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 📰
🏛️ UAE to Introduce Legal Framework for DAOs
The Ras Al Khaimah Digital Assets Oasis (RAK DAO) is set to introduce a legal framework for decentralized autonomous organizations (DAOs) in the UAE. This new regime, developed in collaboration with NeosLegal, will allow DAOs to operate legally, addressing key issues like tax obligations, asset ownership, and personal liability protection. DAOs can also be remotely established in the UAE, attracting global participation in the country's growing virtual assets sector. The move positions the UAE as a more affordable and accessible hub for blockchain innovation, with DAO setup costs significantly lower than in other countries like Switzerland.
Source: cointelegraph.com
🇹🇭 Thailand’s Siam Commercial Bank Launches First Stablecoin for Cross-Border Payments
Siam Commercial Bank (SCB), one of Thailand's largest financial institutions, has introduced the country's first stablecoin aimed at enhancing cross-border payments and remittances. Partnering with fintech firm Lightnet, the stablecoin offers 24/7 availability and promises lower costs and increased efficiency. This blockchain-based solution, supported by SCB's innovation arm SCB 10X, aims to modernize international remittances, making them more accessible and reliable for users across borders.
Source: https://coingeek.com/
👾 Tapioca DAO Hacked: TAP Token Value Crashes 96% After Phishing Attack
Tapioca DAO suffered a major hack, resulting in a 96% crash in the value of its TAP token. A hacker phished one of the project’s co-founders, stealing 28 million TAP tokens, which were sold for $1.6 million in Ether before converting to USDT. The incident caused TAP’s price to plummet from $1.43 to $0.05, devastating investors. The Tapioca team is currently working with authorities and blockchain security firms to address the breach.
Source: www.dlnews.com
🎯 zkLink Delays Token Vesting Schedule Amid Product Launch Plans
zkLink Core DAO has postponed its token vesting schedule by six months, shifting the start date to April 22, 2025. This delay affects 40.5% of the ZKL token supply, impacting early investors, the team, and advisors. The decision aligns with upcoming product launches, including magicLinks and magicPortal, and aims to strengthen the project’s market position. Notably, token holders from the CoinList sale and those allocated for ecosystem development will remain unaffected by the delay.
Source: www.theblock.co
🤔 MakerDAO Reconsiders Sky Brand Amid Community Debate
MakerDAO is evaluating the future of its Sky brand after underwhelming market performance and mixed community feedback. Three proposals are being discussed: continuing with the Sky brand, reinstating Maker's original identity, or refreshing the brand to align with its trusted ecosystem. The recent introduction of the SKY token as the governance token hasn't delivered the expected growth, and the controversial "freeze function" has also drawn criticism. A governance poll on the matter is set for November 4 to decide the next steps.
Source: www.coindesk.com
Weekly DAO Changes 📊
New DAOs State
Over the past week, a total of 94 new DAOs were created, reflecting a 0.04% addition ratio in the ecosystem. The majority were created through Snapshot (55), followed by Aragon (38) and xDAO (1).
Top 3 Biggest Gainers and Losers
This week, Spool DAO leads with a remarkable $14,783,520.97 increase, reflecting a 287.00% rise, primarily due to a 106.3% surge in $SPOOL token value. Lucidao follows with a $2,410,944.33 gain, showing 69.00% growth, driven by a 123.6% rise in $LCD token value. DIMO rounds out the top three with a $33,636,275.05 increase, marking a 68.00% jump, supported by a 44.0% boost in $DIMO token value.
On the losing side, XDAO suffers a decline of $9,695,101.28, down 37.00%, driven by a 38.9% drop in $XDAO token value. Synthetix also sees a $7,358,571.87 loss, representing a 36.00% drop due to large fund outflows, while Cult DAO posts a $1,253,616.17 decrease, marking a 26.00% drop, impacted by a 26.5% fall in $CULT token value.
Governance Activity
The past 7 days, a total of 333 new members joined the DAO ecosystem, representing a minor 0.01% increase in total DAO voters. Additionally, 207 new proposals were submitted, marking a <0.01% increase in overall proposal activity.
Proposal Participation Highlights
DEFI DAOs
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Stargate: "Stargate Deployment to Unichain" - 8398 voters.
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Arbitrum DAO: "GCP Council Re-Confirmation Vote for Tim Chang" - 4362 voters.
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Arbitrum DAO: "GCP Council Re-Confirmation Vote for John Kennedy" - 4123 voters.
NFT DAOs
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Decentraland DAO: "Enhancing Scene Capabilities Through "Dynamic Testing"" - 39 voters.
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Decentraland DAO: "Increase the scene limitations to build higher and more detailed." - 19 voters.
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Buzzed Bear Hideout: "Return bears to 21xhr" - 16 voters.
Noteworthy Active Proposals 💡
🔒 Cap $ACX (Across Protocol) Token Supply at 1 Billion
The Across Protocol community is voting on a proposal to permanently cap the supply of ACX tokens at 1 billion. This follows concerns raised about possible vulnerabilities in the token’s minting process, which the team denies. If approved, the proposal would see ownership of the token contract renounced, ensuring no further changes to the token supply, in line with decentralization goals.
Voting ends on October 28, 2024.
Full Proposal: Permanently Fix ACX Supply at 1B Tokens
✅ Gitcoin Voting on $1.125M Matching Fund Allocation for GG22
Gitcoin community is asked to approve the pre-ratified allocation of $1.125M in matching funds for Gitcoin Grants 22 (GG22). Of this, $1M will support key rounds focused on Open Source Software (OSS), and $125K will be directed towards community-driven rounds. The proposal seeks to streamline fund distribution for initiatives like Web3 Infrastructure and dApps. Community members are now voting on whether to approve this pre-ratified allocation, ensuring a smooth and efficient execution of GG22.
Voting ends on October 24, 2024.
Full Proposal: Proposal: Approve the pre-ratified matching fund amounts for GG22
🗳️ ENS Governance Distribution Pilot Program
A new ENS DAO proposal is seeking to launch a pilot program that will distribute ENS governance tokens to DAO contributors receiving grants, bounties, or payments for services. The aim is to engage more contributors in governance and strengthen the DAO’s security and utility. The distribution will be based on a progressive model, and the community is asked to vote on the total allocation, starting from 0 of up to 90,000 ENS tokens, using a ranked choice voting method.
Voting ends on October 28, 2024.
Full Proposal: [EP 5.19] [Social] Governance Distribution Pilot Program
🌐 Forming the Treasure Delegate Council (TDC)
TreasureDAO is preparing to transition from Arbitrum to ZKsync following the conclusion of its Arbitrum governance council (ARC). This proposal introduces the creation of the Treasure Delegate Council (TDC), which will help guide the DAO’s governance on ZKsync. The community is asked to vote on three possible governance paths: having all members selected by the core team, a mixed core-community selection, or dissolving external governance altogether.
Voting ends on October 28, 2024.
Full Proposal: TIP-45: Forming the Treasure Delegate Council (TDC)
🔄 Shift 32X32PX Nouns Project to a Digital-First Approach
This revised Nouns proposal is focusing on adopting a digital-first strategy to tell the story of Nouns art. By creating a website showcasing the Nouns collection and the artists behind it, the proposers aims to transform the project into a digital fine art experience. This shift will reduce costs by 79%, removing manufacturing and distribution expenses, while expanding accessibility and providing a foundation for future artistic initiatives.
Voting ends on October 26, 2024.
Full Proposal: 32X32PX: From PFP to digital fine art. Digital first
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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.