🗳 This Week in Governance - May 30: Intentions & Intents
A weekly resource covering crypto governance, politics, and power.
📣 Key Points
Onchain Uniswap fee-switch vote imminent
ENS considers extension to (or creation of) an L2
Sandbox launches DAO
Optimism ratifies intents
Voting Activity (L7)
🗳️ 82,240 ballots
👥 28,362 voters
📜 262 proposals
🌐 71 active DAOsQuery more data using the Governance API, like Charles Adjovu did in this study:
✨ DAO Index: Measuring Voting Power in Maker DAO with the Banzhaf Power Index✨
📰 Updates
Onchain Uniswap fee-switch vote imminent
The proposal, which has undergone multiple audits and will be covered by a $1 million bug bounty, aims to transfer ownership of the mainnet UniswapV3Factory to a newly deployed instance of V3FactoryOwner. If passed, this will lay the groundwork for autonomous fee collection and distribution, although additional votes will be required to turn on fees in Uniswap V3 pools. UNI token holders must delegate their tokens before May 31 to participate in the upcoming onchain vote. The proposal also introduces a novel mechanism for future fee adjustment votes, designed to make the process more dynamic, reduce the governance burden on delegates, and maintain the protocol's credible neutrality. If the vote passes, a subsequent upgrade to Protocol Governance will be proposed to further streamline the fee setting process. Keep your eye on Boardroom’s Uniswap portal.
ENS considers extension to (or creation of) an L2
ENS Labs is proposing to extend the Ethereum Name Service (ENS) protocol to a Layer 2 network to address scalability and user cost limitations. The proposed ENSv2 architecture includes a new hierarchical registry design and an updated Universal Resolver. Users will have the option to move their names between the L2 and Ethereum mainnet. A comprehensive Selection Framework, consisting of three requirements and nine ranking criteria, will guide the decision between a public L2 and building a custom L2. The migration plan will proceed in phases to minimize disruption. ENS Labs is requesting an annual budget increase of 4 million USDC from the ENS DAO to support the development and deployment of ENSv2. The team encourages community participation and feedback throughout the process.
Sandbox launches DAO
The Sandbox, a decentralized gaming platform, has launched The Sandbox DAO, marking a significant milestone in its journey towards an open metaverse. The DAO invites the global community to participate in governance decisions through proposing and voting on Sandbox Improvement Proposals (SIPs) related to product improvements, events, reward mechanics, and more. The rollout plan consists of three phases, starting with a limited scope of capabilities and progressively increasing the DAO's autonomy. The Sandbox DAO will be composed of a Council, responsible for reviewing and guiding SIPs, and Advisors, acting as cultural ambassadors and strategic advisors. The Sandbox DAO Foundation will be established to administer the DAO's decisions and manage operations, including the treasury. The first five SIPs cover foundational aspects, carbon capture, and humanitarian efforts. The introduction of the DAO aims to foster trust, promote a sense of belonging, and encourage active participation among community members.
📚 Reads
Layer 2s As Cultural Extensions of Ethereum, by Vitalik Buterin
Retro Funding 4: Impact Metrics, a Collective Experiment (Optimism)
Streamlining Governance Processes (Gitcoin)
Governance tokens intermingle financial & organizational utility, from Tally
🎧 Listens
Can Agentic Tech Take Down Surveillance Capitalism? w/ Zoe Weinberg, on Rehash
📜 Highlighted Proposals
Aave: Expansion of Frontier
The Aave Chan Initiative (ACI) proposes expanding the "Frontier" program to further decentralize the Aave protocol's staking exposure and actively participate in network security. The proposal includes converting the DAO's rETH holdings into RocketPool Minipools, converting a portion of stETH holdings into Stader validator pools and Stakewise validators, and designating Aave Finance as the service provider responsible for defining and funding the program. The ACI also proposes claiming the program's yield twice a year, offering a yield guarantee, and making Frontier a permanent and official Aave DAO program. If consensus is achieved, the proposal will move to the ARFC snapshot stage and, if successful, proceed to the AIP stage for implementation and funding allocation. Voting ends on May 31st.
Nouns: Fund Retroactive Rounds via Rounds.wtf
This proposal seeks to allocate 250 ETH towards retroactive rounds via Rounds.wtf, a platform that enables communities to reward their contributors. Following the passing of Prop 506 in February 2024, the Prop House team received 50 ETH to deploy through Rounds.wtf and conducted various experiments to optimize the user experience. The results of the Nouns rounds include over 3,000 submissions with rewards, more than 1,000 unique users, and 27 executed rounds across different channels. The proposal requests 250 ETH, which will be entirely used to fund Nouns contributors through the platform. Voting ends on May 30th.
Optimism: Intents Ratification
The proposal outlines three high-level strategic goals, called Intents, for the Optimism Collective's Season 6. Intent 1 focuses on progressing towards decentralized, scalable compute, including both technical and governance decentralization. Intent 2 aims to grow the Superchain by expanding the network of OP Chains contributing to the Collective, allowing for faster growth and more effective scaling of Ethereum. Intent 3 seeks to support developers globally in building demand-generating applications on any OP Chain in the Superchain, with the goal of growing application developers across all OP Chains. The Intents were ratified by the Token House on May 29th, with nearly 100% voting “for.”
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