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👨🔬 Governance Lab #006
Report #006 - Butter, MakerDAO, DELV, Euler, and more
hey frens 👀
Welcome back to the Governance Lab, your source for all things StableLab, DAO Governance, and of course DAO drama. For those who might’ve been touching grass over the weekend, DAO governance had another dramatic storyline. Read on.
P.S. Substack is rugging Twitter Embeds. Apologies ahead.
This week, the SL team:
→ Kicks off the Butter x Aave Campaign
→ Changes Role at MakerDAO
→ Votes on 25 Governance Proposals
→ & much more
Let’s go 🤫
Lab Activity 🔬
🥞👻 Butter x Aave Campaign Kicks Off
On Monday, the Butter x Aave Delegate Incentive Program began. As one of thirteen delegates vying for the top spot, we’re excited to be participating in this governance experiment helping pave the way for delegate incentives.
A Snapshot vote is currently underway to decide which of the thirteen delegates will receive compensation for supporting Aave governance over a 3-month period.
For the full Butter campaign details → read this post.
For our full Delegate Initiative which details our motivations and plans → read this post.
On Tuesday, Kene jumped on a Twitter Space to pitch our Delegate Initiative.
Special thanks to Boardroom for graciously hosting the space.
As of Thursday, we currently lead the vote with ~33%! (Voting ends on April 10th)
📣 If you’re an AAVE tokenholder, VOTE STABLELAB 📣
🌱 Introducing, the Maker Growth CVC
On Friday, we announced effective April 1st we would be stepping down as a Recognized Delegate at MakerDAO, in order to form the Growth CVC, a Constitutional Voter Committee focused on the expansion and growth of MakerDAO.
On Tuesday, we had the honor of hosting the first CVC community call. Thanks to everyone who joined and made it a productive and energizing call. 🔋
❲ This Week’s Proposals ❳
🆕 New Proposals
Summary: As part of our ongoing work to improve the Aave Governance Process, we (alongside ACI) have drafted a proposal to introduce the ARFC template for deploying Aave to new networks. The framework standardizes the process prospective authors must follow to successfully launch the Aave protocol to a proposed network.
The proposal template includes a Date, Abstract, Motivation, Specification, Deployment Checklist, Disclaimer, and more.
Author: Kene & Marc Zeller
Status: 💬 Forum Post → Gathering community feedback
🗳️ Live Proposals
Protocol: Hop Protocol
Summary: Here, we suggest adopting the weighted voting system as the preferred method for electing Hop DAO community members into various positions. This system will fill two pending positions, including the “Community Multi-Sig Elections” and the “Hop DAO Ambassador Program.” With this voting style, voters can support multiple candidates and give each of them a “weight” or percentage of their total votes.
Author: Bobby & Kene
Status: ⚡ Live → Snapshot Voting Underway | Voting Ends Apr 8 2023
Current Result: Weighted Voting | 7.1M HOP 98.39%
❲ This Week’s Voting ❳
📆 Mar 31 → Apr 06 | 🗳️ Total Votes: 25
Lab Reports 📓
In our latest blog post, we explore the drama surrounding Arbitrum’s first governance vote. AIP-1 was supposed to be the inaugural proposal that helped kickstart Layer 2’s decentralization journey, instead, miscommunication and controversy rattled the process. Are we all just actors in a governance theater production?
External Files 🗂️
❲ News ❳
Element Rebrands to DELV
Element Finance, the fixed and variable yield market DeFi project, has rebranded into DELV. The move coincides with the community's gradual takeover of the Element Protocol's decentralization and helps the DELV team differentiate itself further as it looks to bring more innovative DeFi products to market.
As "The Factory for DeFi," DELV offers a suite of services and products such as Element Protocol, Hyperdrive, Echo, Council, and more. The team's objective is to create a complete range of decentralized financial products, from core infrastructure to structured financial products, that work in tandem to usher in the new financial system.
Euler Recovers Stolen Funds
Elsewhere in the land of DeFi, Euler Finance announced it had recovered all 200M of its stolen funds from the March 13th bug exploit. After almost three weeks of intense back and forth, Euler Labs, alongside countless community members and ecosystem actors, were able to successfully retrieve users’ funds from the hacker. Now, one of the challenges the protocol faces is determining the process to make funds whole as the funds now denominate in different tokens. A forum post was published requesting community input on deciding how to best approach this decision. Euler’s successful recovery of exploited funds will go down as one of the largest in DeFi history.
As active contributors at Euler, we’re excited to see the protocol build back stronger and better than ever. 💙
❲ Links ❳
What if your delegate was just an AI? Introducing, Governatooorr.
Marc Zeller paints the picture for the Four Stages of Decentralization.
A thread on the mechanics of Market Makers and Governance Tokens.
The term DAO has lost all meaning.
Lido’s Finance Workstream suggests turning off LDO token incentives.
The pitfalls with the current overall approach in DAOs are caused by how much we over-index on offchain processes.
Llamas Protocol is a new permissionless job marketplace.
Redacted has launched Dinero, an overcollateralized stablecoin backed by Ethereum blockspace.
A technical dive into the magic behind Snapshot, the governance tooling platform.
Butter joins the Delegate Podcast to discuss their Aave Delegate Incentives Campaign.
M^ZERO, a decentralized infra layer for digital asset value transfer emerges out of stealth.
❲ Meme ❳
That’s it for this week. As always thanks for reading and subscribing to the Governance Lab
Get in touch with the StableLab team 🔬
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