👨🔬 Governance Lab #053
Lab Report #053 - Aave DAO "FastPass", Arbitrum BOLD Upgrade + STIP Bridge, MakerDAO Committee Restructure, and more
gm frens 👋
Welcome back to another weekly edition of the Governance Lab, your source for all things StableLab, DeFi, and DAO Governance.
Hope everyone is staying dry if you’re in Dubai this week. I recently had the privilege of joining the DAO Talk podcast hosted by our frens over at Tally. Link to that conversation below. Let’s get into the governance action for this week.
At a Glance 👀
👻 Aave DAO proposes Safety Module Bypass
💙 Arbitrum DAO considers BOLD Upgrade and STIP Bridge
🏦 MakerDAO discusses governance commmittee restructure
Let’s dive in 🏊
Fast Lane to Liquidity
Aave-Chan Initiative proposes "FastPass" to allow Safety Module stakers to bypass cooldown for a fee
Over at Aave DAO, the ACI has proposed an update to the Safety Module with the introduction of "FastPass", a mechanism that would allow a portion of Safety Module stakers to exit their positions immediately by paying a 1% fee, rather than waiting out the standard 20-day cooldown period. The goal is to increase the attractiveness of staking in the Safety Module by providing an option for greater liquidity while maintaining sufficient coverage through a daily churn limit enforced by Risk Stewards.
The proposal states that FastPass would initially be implemented for staked GHO (StkGHO), with a daily churn limit of 2.5M GHO. Fees collected would go to the Aave DAO Collector, with potential uses including redistribution to stakers, AAVE buybacks, or funding liquidity mining incentives. Next steps for the proposal are to gather community feedback and move to a Snapshot vote.
Validating and Bridging
Arbitrum Foundation proposes BOLD upgrade for enhanced security and permissionless validation and votes on STIP Bridge
The Arbitrum Foundation has submitted a Constitutional AIP to upgrade Arbitrum One and Nova to use BOLD, a new dispute resolution protocol designed to enable permissionless validation and mitigate the risk of delay attacks. By ensuring any single honest party can defend against malicious state claims, BOLD marks a key milestone towards Arbitrum's recognition as a Stage 2 Rollup. The BOLD implementation will undergo thorough testing, including audits, testnet deployment, and publication of formal specifications and safety proofs. Activation on Arbitrum One and Nova is tentatively targeted for Summer 2024.
Also at Arbitrum DAO this week, the community is voting on a STIP Bridge, a strategic interim solution to provide targeted incentives to key ecosystem projects. The program aims to ensure vital protocols remain committed to Arbitrum until the Long Term Incentives Program is initiated. Protocols previously funded under STIP or the Backfund are eligible to apply for bridge grants, with funding caps based on their prior STIP allocation. The proposal outlines an optimistic voting mechanism and challenge process to focus delegate attention on contested applications. The STIP Bridge will cost 37.6M ARB, with 37.5M allocated for incentives and 100K for operational expenses.
Committees in Transition
MakerDAO discusses future of AVCs and new governance committees
On Tuesday, Rune posted plans to make changes to MakerDAO's governance roles. The goal of these changes is to replace the Aligned Voter Committees (AVCs) with new community structures that better synergize with the upcoming Launch Season. While AVCs successfully incentivized community participation in governance, Rune argues they have become less effective as the project progresses without the envisioned level of support and tooling.
Rune's proposed replacements include the Atlas Community Committee to compensate contributors supporting Atlas v2, and the Spark Community Marketing and Purpose Committees to allocate SPK token budgets for ecosystem initiatives. Rune states that he considers AVCs a successful experiment and plans to reintroduce a similar concept with proper support once a new version of Atlas is built after Endgame Phase 2. In the meantime, he hopes active AVC participants will contribute to the new committee structures.
❲ Links ❳
🚀 Launches & Deployments
📑 Insights & Reports
Understanding the Economic Principles Governing Digital Assets
Wintermute DeFi Governance Digest: April 2024 | Week 3
Point Systems: Are Point Programs Working?
Why DAOs are cashing out their tokens just as prices rise
🧗 Milestones & Updates
Aave April Finance Update
Uniswap Monthly Financial Report & Analysis - March '24
SAFE Token Transferability Proposal Approved - Transferable on April 23rd.
🔒 Security, Risk, & Hacks
Hyperdrive Analytics by Block Analitica
🗞️ Miscellaneous
Safe Tokenomics
STIP Bridge FAQ
The DeFi Protocol Guidelines
❲ Proposal Tracker ❳
⚡ SNAPSHOT | Aave - Onboard New Risk Service Provider
Summary: This proposal outlines a process for the Aave DAO to select a new Risk Service Provider to work alongside Chaos Labs. Three candidates (LlamaRisk, OpenBlock, and Allez Labs) will be put to a ranked-choice vote, with the winner proceeding to a final confirmation vote.
💬 DISCUSSION | Radiant Capital - Strengthening Foundations for Growth and Innovation
Summary: This proposal suggests a strategic 50% increase in the maximum RDNT token supply over the next 3 years to strengthen Radiant's ecosystem for growth and innovation ahead of the Radiant v3 launch and multi-chain expansion. The proposal outlines the motivation, intended uses, and distribution strategy for the new tokens, aiming to boost emissions, support expansion, enhance opportunities for dLP lockers, and foster business development and community engagement.
💬 DISCUSSION | dYdX - Launch Incentives Program Extension
Summary: This proposal suggests extending the dYdX Chain Launch Incentives Program for an additional three months (two more trading seasons). The proposal seeks an extra allocation of $10M in DYDX from the dYdX Chain Community Treasury to continue the program. The program has succesfully boosted trading activity, expanded the user base, and fostered long-term sustainable activity on the dYdX Chain. An onchain vote is targeted for April 22nd.
From the Lab
Announcing StableLab x Ajna
We're glad to announce we've been awarded a grant to help support the Ajna grants process! Over the next six months, we will work closely with the Ajna community to help attract high-quality grant applicants, foster a data-driven decision-making environment, and deliver top-notch research to drive the protocol's growth and success.
🔗 Read the full post HERE
X Space: Meet the Ajna Protocol Grantees Cycle 1
On Thursday, we hosted an X Space with a handful of the recent Ajna Grantees from Cycle 1. The teams discussed how each project is contributing to the success of the protocol, how we can improve AJNA liquidity, and how to increase brand awareness an transparency.
📺 Listen back to the recording HERE
Proposal: UTWG Elections
Our proposal to launch the UTWG has entered the election phase. Choose from 10 candidates vying to join the Treasury Working Group at Uniswap DAO. The top 2 candidates will join us in researching effective treasury strategies for the DAO.
Candidates include Franklin DAO, Solo Labs, Steakhouse, Nathan Van Der Her, GFX Labs, JoJo, 404 DAO, Spike Watanabe, Karpatkey, and BEN.
🗳️ Vote on the proposal HERE
SL Across the Ecosystem: Governance Service Providers and DAO Marketing w/ Juan (StableLab)
Our frens over at Tally recently invited us on their podcast, DAO Talk. Listen above to our conversation on breaking into Web3, the future of StableLab, marketing in web3, and much more. Listen above to the episode. Had a blast recording this:)
❲ Our Voting ❳
📆 April 12 → April 18 | 🗳️ Total Votes: 16
See our full vote history and detailed rationale HERE.
Meme
I’d love to hear from you! Drop me a DM on Twitter with your thoughts, feedback, or any comments you may have about the newsletter. I write for you, the reader :)
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