👨🔬 Governance Lab #019
👨🔬 Governance Lab #019
Lab Report #019 - GHO Deployment, Mantle Economics Committee, Balancer Fee Split, and more
gm welcome back to the Governance Lab, your weekly source for all things StableLab, DeFi, and DAO governance. Looks like we’re ending the week off strong (maybe). ETH CC is next week, lfg. Hit us up if you’re in Paris, we’d love to meet! Ajna finally launched today, congrats to the entire team! Don’t look now but DeFi Summer 2023 may actually be a thing?? We got RWAs, we got fee split changes, we got new stables, we got LSD mania (because of course), and more. As always, enjoy :)
At a Glance 👀
👻 Aave votes to deploy GHO
〽️ Mantle discusses forming an Economics Committee
🔣 Balancer considers fee split changes
🇫🇷 SL team heads to ETH CC
Let’s dive in 🏊
Ready, Set, GHO!
AIP to deploy GHO on Mainnet goes live
The final phase for the formal deployment of GHO, Aave's native stablecoin, is currently being voted on.
GHO is a multi-collateral stablecoin that allows users to mint it by leveraging their collateral assets on the Aave Protocol.
At launch, GHO will be powered by two initial facilitators: Aave V3 Ethereum & FlashMinter. The initial parameters for GHO include a Borrow Rate of 1.5%, a Bucket Capacity of 100M GHO, and a stkAAVE Discount Rate of 30%.
AIP 268 has reached quorum and ends July 14th at 06:45 UTC
Check with our Committee
Mantle DAO discusses the formation of an “Economics Committee”
The Mantle (prev. BitDAO) community is currently discussing the establishment of a sub-governance entity responsible for implementing investment strategies and allowances on behalf of the community.
The proposal provides a comprehensive framework that outlines the committee's responsibilities, approved strategies and allowances, internal governance structure, and membership guidelines.
According to the proposal, the initial strategies authorized for the committee involve the utilization of the Mantle LSD, known as mntETH, as well as staking ETH on Lido Finance. The combined allowance of these initial strategies totals 200K ETH.
Split the Check
Balancer considers altering its Protocol Fee Split
On Thursday, Solarcurve submitted a proposal to modify the revenue split for veBAL, which determines the percentage of voting incentives distributed from the revenue generated by Balancer.
The proposal aims to adjust the current revenue split as follows:
L1 + L2 Core Pools 50% Voting Incentives / 35% Passive veBAL fees / 17.5% Treasury
L1 + L2 Non-Core Pools 82.5% Passive veBAL fees / 17.5% Treasury
As a result of financial stability, the proposal looks to reassess the efficacy of its current makeup of voting incentives.
Balancer has historically altered its fee split in response to market dynamics and evolving protocol strategies. The new split hopes to spur protocol growth by allowing for the introduction of targeted growth campaigns.
❲ Links ❳
🚀 Launches & Deployments
Ajna Protocol Launches
Introducing Spectra Finance - Open Interest Rate Derivatives Protocol (prev. AP Wine)
Introducing Oku: Advanced Trading Platform Powered by Uni v3
Linea Alpha Goes Live on Mainnet
Jokerace v3 - Welcome to the Post-token Future
📑 Insights & Reports
Uniswap Incentive Design Analysis
A Case Study on CRV
An Introductory Thread on Starknet Governance
The State of Onchain Structure Product Market
Reserve Protocol: Decentralizing the Creation of Money
The Metamorphosis DeFi Lending Needs
Why Investment DAOs Can Scale Venture
Rethinking Legitimacy in DAOs
What’s driving the DeFi 1.0 surge?
🧗 Milestones & Updates
Road to Solace v2
MakerDAO RWA Portfolio Hits 2.34B
RWAs now the 12th Largest DeFi Category
Osmosis Grants Program Monthly Report June 23
🗞️ Miscellaneous
A New UNI Token Model for v4
Aave DAO AIP Creation in 2023 Dune Dashboard
TEMP CHECK for an Aave GHO Stability Module
Balancer RFC to Adjust Protocol Fee Split
Solana RFC to Develop an RWA Token Standard
GMX Votes on v2 Fee Split
Mantle DAO Votes on $200M Ecosystem Fund
Nouns DAO Governance Dune Dashboard
Ajna Finance Activity Dashboard
Polygon 2.0 Tokenomics
💸 Raises
Alluvial Finance Raises $12M
Ambient Finance Raises $6.5M
📺 Podcasts & Listens
Robert Leshner - Superstate: Unlocking On-Chain RWAs on Empire
Kain Warwick - Synthetix V3, Lessons Learned, SNX Staking, Driving Adoption on Token Terminal Fundamentals
Shreyas Hariharan - Building an On-Chain DAO Framework on Kerman Kohli
❲ Proposal Watchlist ❳
Aave - Aave Governance v3 (Governance, a.DI, Robot v3)
Summary: This ARFC proposal from BGD Labs requests community approval to deploy three interdependent projects developed by the team onto Aave Protocol: Aave Governance v3, a.DI (Aave Delivery Infrastructure), and Aave Robot v3.
Arbitrum - High Council x Arbitrum
Summary: Here, a request for partnership is presented to the Arbitrum DAO by the community behind ‘High Council’, a standalone governance rollup. In the proposal, the High Council Rollup requests a license exception to utilize the Arbitrum software to become the “go-to place for governance, and collaboration, creating a unified approach for advancing decentralized governance.” A separate more detailed proposal is expected in the coming weeks.
Balancer - Approve the smBPT gauges for the Aave SM
Summary: This proposal aims to gauge the community sentiment regarding the introduction of the smBPT gauge mechanism at Balancer. In light of the recent upgrades to the Aave Safety Module, which integrates BPTs and smBPT gauges, the proposal aims to check with the Balancer and Aura communities whether they will support the integration. According to the proposal, the integration of the smBPT expects to generate over $100M in TVL for Balancer v2. A subsequent proposal will be submitted once the Aave Safety Module upgrades are completed.
Uniswap - Deploy V3 on Scroll
Summary: This proposal seeks approval from the community to recognize the upcoming Uniswap V3 Mainnet Scroll deployment as the “canonical deployment”. Scroll is described as a “bytecode-equivalent zk-rollup.” By deploying on Scroll, the proposal hopes to increase the DEX TVL to $100M within two months, continuously grow order volume, and enable the listing of new assets to V3 that are unique to Scroll.
Ribbon Finance - Merge Ribbon Finance into Aevo
Summary: This proposal aims to fold Ribbon Finance protocol, its tokenomics, and its brand into Aevo, a custom layer 2 rollup derivatives exchange. The move would deprecate the existing protocols “Ribbonomics” and governance structure and adopt the soon-to-be-released $AEVO token. The proposal aims to unify the two brands “in order to maximize the success and growth of the products.”
Nouns DAO - Stake 10000 ETH to Lido
Summary: This proposal looks to stake an additional 10,000 ETH from the Nouns DAO treasury to liquid staking solution Lido. The DAO currently holds over 14K stETH.
❲ From the Lab ❳
Uniswap Accountability Committee, Deployments & Agreements
As a member of the Uniswap Accountability Committee, Doo submitted a post on the Uniswap forums addressing the existing challenges and potential solutions regarding multichain deployments within the DEX protocol. The committee's primary objective is to tackle the intricate governance and operational inefficiencies associated with cross-chain deployments. In the post, Doo highlights several key challenges that need to be addressed, including the absence of a standardized proposal format, the excessive length and complexity of proposals, and the concerning lack of community engagement. Furthermore, the post sheds light on the current operational hurdles that are being faced.
Meet us at ETH CC
Get ready for the biggest European Ethereum conference! We'll be in Paris for the entire week, hosting panels, giving talks, attending events, and much more. We hope to see some of you there!
See below for the full list of talks lined up:
The Evolution of Governance for DeFi DAOs by Gustav - CEO & Co-founder
📅 July 20th
⏰ 10:20 - 10:45 am
📍Saint Victor
Quantifying Governance Maturity in DAOs by Marcos- Head of Product
📅 July 20th
⏰ 2:30 - 2:45 pm
📍 Versailles Stage
The Rise and Fall of Governance by Doo - COO & Co-founder
📅 July 20th
⏰ 3:40 - 4:05 pm
📍 Louvre Stage
Special Edition: Company vs DAO w/ Marc Zeller & Julien Bouteloup (Moderated by Gustav)
📅 July 18th
⏰ 3:40 - 4:00 pm
📍 Bastille Room
❲ This Week’s Proposals ❳
🆕 New Proposals
🐇 RFC-XX: Hop Grants Committee Renewal and Redesign
Protocol: Hop Protocol
Summary: This proposal looks to rehaul the existing Hop Grants Program in order to enhance its effectiveness and community participation. We introduced this proposal as a result of the current low engagement and activity of the existing grants program. The proposal will introduce an annual committee election process, compensation for committee members, and a biweekly community call aimed at supporting builders.
Author: Kene
Status: 💬 Forum Post → Gathering community feedback
🎠 StableLab Grant Request for developing a 1inch DAO Constitution
Protocol: 1inch
Summary: This proposal requests a grant from the 1inch DAO to create a first draft of the 1inch DAO Constitution. The proposal requests 26K USDC with $20K earmarked to the StableLab team and $6K to DAOplomats for their help reviewing and editing the document. This is an update to the previous grant request we submitted at 1inch.
Author: Kene
Status: 💬 Forum Post → Gathering community feedback
🗳️ Active Proposals
🐇 [RFC] Reducing Recognized Delegate Voting Weight Requirement
Protocol: Hop Protocol
Status: ⚡️ LIVE on Snapshot
Results: 75% ‘30,000’ Quorum: 6.8M / 300K
Voting Ends: July 15th
❲ This Week’s Voting ❳
📆 July 07 → Jul 13 | 🗳️ Total Votes: 27
See our full vote history and rationale here.
❲ Meme ❳
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