👨🔬 Governance Lab #067
Lab Report #067 - Everclear DAO Token Upgrade, dYdX Unlimited, MakerDAO WBTC Offboarding, and more
gm. welcome back to the Governance Lab, your weekly source for all things StableLab, DeFi, and DAO Governance.
At a Glance 👀
🧊 Everclear proposes NEXT to CLEAR token upgrade with vote bonding
🌌 dYdX team announces “Unlimited” upgrade
❌ MakerDAO offboards WBTC
📖 New Blog Our Impact on the Uniswap-Arbitrum Grants Program
Let’s dive in 🏊
NEXT to CLEAR
Everclear DAO considers implementing vote bonding system
The Everclear (prev. Connext) community is discussing a proposal to upgrade their native token from NEXT to CLEAR, introducing a novel vote bonding mechanism. This proposal intends to foster the onboarding and growth of solvers and intent protocols, ultimately increasing the volume routed through Everclear’s ‘Clearing Layer’. Key features of the proposed system include:
Vote bonding allowing early unlocking at a discount
A gauge system rewarding intent settlement to specific spoke contracts
Revenue sharing for vbCLEAR holders
14-day epochs with week-long voting periods
The proposal has sparked significant interest within the community, with supporters highlighting its potential to address liquidity incentives for new chains and improve the efficiency of cross-chain settlements. The estimated timeline for implementation, if approved, would see further simulations and mechanism design before development begins.
dYdX Unlimited
dYdX Chain prepares for major upgrade introducing permissionless market listing and a MegaVault
The dYdX team has announced "dYdX Unlimited," a major upgrade to the project set to launch this fall. With this upgrade, the dYdX platform will receive significant enhancements to its capabilities and user experience. Key aspects of the upgrade include:
Permissionless market listing allowing users to instantly list new markets
Introduction of a MegaVault acting as a master liquidity pool for all markets
An affiliates program with potential earnings up to $1,500 per month per referral
Permissioned keys for enhanced security and control
Offboard WBTC
MakerDAO community votes to limit WBTC exposure following custody changes
As a result of Bitgo’s announcement to transfer control of the WBTC product to a joint venture with BiT Global, involving the infamous Justin Sun, the MakerDAO community has voted to offboard the asset as collateral out of an abundance of caution. An Executive Proposal that included this change passed on Thursday, August 15th. Changes include reducing Debt Ceilings for WBTC vaults to 0 and disabling WBTC borrowing on SparkLend.
Bitgo representatives have jumped into the MakerDAO governance forums offering some clarifications to the changes. Community members and the broader ecosystem are divided, with some supporting cautious measures and others viewing the response as an overreaction.
❲ Links ❳
🚀 Launches & Deployments
Announcing the Grayscale MakerDAO Trust
Introducing AVS Rewards Mainnet Launch
Introducing the deBridge Foundation and $DBR
Fantom rebrands to Sonic Labs
📑 Insights & Reports
M^0: Rearchitecting The Stablecoin Stack
Solving Interoperability for the Superchain and beyond
🧗 Milestones & Updates
Compound DAO Approves Proposal Guardian
Arbitrum DAO Approves Proposal to Implement ARB Staking
Balancer OpCo Admin/Ops mid-Q3 update
The Wormhole Roadmap
🔒 Security, Risk, & Hacks
Risk Provider Chaos Labs raises 55M, Series A
Uniswap Labs Announces 2.35M v4 Security Contest
Securing Euler v2
Marc Zeller Addresses wBTC <> Aave Concerns
🗞️ Miscellaneous
Compound Grants Program Renewal
Lido DAO - Discontinuation of Aragon UI use
ArbitrumDAO - Proposal to Temporary Extend Delegate Incentive System
Drift DAO - Buyback 4,000,000 DRIFT
Mantle DAO - Mantle Core Budget for Second Budget Cycle
RARI DAO -RARI Delegation Efforts
UNI Staking live on Tally, Rewards still off
DeFi Dominance hits three-year low
The World’s First and Only Anonymous On-chain DAO
OlympusDAO Buybacks
📺 Podcasts & Listens
Marc Zeller: Aavenomics Making DeFi Great Again on Bell Curve
Devin Walsh: Build a High-Impact Grants Program on Chainmakers
❲ Proposal Tracker ❳
⚡ VOTE IN PROGRESS | Arbitrum - Transparency and Standardized Metrics for Orbit Chains
Summary: This proposal aims to increase transparency and standardize metrics for Arbitrum Orbit Chains using growthepie.xyz. The proposal suggests creating a dedicated page listing 20 Orbit chains with standardized metrics and an aggregated view. The proposal requests $210,175 USD to cover setup costs, initial chain listings, and maintenance for one year.
💬 DISCUSSION | Frax Finance - Annual Budget Request (2024 - 2025)
Summary: This proposal requests authorization for a maximum annual budget of 13M FRAX for Frax Finance for the fiscal year 2024-2025. The budget covers six key categories: Development and Operation, Security, Grants, Reserve Emergency Fund, Legal & Compliance, and Fraxtal Growth.
💬 DISCUSSION | dYdX - Launch Incentive Program Re-launch Proposal
Summary: Chaos Labs proposes resuming the dYdX launch incentive program to coincide with the release of dYdX Unlimited. The proposal suggests allocating $20M in DYDX rewards over six months, starting immediately after the launch of dYdX Unlimited this fall. The program aims to attract, retain, and grow trader activity on the platform.
From the Lab
Uniswap Delegate Reward Initiative Cycle 2
In collaboration with PGov and Arana Digitial, we’re excited to present Cycle 2 of the Uniswap Delegate Reward Initiative. Following the successes of the first cycle, which saw all 12 participating delegates maintain 100% voting records as well as attract new delegate participants, Cycle 2 aims to improve the initiative by applying suggestions and feedback from the community. The proposal is currently in the RFC phase, before moving to a Snapshot vote on August 20th.
▶︎ Read the proposal HERE
Recap: Our Impact on the Uniswap-Arbitrum Grants Program
In our latest blogpost, Nneoma recaps the recently concluded Uniswap-Arbitrum Grants Program, which we had the pleasure of helping facilitate. Read about this unique cross-ecosystem grants program including our highlights, achievements, and learnings!
▶︎ Read the blog post HERE
Announcing Christian Ziegler as StableLab’s CTO
This week, we announced an important change to our executive team. Christian Ziegler, previously our Tech Lead, has been appointed as the CTO of StableLab. As we prepare for this next chapter in our company's history with Forse, we are excited to bring him on board to lead all technical facets of the company!
❲ Our Voting ❳
📆 August 9th → August 15th | 🗳️ Total Votes: 18
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 :)
💌 FOLLOW US
Website | Twitter | YouTube | Mirror | LinkedIn
🤝 DELEGATE TO US @ stablelab.eth
Tally | Boardroom | Linktree