Welcome back to the Governance Lab, your weekly source for all things StableLab, DeFi, and DAO Governance. Bit of a quieter week this week with many projects and teams at Devconnect, so ill keep it short. Hope you all had a great and up-only week. As always, enjoy!
P.S. No newsletter next week due to Thanksgiving 🦃
P.S.S. We’ve moved our delegate wallets. More info below.
At a Glance 👀
⏮️ Arbitrum DAO votes to backfund STIP
🦸♂️ Yearn DAO discusses launching a SubDAO
⛴️ Frax DAO votes to deploy Fraxferry across five chains
🎙️ New StablePod episode w/ Devin Walsh (Uniswap Foundation)
Let’s dive in 🏊
Backfunding
Arbitrum DAO approves offchain proposal to backfund STIP
A highly contentious Snapshot vote concluded on Tuesday at Arbitrum DAO. The proposal, titled "Backfund Successful STIP Proposals," received a total of 192M votes and generated over 100 forum comments. The proposal, spearheaded by the Arbitrum STIP Inclusion Working Group, seeks to fund Arbitrum projects that qualified for STIP but did not receive funding through the original program format. In the weeks leading up to the vote, various claims and accusations were thrown around on the governance forum. These centered around the exclusionary design of the STIP program itself and the inequities and favoritism towards larger projects over smaller ones among Arbitrum delegates.
Now, this proposal seeks 21.4M ARB to fund around 20 additional projects. Each project will receive the requested amount they initially asked for in the original STIP program. Some of these projects include Gains Network, Notional, Wormhole, StakeDAO, Stargate Finance, and more.
The proposal will proceed to an on-chain vote in the coming days.
Boosting
Yearn DAO debates bootstrapping a SubDAO
Yearn DAO is currently discussing a proposal to launch SuperBoosted, a SubDAO built on top of Yearn's existing products offering further synergies within its ecosystem. Upon project launch, SuperYFI will be introduced as a product functioning on top of veYFI and V3 vaults. The SuperYFI token will be introduced offering familiar capabilities such as governance, staking in Yearn v3 vaults, liquidity provisioning, and gauge vaults.
The proposal includes other details for the launch of SuperBoosted, including the Design Spec, Role Assignments, Operational Requirements, Initial Parameters, Development Status, Implementation, and more. Ongoing development costs will be covered by the contributors responsible for building the protocol. Additionally, the proposal requests a one-time grant from the Yearn Treasury to cover audit expenses. Should the forum poll be approved, a Snapshot vote will be initiated.
Ferrying
Frax votes to deploy Fraxferry across multiple chains
Frax Finance is currently voting on five Snapshot proposals that would further extend the project to Arbitrum, Optimism, Polygon zkEVM, Binance Smart Chain, and Avalanche. To facilitate this expansion, a custom cross-chain bridging solution called Fraxferry will be deployed for the bridging of Frax's native assets on these chains. As outlined in the proposal, Fraxferry simplifies the bridging of sFrax, helping bring sFrax tokenized vaults to other networks.
❲ Links ❳
🚀 Launches & Deployments
Introducing Ondo Bridge
Introducing the Programmatic Order Framework
📑 Insights & Reports
Progressive Ownership: A Model for Application Tokens
Wintermute DeFi Governance Digest November 15th
Liquidations in Decentralized Finance
🧗 Milestones & Updates
AGD Milestones - September & October
MakerDAO Real World Asset Report October 2023
Balancer Maxis October 2023 Update
🔒 Security, Risk, & Hacks
Aave Markets Are Back to Normal Operations
🗞️ Miscellaneous
Aave Companies rebrands to Avara
Return of the AstroWars on Cosmos
Aave: [Temp Check] Add GHO to Cosmos and Polkadot through IBC
Arbitrum: Experimental Incentive System for Active ArbitrumDAO Delegates
Redacted: v2 Budget Proposal v4
Sushi: Deploy New Tokenomics
Lido: Community Staking Module
📺 Podcasts & Listens
Robert Leshner: Superstate’s Strategy of Integrating Trillions in Real-World Assets into DeFi on The Delphi Podcast
❲ Proposal Tracker ❳
⚡ LIVE | SafeDAO - Outcomes-based Resource Allocation Framework (OBRA)
Summary: This proposal seeks to adopt a streamlined resource allocation framework for SafeDAO. OBRA establishes a hierarchy of connection between the DAO’s bigger vision and its strategies, a maximum budget cost per season, the rules for how initiatives are paid out, and creates a clear submission and review process for strategies and initiatives.
⚡ LIVE | 1inch - Swap $ARB Tokens to USDC and Bridge to the Ethereum Mainnet
Summary: This proposal seeks approval to swap 2.5M ARB tokens from the 1inch DAO treasury into USDC. The rationale behind the proposal is to mitigate financial risks associated with holding a volatile asset and provide the community with greater flexibility to utilize the funds for ecosystem growth. A 7-of-12 multisig will execute the asset swap once the community has signaled approval via Snapshot vote.
⚡ LIVE | Frax Finance - Frax and Axelar
Summary: This proposal aims to establish a strategic partnership between Frax Finance and Axelar Network, a cross-chain bridging solution. According to the proposal, Axelar will serve as the preferred bridge for all future network expansions of the Frax Ferry. It further states that Frax will recognize axlFRAX as the representation of Frax's assets on these chains. The proposed networks for future Frax Ferry deployments include Osmosis, Mantle, Linea, Kujira, Manta, and Scroll.
💬 dYdX - v4 Fee Restructure
Summary: This proposal aims to restructure the trading fee on dYdX v4, ensuring competitiveness and fostering growth in volume and user base. With the launch of v4, platform fees will be higher compared to v3, which may reduce trading volumes and user appeal. To address this, the proposal suggests making the tier requirements more accessible. Additionally, it proposes integrating DYDX tokens into the fee structure, offering users fee discounts through tier progression. Moreover, integration of the native token will provide additional utility, value, and enhance dYdX's tokenomics.
💬 TrueFi - Wallfacer Labs 2024
Summary: This proposal seeks to renew the engagement between Wallfacer Labs and the TrueFi DAO. Wallfacer Labs, a research and development firm started by TrueFi contributors, proposes to continue offering comprehensive product and engineering support for TrueFi. The proposal outlines a broadened scope which includes new initiatives such as expanding to new chains, integrating with new KYC procedures and institutions, as well as establishing a conduit between TrueFi and MakerDAO. The proposal outlines a budget of 100K USDC and 22K TRU, streamed linearly over the proposed six-month engagement.
From the Lab
PSA: New Stablelab Wallet 🔑
To enhance our security we’ve decided to move our delegate voting wallet to a multisig. Due to this transition, we kindly request our existing delegators to redelegate, or if you haven’t yet and want to support our work further feel free to do so!
The following is our new delegate voting wallet:
stablelab.eth (0xecc2a9240268bc7a26386ecb49e1befca2706ac9)
For L2s, op.stablelab.eth and arb.stablelab.eth
Meet Raphael at Devconnect 🇹🇷
Our Governance Lead Raphael has been running around Istanbul for Devconnect this week. If you’re yet to connect, reach out to us or DM him. 🤝
StablePod - The Journey of the Uniswap Foundation 🎙️
On the latest episode of StablePod, we chat with Devin Walsh, Executive Director at the Uniswap Foundation. We dive into the Foundation’s first year, lessons learned, the controversies at Uniswap Governance, delegate activity and transparency, and the UF’s plans for 2024 and beyond.
State of Aave Governance: Q3 2023
Our ‘State of Aave Governance’ report for Q3 2023 is live. In our report, we highlight the flurry of activity, key initiatives, and governance proposals taking place within Aave DAO. From GHO stability to V3 Governance, the community is hard at work in build mode pushing Aave to continue to be a dominant lending protocol.
❲ Our Voting ❳
📆 November 10th → November 16th | 🗳️ Total Votes: 31
See our full vote history and detailed rationale HERE.
Meme
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