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 📰
🤝 Gitcoin Grants Round 21 Enters Final Week for Donations
Gitcoin Grants Round 21, focusing on ecosystem and community-driven rounds, has entered its final week, with donations closing on August 21. This round, featuring $700K in matching funds, emphasizes collaboration and new governance processes across 11 Quadratic Funding Rounds. Key rounds include support for projects within the Arbitrum and Celo ecosystems, continuing Gitcoin’s mission to empower communities and democratize funding in the Web3 space.
Source: gitcoin.co
📢 Aave DAO and Trident Digital Launch $100M Onchain Fixed-Yield Loan
Aave DAO, in partnership with Trident Digital, IntoTheBlock, and TokenLogic, has introduced a $100 million onchain fixed-yield loan. This innovative product offers lenders a secure investment option by mitigating market volatility and risks with fixed rates and terms. The loan locks 33,000 ETH for three months, with interest payments tied directly to the protocol's revenue. This collaboration marks a significant step in providing stable, predictable returns in the decentralized finance (DeFi) space.
Source: cointelegraph.com
💡 Polkadot introduces Kylix Finance
Polkadot has announced the launch of Kylix Finance, a DeFi lending parachain featuring DAO governance, collateral liquidation, and cross-chain capabilities. Led by industry professionals, Kylix Finance aims to establish itself as a next-generation lending platform on Polkadot. The project is initially funded by the Polkadot's "Decentralized Futures" program, with plans to develop its MVP TestNet by Q4 2024 and achieve full deployment by mid-2025.
Source: crypto-news-flash.com
👀 Bitcoin Developer Amir Taaki Unveils World's First Fully Anonymous DAO
On August 12, Bitcoin developer Amir Taaki announced the creation of the world’s first fully anonymous on-chain DAO, designed to operate entirely in secrecy. The DAO features no identifiable traits, with fully anonymous treasury, transactions, and membership. Taaki, working with the DarkFi team, aims to defend freedom and privacy in the crypto ecosystem, countering issues like government surveillance.
Source: cryptotimes.io
🏛️ Celsius Sues Tether, Badger DAO, Bancor DAO, and Compound Labs Over Financial Losses
Celsius has launched a series of lawsuits in an effort to recover substantial financial losses. The company is suing Tether for $2.4 billion in Bitcoin, alleging that Tether improperly liquidated Celsius's collateral during a market crash. Badger DAO faces legal action for $50 million in Bitcoin losses stemming from a 2021 hack, which Celsius attributes to inadequate security measures. Bancor DAO is being sued over flawed impermanent loss protection, causing Celsius to lose $7.8 million in ETH. Lastly, Compound Labs is targeted for a 2020 oracle error that led to significant liquidation of Celsius's assets.
Source: theblock.co
Weekly DAO Changes 📊
New DAOs State
Over the past week, a total of 76 new DAOs were created, reflecting a 0.04% addition ratio in the DAO ecosystem. The majority were created through Snapshot (32), followed by xDAO (31) and Aragon (13).
Top 3 Biggest Gainers and Losers
This week, ArcaneGroup leads the gainers with a significant $510,756.32 increase, marking a 96.12% rise in treasury value due to substantial fund inflows. Dope Wars DAO follows closely, posting a $345,757.09 increase, translating to a 51.83% rise, driven by a 56.9% surge in $PAPER token value. Spool DAO also shows strong growth, with a $2,777,187.99 increase, representing a 37.27% rise in treasury value, fueled by large inflows of funds.
On the losing side, Vow Governance experienced a steep decline, with a $67,266,464.84 decrease, marking a 72.21% drop in treasury value, primarily due to a 72.2% decrease in $VOW token value. Physis follows with a $14,184,739.05 decrease, reflecting a 34.56% drop, driven by a 30.5% fall in $PHY token value. Lastly, Element DAO sees a $1,817,560.84 decrease, equating to a 30.50% drop in treasury value, mainly due to large fund outflows.
Governance Activity
The past 7 days, a total of 264 new members joined the DAO ecosystem, representing a minor increase of less than 0.01% in total DAO voters. Additionally, 244 new proposals were submitted, marking a 0.05% increase in overall proposal activity.
Proposal Participation Highlights
DEFI DAOs
Arbitrum DAO: "ARB Staking: Unlock ARB Utility and Align Governance " - 996 voters.
Arbitrum DAO: "Arbitrum DAO Governance Analytics Dashboard" - 974 voters.
Arbitrum DAO: "Transparency and Standardized Metrics for Orbit Chains" - 969 voters.
NFT DAOs
Aavegotchi DAO: "Forge Competition Pilot Season 1" - 177 voters.
Aavegotchi DAO: "Ratify Grants Lab Contributor Token Grant Program" - 108 voters.
Mutant Cats DAO: "Should DAO convert WBTC to ETH?" - 75 voters.
Noteworthy Active Proposals 💡
💳 Gnosis DAO to Initiate a 10K GNO Cashback Rewards Program
A proposal has been submitted to Gnosis DAO to establish a cashback rewards program for Gnosis Pay users. The plan outlines tiered rewards, from 1% to 4%, based on the GNO held in a Gnosis Pay Safe wallet, with an additional 1% for Gnosis Pay OG NFT holders. The program is designed to drive user engagement with Gnosis Pay, with rewards distributed weekly. A trial period is set to begin on August 19th, followed by the official launch on August 26th.
Voting ends on August 16, 2024.
Full Proposal: GIP-110: Should the Gnosis DAO create and fund a Gnosis Pay rewards program with 10k GNO?
🔍 Transparency and Metrics Enhancement for Arbitrum Orbit Chains
To improve the visibility and decision-making within the Arbitrum Orbit ecosystem, a plan is set to create a dedicated metrics page on growthepie.xyz. This platform will track and display standardized metrics for 20 Orbit chains, offering insights into performance, revenue, and overall health. The project, with a budget of $210,175, aims to support better data-driven strategies for users, builders, and DAO members by providing crucial data in a centralized location.
Voting ends on August 16, 2024.
Full Proposal: Transparency and Standardized Metrics for Orbit Chains
💲 Tipping Program for Aavegotchi Community Apps
A new proposal has been introduced to the Aavegotchi DAO, requesting 3,000 GHST in funding to support and maintain several community-driven websites and services. Each project would receive 600 GHST over six months, provided they remain active and operational. The funding is designed to ensure these platforms, which are integral to the Aavegotchi ecosystem, continue to function effectively and serve the community. Payments will be made bi-monthly, with the total amount divided among the maintainers based on their contributions.
Voting ends on August 27, 2024.
Full Proposal: [AGIP 129] Tipping for Aavegotchi community apps
🐄 Establishing a Legal Defense Reserve for CoW DAO
CoW DAO is considering the creation of a Legal Defense Reserve, aimed at accumulating up to $5 million in stablecoins to cover potential legal and regulatory challenges. This reserve will serve as a self-insurance mechanism, protecting both the DAO and its contributors by funding legal defenses or prosecutions related to the DAO's activities.
Voting ends on August 21, 2024.
Full Proposal: CIP-50: Establishing a Legal Defense Reserve
📈 Increasing BottoDAO’s Protocol Owned Liquidity
BottoDAO is exploring options to allocate a portion of its weekly net revenue to enhance Protocol Owned Liquidity (POL) on Uniswap V2. The community will vote on different allocation percentages, ranging from 15% to 20%, aimed at improving BOTTO's liquidity and ensuring greater market stability. This initiative, intended to last for one year, involves committing up to 500K BOTTO from the DAO’s treasury. If successful, this measure will help BottoDAO achieve its long-term goals while providing greater liquidity and confidence in the BOTTO market.
Voting ends on August 18, 2024.
Full Proposal: BIP-59: Increasing BottoDAO’s Protocol Owned Liquidity
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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.