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 📰
🐶 Shiba Inu Announces Plans to Launch a DAO
Shiba Inu has announced plans to launch a DAO, giving SHIB holders greater influence over the project's future direction. The DAO will be governed by two councils: the "Charity Council" and the "Culture & Heritage Council," which will focus on community-driven initiatives and preserving the distinct culture of the Shiba Inu ecosystem. Additionally, other ecosystem tokens like Bone ShibaSwap (BONE) and Doge Killer (LEASH) will play significant roles in the governance process.
Source: cointelegraph.com
📢 MakerDAO Rebrands as SKY
MakerDAO has announced a major rebranding under its Endgame overhaul. The organization will now be known as Sky, with its DAI stablecoin and MKR governance token rebranded as USDS and SKY. Starting September 18, users can voluntarily upgrade their tokens, exchanging each MKR for 24,000 SKY tokens. Those who opt out can continue using DAI and MKR as legacy tokens. The update introduces new features, including native token rewards for USDS holders, accessible through the new app sky.money.
Source: blockworks.co
🧾 CoinDCX’s Okto Wallet Secures Operational License in UAE Free Zone
CoinDCX's self-custodial wallet, Okto, has received an operational license from the Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the UAE. This marks a significant milestone as Okto becomes the first Web3 wallet to secure a license in the country's dedicated free zone for virtual assets. This development follows CoinDCX's continued expansion in the UAE, including its acquisition of the local crypto exchange BitOasis.
Source: cointelegraph.com
🔄 Japan’s Tax Reforms to Boost Web3 and Blockchain Growth
Japan is gearing up to implement tax reforms designed to attract Web3 startups and enhance blockchain innovation. Announced by Minister of Economy, Trade, and Industry Takeru Saito at Tokyo’s WebX Conference, the reforms aim to position Japan as a global hub for blockchain technology. These efforts are part of a broader strategy to streamline payments, improve infrastructure, and support the content industry, aligning with Prime Minister Kishida’s vision for Web3's role in Japan's future.
Source: cryptotimes.io
✊ Justin Sun Pledges $1M to Support DAO Advocating for Telegram’s Pavel Durov
TRON founder Justin Sun has pledged $1 million to any DAO created to support Telegram founder Pavel Durov, who was recently arrested in France. Sun’s call for unity in the crypto community follows Durov's detainment, which has sparked widespread debate on censorship in Europe. High-profile figures like Elon Musk and Vitalik Buterin have voiced their concerns under the #FreePavel hashtag. French authorities accuse Durov of complicity in various crimes due to Telegram's alleged failure to moderate content, leading to charges related to drug trafficking and child exploitation.
Source: cryptoslate.com
Weekly DAO Changes 📊
New DAOs State
Over the past week, a total of 86 new DAOs were created, reflecting a 0.04% addition ratio in the DAO ecosystem. The majority were created through Snapshot (45), followed by Aragon (35), xDAO (4) and Colony (2).
Governance Activity
The past 7 days, a total of 305 new members joined the DAO ecosystem, representing a minor increase of less than 0.01% in total DAO voters. Additionally, 251 new proposals were submitted, marking a 0.05% increase in overall proposal activity.
Top 3 Biggest Gainers and Losers
This week, VIDT DAO topped the gainers' list with a notable increase of $3,238,668.04, reflecting an 81.55% rise in treasury value, driven by a substantial 120.1% surge in $VIDT token value. Agave DAO followed, registering a $1,233,957.43 gain, representing a 51.39% increase, fueled by a 59.4% uptick in $AGVE token value. Ease also posted a strong performance, with its treasury value rising by $148,089.44, a 28.82% boost, as $GOAT token value climbed by 83.0%.
Conversely, SuperRare DAO faced a significant downturn, with a $25,339,145.27 loss, translating to a 31.32% decline in treasury value due to a 29.7% drop in $RARE token value. 1of1.works saw a reduction of $872,465.74, marking a 30.42% decrease attributed to a large outflow of funds. Similarly, Enzyme Finance's treasury value fell by $2,373,238.43, down 29.88%, also driven by significant fund withdrawals.
Proposal Participation Highlights
DEFI DAOs
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Equilibria Finance: "[Epoch #64] Weekly Pendle Gauge Vote" - 900 voters.
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GameSwift DAO DAO: " $GSWIFT Token Burn Acceleration (Tokenomics Upgrade)" - 890 voters.
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MetFi DAO: "#79 BNB Treasury Claims" - 292 voters.
NFT DAOs
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Aavegotchi DAO: "Unity Defense of Aave (14k USDC) REVISED" - 234 voters.
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ENS DAO: "# [EP 5.14] [Executable] Endowment permissions to karpatkey - Update #4" - 132 voters.
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Nouns DAO: "# NounSwap: Swap Noun 1224 for Noun 389" - 24 voters.
Noteworthy Active Proposals 💡
💸 Frax Finance Proposes $4.1M Annual Budget for 2024-2025
Frax Finance's core team has put forward a proposal for a $4.1 million budget for the 2024-2025 fiscal year, a significant reduction from the previous year's $9 million. The budget focuses on four key areas: Development & Operation, Security, Legal & Compliance, and the new Fraxtal Ecosystem Grants initiative. These funds aim to ensure the protocol's continued growth and stability, with emphasis on maintaining operations, improving security, and fostering the Fraxtal ecosystem through strategic grants. This proposal sets the maximum cap for expenditures, ensuring financial prudence while supporting essential initiatives.
Voting ends on August 31, 2024.
Full Proposal: [FIP - 397] Frax Finance Annual Budget Request (2024 - 2025)
💲 "Defense of Aave" Seeks $14K Funding for Game Development from Aavegotchi DAO
The "Defense of Aave" (DOA) game, designed for the Aavegotchi ecosystem, requests a $14,000 USDC grant to complete its development. DOA combines six unique gaming elements into one, with a focus on benefiting Aavegotchi landowners by providing in-game utility for their assets. The requested funds will cover the finalization of core features such as a 2D Graphics SDK, an extensive music library, and potential releases on platforms like Steam and Epic Games.
Voting ends on September 08, 2024.
Full Proposal: Unity Defense of Aave (14k USDC) REVISED
💰 Funding Proposal for the Alchemix Association
The Alchemix DAO is proposing to establish and fund the Alchemix Association, a Swiss entity designed to manage key responsibilities such as treasury operations, marketing, and legal compliance. This initiative will enable the DAO to focus on on-chain governance while ensuring that essential services are maintained. The proposal outlines the transfer of specific assets to the association and the division of roles between the DAO and the new entity, emphasizing the association’s role in supporting the long-term growth of the Alchemix ecosystem.
Voting ends on August 31, 2024.
Full Proposal: [AIP 113] Initial Funding of the Alchemix Association
🛡️ Enhancing Safe Wallet Security with ZK Email Account Recovery
The ZK Email team proposes a secure account recovery system for digital wallets, leveraging the Zk-Email SDK and guardian-based email verification.Developed by the ZK Email team, this system aims to mitigate the risk of permanent asset loss in digital wallets by providing a reliable recovery method. The proposal requests $50,000 in funding for audits and deployment, with plans to roll out the solution across all safes within three months. The initiative promises enhanced wallet security while ensuring user satisfaction.
Voting ends on September 02, 2024.
Full Proposal: [SEP 43] [OBRA] ZK Email Account Recovery - ZK Email
🎯 1inch DAO Guideline Changes
A new proposal has been submitted to the 1inch DAO to update its governance guidelines. Upon approval, these guidelines will be merged into the official 1inch DAO GitHub repository, ensuring that the governance framework remains transparent, inclusive, and adaptable to the evolving DeFi landscape. The guidelines aim to clarify the roles, responsibilities, and operational procedures within the DAO, providing a solid foundation for future growth and community engagement.
Voting ends on August 31, 2024.
Full Proposal: [1IP-59] 1inch DAO Guidelines
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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.