larger amounts, emphasizes the importance of privacy and not storing cryptocurrencies long-term in hot wallets, and recommends depositing and withdrawing amounts that do not stand out. The guide includes steps such as converting MKR to WETH or Dai, creating ZK wallets, shielding the deposit, paying gas and fees from a shielded wallet, transacting, waiting for a random amount of time, unshielding the deposit, and finally withdrawing the tokens to an undoxxed wallet.
This is a draft Mission proposal for Optimism’s Season 4, falling under the “Governance Accessibility" Intent. The proposal from DAOstar aims to create a regulatory interface and tax standards for DAOs, facilitating “the first-of-its-kind interaction between regulators and the DAO ecosystem.” The critical milestones for the project are “successful deployment of a working regulatory interface with at least one DAO onboarded…along with version one of a tax standard for DAOs.”
Flipside here submits a Mission proposal for Optimism’s Season 4 under the “Governance Accessibility" Intent. The post proposes the integration of aOP (Aave's receipt token for depositing OP) as a votable token in Optimism's governance. The proposal aims to extend the voting power beyond the native OP token and activate the utility of OP's governance token. The plan includes steps such as integrating aOP into the governance infrastructure and analyzing the effectiveness of the added voting power. The proposal seeks support from infrastructure providers and emphasizes the importance of this opportunity for Aave and other DeFi builders.
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