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 📰

🍃 A New Chapter for Synthetix Protocol? Community Backs Overhaul Proposal

"Overhaul," a proposal aimed at rebooting the Synthetix DeFi protocol, has received tremendous backing from the SNX community, with 99.4% of votes in favor. It suggests significant changes, including a complete SNX token redesign, empowering the Layer-2 network Snaxchain, and streamlining governance into a single Spartan Council. The plan seeks to address past inefficiencies, boost development speed, and tap into new opportunities like deploying on Solana, ultimately revitalizing Synthetix's role in DeFi.

Source: cointelegraph.com

👀 Japan's Prime Minister-Elect Sets Pro-Blockchain and NFT Vision

Shigeru Ishiba, Japan’s incoming Prime Minister and new head of the Liberal Democratic Party, plans to advance blockchain and NFT technologies to boost the country's regional economies. By appointing Web3 task force chief Masaki Taira as Minister of Digital Affairs, Ishiba aims to harness these technologies to enhance the value of local products like food and tourism experiences. The agenda also calls for tax reforms to support crypto startups and efforts to decentralize business activities away from Tokyo, aligning with Japan’s digitalization and economic growth initiatives.

Source: coinpedia.org

🛡️ TRON DAO Strengthens Security After ChainSecurity Assessment

TRON DAO has completed a security review conducted by ChainSecurity, uncovering and resolving key vulnerabilities in its Java-Tron client. The assessment focused on core components like the TRON Virtual Machine, consensus mechanisms, and P2P interactions. The TRON development team swiftly addressed issues, enhancing network integrity and ensuring stable and secure operations for its global user base.

Source: blockworks.co

⚖️ Uruguay Enacts Comprehensive Cryptocurrency Law

After over two years of deliberation, Uruguay has officially passed a cryptocurrency law, recognizing digital assets as virtual property and giving the Central Bank of Uruguay regulatory authority. The law outlines oversight of virtual asset service providers (VASPs), including exchanges, wallets, and miners, while also updating anti-money laundering policies and introducing the concept of decentralized securities for electronic transactions via distributed ledger technology.

Source: Binance Square

💵 Mango DAO Settles with SEC for $700K Over Unregistered Token Sale

Mango DAO has agreed to a $700,000 settlement with the SEC for the unregistered sale of $70 million in MNGO tokens, which the SEC classified as a crypto asset security. The DAO will burn its MNGO tokens and request trading halts on exchanges. Additionally, developer Mango Labs LLC settled charges for unregistered broker activity. The SEC’s stance emphasizes that DAO status does not exempt token sales from securities registration. This development is part of the SEC's broader crackdown on crypto compliance with securities laws.

Source: cryptonews.com

Weekly DAO Changes 📊

New DAOs State

Over the past week, a total of 43 new DAOs were created, reflecting a 0.03% addition ratio in the ecosystem. The majority were created through Snapshot (26), followed by Aragon (15), and xDAO (2).

Top 3 Biggest Gainers and Losers

This week, ArcaneGroup led the gains with a significant $10,846,510.58 increase, marking a 796.21% surge in treasury value due to a large inflow of funds. Memeland followed with a $12,811,678.23 increase, representing a 531.19% rise. Vita DAO also saw notable growth, with its treasury value increasing by $2,048,113.35, equivalent to a 17.89% rise, largely driven by a 137.5% uptick in $VITA-FAST token value.

On the losing side, UwU Lend experienced an $4,841,628.09 decrease, translating to an 81.52% drop in treasury value, mainly due to a significant outflow of funds. Wonderland faced a similar situation, with a $4,853,320.30 decrease, marking an 80.08% decline. Physis saw a drop of $6,277,929.66 in treasury value, down by 41.38%, primarily driven by a 31.8% decrease in $PHY token value.

Governance Activity

The past 7 days, a total of 535 new members joined the DAO ecosystem, representing a minor increase of less than 0.01% in total DAO voters. Additionally, 297 new proposals were submitted, marking a <0.01% increase in overall proposal activity.

Proposal Participation Highlights

DEFI DAOs

• Equilibria Finance: "[Epoch #69] Weekly Pendle Gauge Vote" - 819 voters.

• MetisDAO: "Ecosystem Proposal: Manat" - 346 voters.

• MetisDAO: "Ecosystem Proposal: Web3Auth" - 332" voters.

NFT DAOs

• Aavegotchi DAO: "Funding Renewal Proposal for Pixelcraft Studios, 2024-2025" - 143 voters.

• Bio.xyz: "BIOPSY-10 ? BIO Genesis Round 2" - 43 voters.

• NounsDAO: "Noundry: Add Snake Head" - 25 voters.

Noteworthy Active Proposals 💡

🔄 Renewal Proposal for Across Community Essentials Committee (CEC) Q4-Q1 2024/2025

The Across Community Essentials Committee (CEC) seeks renewal for Q4 2024 and Q1 2025 to continue its role in expanding and engaging the DAO's community. The CEC's initiatives for the upcoming quarters include enhancing Discord activity, bi-monthly community calls, social media campaigns, and refining the Across DAO Handbook. A performance bonus in ACX tokens is also outlined for Q4 2024 and Q1 2025. With a structured budget of 167,353 ACX, the CEC aims to maintain momentum and improve community governance, trackable via KPIs reported to the Across Community Manager.

Voting ends on October 4, 2024.

Full Proposal: Across Community Essentials Committee Renewal Proposal for Q4-Q1 2024/2025

⌐◨-◨ Nouns Records: A World-Class Music Studio for Creative Experiments

Nouns DAO is evaluating a proposal to establish a world-class music studio in partnership with The Park DAO, aiming to support creative experiments, artist development, and community engagement. With a $808,000 funding request, the studio will host music production, educational workshops, and mentorship programs, creating over 30 audio-visual works on Base and Zora. Equipped with $750,000 of donated gear, the space will provide opportunities for artists to explore Nounish culture while producing music and fostering a vibrant community presence.

Voting ends on October 5, 2024.

Full Proposal: Nouns Records

💰 Aave Liquidity Committee Seeks Funding for Phase IV Expansion

The Aave Liquidity Committee (ALC) requests funding for Phase IV, focusing on growing GHO liquidity on Ethereum and Arbitrum networks. The committee aims to achieve 50M TVL in DEX liquidity on Ethereum through strategic pool consolidations and new partnerships while enhancing GHO utility and supply on Arbitrum. The proposed quarterly budgets are 650,000 GHO for Ethereum and 300,000 GHO for Arbitrum, targeting liquidity, stability, and broader ecosystem integrations for GHO.

Voting ends on October 4, 2024.

Full Proposal: [ARFC] Aave Liquidity Committee Funding Phase IV

📜 1inch DAO Considers Funding for "The Grand Timeline" Web3 History Project

The Grand Timeline seeks a $25,000 grant from 1inch DAO to develop a comprehensive visual timeline covering blockchain and Web3 history. With 5 layers including events, key figures, and hacks, the project aims to enhance Web3 education and engagement. The proposed funding will support research, design, and the creation of both static and interactive versions, and align 1inch DAO with a significant educational resource for the Web3 space.

Voting ends on October 6, 2024.

Full Proposal: [1IP-63] The Grand Timeline Grant Proposal

⚡ Campaign to Incentivize Metronome DAO Governance Participation

Metronome DAO aims to boost voter turnout in governance proposals by introducing rewards for participants. Over the next 10 Metronome Improvement Proposals (MIPs), voters holding at least 1,000 esMET will share a fixed reward of 1,000 MET per vote. Additionally, voters with locked esMET positions will receive proportionate bonuses based on LP reward rates. Rewards will be manually calculated and distributed to qualifying wallets on the BASE chain, fostering greater community involvement in governance.

Voting ends on October 5, 2024.

Full Proposal: Incentivized governance participation campaign

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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.