👨🔬 Governance Lab #055
Lab Report #055 - Aave 2030, EIGEN and Foundation, Uniswap Treasury Mobilized, and more
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Welcome back to another weekly edition of the Governance Lab, your source for all things StableLab, DeFi, and DAO Governance.
At a Glance 👀
👻 Aave Labs proposes Aave 2030 Vision and Roadmap
🔢 EigenLayer introduces the Eigen Foundation and EIGEN token
🦄 Uniswap DAO votes on mobilizing the Treasury
Let’s dive in 🏊
Aave's Roadmap
Aave Labs proposes a 3-year technical contributor grant to bring Aave 2030 vision to life, which includes V4 and a brand identity update
Aave Labs has put forth a Temp Check proposal outlining innovative solutions and strategies to position Aave at the forefront of DeFi. The proposed scope covers a 3-year technical contributor grant, with annual reviews and renewals, to develop key components of the "Aave 2030" vision. Aave 2030 is a long-term vision and roadmap for the DeFi protocol, including a major v4 protocol upgrade and a brand identity update.
V4 aims to build on the success of V3 with a new, modular architecture that enhances capital efficiency, risk management, and GHO integration. Key innovations include a Unified Liquidity Layer, fuzzy-controlled interest rates, Liquidity Premiums, a revamped Borrow Module, an improved Liquidation Engine, and tighter GHO integration. Other initiatives include a Cross-Chain Liquidity Layer, a focus on GHO and RWA-based products, and the Aave Network as a hub for Aave and GHO.
To accomplish this roadmap, Aave Labs is requesting a Year 1 budget of 15M GHO and 25,000 stkAAVE for R&D, engineering, non-technical resources, and audits. The funds would be split between an upfront payment and streaming over the first year. Aave Labs aims to empower the community to own Aave's future, with plans to progressively reduce their technical contribution over the 3-year period.
Furthermore, Aave is exploring an update to its visual identity. The proposed refresh aims to create a distinctive, modern look that stands out in the competitive landscape while preserving the beloved ghost mascot. If approved, the new identity would be irrevocably licensed to the Aave DAO, ensuring the community has broad rights to use it for Aave-related activities.
Intersubjective Tokens
EigenLayer introduces the EIGEN token to enable AVS security, Eigen Foundation announced, along with an upcoming stakedrop.
The Eigen Foundation, an independent, shareholder-less entity dedicated to accelerating the growth of the EigenLayer ecosystem, was introduced this week to support research and development of the EigenLayer protocol, fund grants programs, provide third-party evaluations, and steward continued progress toward greater decentralization. In the same announcement, the Eigen Foundation has introduced the EIGEN token and the concept of intersubjective staking.
EIGEN is designed to complement ETH restaking by addressing "intersubjective" faults that require social consensus to resolve. The core ideas behind EIGEN include using token forking to slash malicious stakers, with novel features like universality across AVSs, isolation of the forkable token from the "solid" token used in applications, metering the costs of social consensus, and compensation for AVSs in the event of an attack.
To cultivate social consensus around EIGEN's unique features, the token will initially be non-transferable and non-forkable. This setup period allows time for community feedback, further decentralization, and a shared understanding of EIGEN's potential. The Foundation has also announced the Season 1 "Stakedrop," retroactively allocating 5% of the initial EIGEN supply to restakers based on a March 15, 2024 snapshot.
❲ Links ❳
🚀 Launches & Deployments
Redstone Mainnet is live
Introducing Royco Liquidity Coordination Protocol
Infinex DEX targets mid-May launch
Introducing Ebisu Finance
📑 Insights & Reports
Voter Behavior in Blockchain Governance: A Comparative Study of Curve Finance and Polkadot
Maker Thesis
Can markets be efficient before they even exist?
Wintermute DeFi Governance Digest: April 2024 | Week 5
🧗 Milestones & Updates
a16z purchases $90M OP
LEGO Q1 2024 Update
Umami DAO rebranding to Bonsai DAO
MakerDAO RWA March ‘24 Report
🔒 Security, Risk, & Hacks
MakerDAO Risk Month in Review: April 2024
🗞️ Miscellaneous
Compound: CGP Renewal 2024
Optimism: Experimenting with Deliberative Processes in the Collective
Sushi: Intro of Sushi Councils
EIGEN Tokenomics Explained
MonetSupply’s Takes on Aave v4 Specs
Agora Governance Platform Raises 5M Seed Round
Stablecoins Dashboard
📺 Podcasts & Listens
Stani: Aave, Lens, and Avara on The Defiant Podcast
❲ Proposal Tracker ❳
⚡ VOTING | Arbitrum - Grant Request Curve Finance
Summary: This proposal seeks a grant of 237,500 ARB tokens from the Arbitrum DAO to support the growth of Curve Finance on Arbitrum over a 16 week period. Michael Egorov, Founder of Curve, will match the grant with an additional 237,500 ARB from his personal holdings. The funds will be used to bootstrap liquidity in ARB markets, including the crvUSD/ARB/CRV pool and upcoming LRT/WETH AMM pools. The ARB will be deployed as supply incentives and direct LP incentives.
⚡ VOTING | Uniswap - DeFi Education Fund Temp Check
Summary: Here, the DeFi Education Fund (DEF) is seeking 1M UNI from Uniswap Governance in two 500k tranches to support their ongoing work defending DeFi in the public policy space. Since its 2021 founding, DEF has fought against legislative and regulatory threats to DeFi. With additional resources, DEF plans to expand impact litigation, increase outreach to legislators, challenge the regulatory onslaught, and engage in state-level and international debates.
💬 DISCUSSION | Aave - ACI Phase III “Ad Astra”
Summary: This ARFC proposes continuing the collaboration with the Aave-chan Initiative (ACI) for another year, with a 1M GHO budget. The ACI has grown into an 8-person team providing valuable services across Skywards, Dolce Vita, Growth/BD, and Representation. Next steps include community feedback, an ARFC snapshot, and potentially an AIP.
💬 DISCUSSION | Mantle - Exploring the next Phase of mETH
Summary: This proposal suggests expanding the MantleLSP liquid staking project through a spinout called "NewProject". This would include a new governance token ("ProjectGovToken"), a product extension for restaking mETH with a liquid restaked "cMETH" token, and a go-to-market plan with points programs and incentives. The post outlines proposed tokenomics, with allocations to the Mantle Treasury, core team, private sales, and ecosystem adoption. It also details a phased transition of governance and budgeting from Mantle to NewProject.
From the Lab
Mobilizing the Uniswap Treasury
Our proposal to mobilize the Uniswap Treasury is now live on Tally!
Should the proposal be approved, the UTWG will be established and commence its Treasury Strategy research from May 20th through July 15th. UTWG members include @karpatkey @abdullahbumar, @DooWanNam, and @franklin_dao. The onchain vote ends on May 4th.
Read the full proposal HERE.
❲ Our Voting ❳
📆 April 26 → May 2 | 🗳️ Total Votes: 45
See our full vote history and detailed rationale HERE.
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