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 📰
🧬 Binance Labs Ventures into DeSci with BIO Protocol Investment
Binance Labs has made its inaugural investment in the decentralized science (DeSci) sector by backing BIO Protocol, a network of BioDAOs revolutionizing healthcare funding. BIO Protocol aims to address gaps in traditional medical research financing, particularly in rare diseases, longevity research, and emerging health challenges. With this investment, Binance Labs will help expand BIO Protocol’s initiatives, providing seed funding and community support. The growing network already includes groundbreaking projects like VitaDAO and HairDAO, with new ventures focusing on Long COVID, rare diseases, and quantum biological research.
Source: cointelegraph.com
🔥 BonkDAO Launches BURNmas, Targets 1 Trillion BONK Burn by Christmas
BonkDAO has begun its ambitious BURNmas campaign, starting with the burn of 100 billion BONK tokens. Running from November 15 to December 24, the effort will remove 1 trillion BONK from circulation, aiming to reduce inflation and enhance token scarcity. This bold move demonstrates BonkDAO's dedication to its community and its focus on strengthening the BONK ecosystem’s sustainability and market value.
Source: coincu.com
✅ Ethena protocol approves Wintermute’s revenue-sharing proposal
Ethena Protocol has adopted Wintermute’s proposal to implement a fee switch, enabling better revenue-sharing mechanisms for ENA token holders. The proposal addresses the lack of frameworks for allocating earnings and will be activated by November 30. The Ethena Foundation highlighted the proposal’s potential benefits, including increased transparency and enhanced ecosystem development, as it prioritizes allocating protocol revenues for USDe rewards and community-approved initiatives.
Source: cryptopolitan.com
🔮 Magic Square Unveils Magic DAO for Community-Led Governance
Magic Square has launched Magic DAO, enabling $SQR token-holders to actively influence ecosystem development through governance mechanisms like Snapshot voting and Discord discussions. This initiative gives users proportional voting power based on their $SQR holdings and stakes, empowering the community to guide decisions on $SQR burn mechanisms, revenue strategies, and Web3 app store growth. The DAO embodies Magic Square's commitment to transparency, action-oriented leadership, and user-centric innovation.
Source: ethnews.com
⚖️ California Court Holds Lido DAO Members Liable Under Partnership Laws
In a landmark ruling, a California federal judge classified Lido DAO as a general partnership, rejecting its claim of being a non-legal entity. The decision sets a precedent by holding identifiable DAO participants accountable under state partnership laws, including prominent investors like Paradigm Operations and Andreessen Horowitz, for their active involvement in governance. The ruling has sparked debate, with critics warning it undermines decentralized governance and could expose DAO members to broader liabilities.
Source: decrypt.co
Weekly DAO Changes 📊
New DAOs State
Over the past week, a total of 49 new DAOs were created, reflecting a 0.03% addition ratio in the ecosystem. The majority were created through Snapshot (37), followed by Aragon (10) and xDAO (2).
Top 3 Biggest Gainers and Losers
This week, HairDAO takes the lead among top gainers with an impressive $38,010,323.20 increase, representing a 58.7% rise in treasury value, driven by significant growth in $HAIR token value. VitaDAO follows closely with a $17,657,859.49 gain, reflecting a 34.3% increase, fueled by rising interest in $VITA. Meanwhile, Mantra sees remarkable growth, with a $12,170,849.10 increase, equating to a 127% surge, thanks to a 146.7% rise in $OM token value.
On the losing side, Polygon DAO experiences a steep $41,971,993.08 decline, marking a 47.43% drop in treasury value due to large fund outflows. AladdinDAO follows with a $19,206,461.79 decrease, representing a 75.83% drop, also attributed to significant outflows. Lastly, Multipool DAO faces a $776,456.52 decrease, equating to a 49.13% decline, similarly affected by fund withdrawals.
Governance Activity
The past 7 days, a total of 795 new members joined the DAO ecosystem, representing a minor 0.01% increase in total DAO voters. Additionally, 268 new proposals were submitted, marking a <0.01% increase in overall proposal activity.
Proposal Participation Highlights
DEFI DAOs
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Stargate: "Stargate Foundation Budget (Nov 2024 - October 2025)" - 7633 voters.
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Stargate: "ETH Pool on the Hemi Network" - 4790 voters.
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Equilibria Finance: "[Epoch #76] Weekly Pendle Gauge Vote" - 1007 voters.
NFT DAOs
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Aavegotchi: "Renewal and Election of DAO Facilitator Roles" - 277 voters.
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Reidar: "Swap Treasury Stables for SOL" - 18 voters.
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Reidar: "Buy up to 1ETH of Solana memecoin POPCAT" - 17 voters.
Noteworthy Active Proposals 💡
💰 Stargate Foundation Proposes $6.4M Budget for 2024-2025 Operations
The Stargate Foundation, integral to the success of the Stargate Protocol and DAO, has outlined a $6.4M budget for the next 12 months. The funding will support its growing team, technical and legal expenses, protocol operations, and marketing campaigns. With plans to expand to new chains and introduce innovative products, the proposal seeks the transfer of 20M STG tokens from the Ethereum DAO Multisig to the Foundation Multisig. Any unspent funds post-October 2025 will continue to support protocol development unless directed otherwise by the DAO.
Voting ends on November 22, 2024.
Full Proposal: Stargate Foundation Budget (Nov 2024 - October 2025)
💧 GMX DAO Plans Liquidity for Solana Integration
GMX DAO is exploring a liquidity initiative to support the launch of GMX-Solana, aiming to strengthen its foothold in the Solana ecosystem. The proposal outlines options to allocate $50,000–$200,000 in USDC and GMX tokens for the GMX-USDC pool. This effort seeks to ensure robust liquidity, improve trading efficiency, and attract Solana-based users to the platform as it nears its anticipated debut.
Voting ends on November 25, 2024.
Full Proposal: Proposal to Transfer USDC and GMX tokens to GMX-Solana for Initial Liquidity Provision
❌ 1inch DAO to Deprecate v1INCH Voting Power
1inch DAO is considering removing v1INCH voting power and standardizing voting calculations to rely solely on Unicorn Power (UP) from staked 1INCH (st1INCH). This update aligns governance with Fusion mode delegation rules, ensuring equity among participants and encouraging active protocol commitment through staking. Changes will also include updates to governance documentation, Snapshot spaces, and DAO proposal criteria.
Voting ends on November 24, 2024.
Full Proposal: [1IP-68] Deprecate v1INCH Voting Power & Standardize Unicorn Power Calculation
🤝 SquiggleDAO x Day One Labs Service Engagement
SquiggleDAO is proposing to engage Day One Labs as its primary service provider starting November 1, 2024. The agreement outlines a reduced monthly payment of $42K USDC and 0.2083% SQUIG (equivalent to 2.5% annually), reflecting an 8% cut in cash compensation. Services will include operations, governance, NFT management, and strategic initiatives. DAO members will have ongoing oversight with the ability to amend or terminate the contract as needed.
Voting ends on November 22, 2024.
Full Proposal: SDGP-007: Engaging DAO Service Provider
🦆 Boost DACKIE Staking APR
DackieSwap has proposed a 50% increase in the APR for DACKIE staking, raising monthly rewards from 606,602.97 to 909,000.99 tokens. This adjustment aims to incentivize staking participation, enhance community loyalty, and ensure long-term ecosystem growth. The additional rewards will be reallocated from LP rewards, with updates to staking contracts set to be implemented upon proposal approval. This strategic move seeks to foster a more robust and resilient DACKIE ecosystem.
Voting ends on November 22, 2024.
Full Proposal: Proposal to increase APR of DACKIE Staking
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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.