Welcome to your weekly dose of DAO news! In this newsletter, we'll cover the most important changes, proposals, and developments within the DAO ecosystem. Stay up-to-DAO with the latest trends and innovations as we delve into the dynamic world of decentralized governance.

DAO News 📰

💰 Base Receives $5 Million OP Grant from Optimism to Boost DeFi TVL

Base has received approval for a 3 million OP grant ($5 million) from Optimism governance. The grant is aimed at incentivizing DeFi developers to grow the Total Value Locked (TVL) of BTC and ETH within the Base ecosystem. The initiative aligns with Base’s efforts to contribute to the Superchain, having generated over 2,625 ETH ($6.7M) in its first year and accounting for more than 70% of transactions. More details on the incentive program are expected soon, with the focus on general ecosystem growth rather than specific pools or user activities.

Source: coinlive.com Source 2: Base on X

🤝 RnDAO & Arbitrum Kick Off Global CollabTech Hackathon

RnDAO, in collaboration with Arbitrum, is hosting a month-long online event this October to foster innovation in Collaboration Technology (CollabTech). Open to designers, marketers, product managers, and researchers—no coding is required. With $10,000 in prizes on the line, participants will connect, form teams, and bring new ideas to life in areas like team scheduling, community management, and more. Guided by experienced mentors and supported by a diverse community, this hackathon is an opportunity to build the future of collaborative work.

Source: RnDAO blog

🕵 SEC Settles Charges with TrueCoin and TrustToken Over TUSD Misrepresentations

The SEC has reached a settlement with TrueCoin and TrustToken, alleging the companies conducted fraudulent and unregistered sales of investment contracts involving their TrueUSD (TUSD) stablecoin. The SEC claimed that TUSD was falsely marketed as being fully backed by US dollars, whereas a significant portion of funds were invested in risky overseas assets. Furthermore, by 2024, around 99% of funds backing TUSD were said to be invested abroad. Both companies have agreed to pay civil penalties totaling over $660,000 without admitting or denying the charges. These issues with TUSD came to light as the stablecoin faced multiple depegging incidents in 2023, highlighting concerns over its collateralization.

Source: cointelegraph.com

🤔 Sky Reconsiders WBTC Offboarding Plan After Discussions with BitGo CEO

Sky, previously known as Maker, is reevaluating its decision to remove Wrapped Bitcoin (WBTC) as collateral from its lending protocol following advice from BA Labs. After conversations with BitGo CEO Mike Belshe, Sky received assurances on management transparency, a 60-day notice period for custody changes, and other key concerns. As WBTC exposure has decreased to an acceptable range and new commitments have been made by BitGo, BA Labs has recommended pausing the offboarding plan indefinitely. However, the decision will be put to a vote on October 3.

Source: tradingview.com

⚙️ Nomic Launches nBTC on Berachain Testnet for Bitcoin-Based DeFi

Nomic has deployed nBTC, its decentralized Bitcoin token, to the Berachain bArtio testnet. As part of this integration, nBTC is now available as an ERC-20 token for use on Berachain, an EVM-compatible layer 1 blockchain employing Proof of Liquidity for security. The testnet upgrade allows builders on Berachain to leverage Interchain Deposits, creating seamless Bitcoin transfers and enabling BTC-backed assets for DeFi projects.

Source: blog.nomic.io

Weekly DAO Changes 📊

New DAOs State

Over the past week, a total of 56 new DAOs were created, reflecting a 0.03% addition ratio in the DAO ecosystem. The majority were created through Snapshot (28), followed by Aragon (24), and xDAO (4).

Top 3 Biggest Gainers and Losers

This week’s top gainers see Psy Finance leading with an increase of $809,296.99, an 88% treasury boost attributed to a substantial 220.9% rise in $PsyFi token value. Roko Network follows with a $2,056,470.42 treasury increase, marking a 62% growth fueled by a 77.3% gain in $ROKO. ArcaneGroup rounds out the top gainers, experiencing a 56% rise in treasury value due to a significant inflow of funds amounting to $585,670.99.

On the flip side, Physis records the highest decrease, with a $10,275,064.04 drop, marking a 43% treasury decline driven by a 38.7% decrease in $PHY value. AVA Foundation faces a $189,444.41 reduction in treasury value, representing a 22% drop coinciding with a 5% decrease in $AVA token value. AxonDAO rounds out the losses, with a decline of $44,896,650.58, translating to a 21% decrease, mainly due to a 21.0% drop in $AXGT value

Governance Activity

The past 7 days, a total of 587 new members joined the DAO ecosystem, representing a minor increase of less than 0.01% in total DAO voters. Additionally, 77 new proposals were submitted, marking a <0.01% increase in overall proposal activity.

Proposal Participation Highlights

DEFI DAOs

• Equilibria Finance: "[Epoch #68] Weekly Pendle Gauge Vote" - 737 voters.

• Gitcoin: "Earmark 6.9m GTC to Citizens Fund" - 704 voters.

• Gitcoin: "Updating Community Multisig Signers on gitcoin.eth" - 699 voters.

NFT DAOs

• Merit Circle: "MIP-31 - Complete the transition to the Beam identity" - 59 voters.

• NounsDAO: "# Lower Fork Threshold to 10%" - 22 voters.

• Decentraland DAO: "Implementing a "Tier Governance Structure" for the DAO" - 21 voters.

Noteworthy Active Proposals 💡

💲 ENS DAO to Reimburse ENS Labs for Legal Expenses in eth.link Dispute

ENS DAO proposes to transfer $1.22 million in USDC to ENS Labs, reimbursing legal fees incurred in the eth.link litigation. The lawsuit was settled in favor of ENS Labs, retaining ownership and control over the domain. This executable proposal follows the approved social proposal EP 5.3, with funds being transferred from the ENS DAO treasury to ENS Labs.

Voting ends on October 02, 2024.

Full Proposal: [EP 5.16] [Executable] Reimbursement of ENS Labs’ legal fees in eth.link litigation

🔄 Tokenomics Overhaul for Horizen 2.0’s ZK-Focused Ecosystem

This ZenIP suggests a revamp of $ZEN tokenomics to align with Horizen's shift to a proof-of-stake EVM parachain focused on zero-knowledge applications. The updated tokenomics include reallocating emissions to support network security via Collator nodes, adjusting the emission schedule, and boosting the Horizen Foundation and DAO Treasury’s share for ecosystem growth. A new smoothly declining emissions model aims to preserve the 21 million $ZEN cap while avoiding market disruption from abrupt halving events.

Voting ends on September 27, 2024.

Full Proposal: ZenIP 42407: Tokenomics for Horizen 2.0

🪂 Earmarking 6.9M GTC for Gitcoin Citizens Fund Over 4.2 Years

A proposal is set to earmark 6.9 million GTC tokens for Gitcoin Citizens rounds over the next 4.2 years. The earmarked tokens will support Citizens’ initiatives and enable strategic partnerships, with future proposals determining specific allocations. The move aims to redefine the current funding status quo while enabling Gitcoin’s Citizens Value Flows pilot to take shape.

Voting ends on September 30, 2024.

Full Proposal: Earmark 6.9m GTC to Citizens Fund

⌐◨-◨ Lowering Nouns Fork Threshold to 10%

Nouns DAO is debating a proposal to reduce its fork threshold from 30% to 10% (~71 Nouns), aiming to provide better protection for minority members opposed to the new Nouns DUNA framework. DUNA introduces compliance requirements like KYC, which may conflict with some members' values. The proposed threshold reduction would support members who wish to explore alternatives to DUNA, such as maintaining the DAO's grassroots values and exploring crypto-native options. While some "arbers" might exploit this change, the focus remains on enhancing minority protections for active DAO participants.

Voting ends on September 27, 2024.

Full Proposal: Lower Fork Threshold to 10%

🦍 DashBO Seeks $418k Funding for UGC Platform on ApeChain

DashBO proposes a $418,000 funding request to ApeCoin DAO to create a user-generated content platform on ApeChain. The platform will offer 3D development tools for creating animations, poses, and AR experiences, focusing on integrating NFTs and boosting engagement within the ApeCoin ecosystem. With features like avatar customization, interactive tutorials, and a leaderboard system, DashBO aims to grow its presence within the Yuga Labs NFT community and beyond, offering both free and premium services while allocating 10% of revenue to the ApeCoin DAO treasury.

Voting ends on October 03, 2024.

Full Proposal: AIP-498: DashBO UGC Platform : Democratizing Content Creation

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⚠️ Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered as financial advice. Readers are encouraged to conduct their own research before making any investment decisions.