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 📰
TON and Polygon Labs Partner to Integrate EVM Functionality 🤝
TON Application Chain (TAC) and Polygon Labs have announced a partnership to bring Ethereum Virtual Machine (EVM) functionality to the TON ecosystem. Using Polygon CDK and Agglayer interoperability, this collaboration will enable EVM-compatible DApps for TON and Telegram users. The integration is set to enhance services like DeFi, gaming, and identity solutions, while TAC plans to raise $5 million in additional funding to support this initiative.
Source: binance square
dYdX Foundation Releases 2024 Semi-Annual Ecosystem Report 📝
The dYdX Foundation has published its 2024 Semi-Annual Ecosystem Report, showcasing substantial growth and innovation. Highlights include $166 billion in trading volume, $32 million distributed to stakers and validators, and the passage of 62 governance proposals. The report also notes the launch of iOS and Android apps, plus the introduction of over 40 new markets.
Source: coinstats.app
‘Attack on Titan’ Joins The Sandbox Metaverse on Ethereum 🎮
The popular anime and manga series "Attack on Titan" is entering the crypto gaming world through a collaboration with The Sandbox, an Ethereum-based metaverse game. Announced on Monday, this partnership will create an interactive "Attack on Titan Land" within the virtual world. The collaboration, authorized by Kodansha Ltd., will include a LAND sale allowing users to purchase virtual real estate via NFTs. The themed environment is set to launch later this year, bringing the post-apocalyptic world of "Attack on Titan" to life in a new interactive format.
Source: decrypt.co
SSV Network Reaches Milestone with 1 Million ETH Staked Using DVT 🔒
SSV Network has successfully staked 1 million ETH, less than a year after its permissionless launch. This milestone underscores the importance of Decentralized Validator Technology (DVT) in Ethereum staking. The network's journey from collaborative research to this achievement involved key integrations and rigorous security audits.
Source: blockchain.news
Compound Finance Confirms Hack and Issues Phishing Warning 👨💻
On July 11, Compound Finance confirmed a hack on their website and warned users to avoid visiting it due to a phishing attack redirecting to malicious sites. Security Advisor Michael Lewellen assured that the protocol and smart contract funds are secure despite the website compromise. The incident, involving domain hijacking, was first flagged by onchain investigator ZachXBT. This follows a similar breach last year where Compound's X account was hacked, resulting in significant losses.
Source: cryptobriefing.com
Weekly DAO Changes 📊
New DAOs State
Over the past week, a total of 80 new DAOs were created, reflecting a 0.06% addition ratio in the overall DAO ecosystem. The majority were created through Snapshot (54), followed by Aragon (14), xDAO (10) and Colony (2).
Top 3 Biggest Gainers and Losers
This week, Spiral DAO shows impressive growth with a $745,908.11 increase, representing a 50.55% rise in treasury value due to significant fund inflows. zbyte DAO follows closely with a notable $73,894,344.42 gain, marking a 37.73% increase driven by a 41.8% rise in $DPLAT token value. Mantra also posts strong results, reporting a $2,261,362.51 increase, translating to a 30.36% rise in treasury value, supported by a 27.9% increase in $OM token value.
Conversely, UPDAO suffers a $776,477.50 loss, reflecting a 50.05% decrease in treasury value due to large fund outflows. Golem Network experiences a significant decline of $210,417,173.70, equating to a 40.77% drop, also due to large outflows. Lastly, Physis sees a $31,852,479.16 decrease, representing a 32.51% drop in treasury value, largely driven by a 49.7% decline in $PHY token value.
Governance Activity
Over the past 7 days, a total of 52 new members joined the DAO ecosystem, representing a minor increase of less than 0.01% in total voters across the ecosystem. Additionally, 76 new proposals were submitted, marking a 0.02% increase in overall proposal activity.
Proposal Participation Highlights
DEFI DAOs
Quickswap: "Should The Community Currency Bot Be Added to the QuickSwap Reddit Forum?" - 40 voters.
Stakewise: "[SWIP-19] Prepare StakeWise V2 contracts on Gnosis Chain for the migration to StakeWise V3" - 9 voters.
Compound: "Add WBTC as collateral into cWETHv3 on Arbitrum" - 9 voters.
NFT DAOs
NounsDAO: "# ⌐◧-◧ DREAMLAND AND THE ART OF SKATEBOARDING" - 42 voters.
Lil Nouns: "Allocate Funds to Auto Bidder" - 18 voters.
NounsDAO: "Hawaii Suite x Nouns at EVO 2024" - 17 voters.
Noteworthy Proposals 💡
Defense of Aave" Funding Proposal to Aavegotchi DAO 💰
This proposal to Aavegotchi DAO requests $47,500 USDC to fund the development of Defense of Aave (DOA), an incremental defense shooter game that integrates tower defense, match-3 tiles, and shooter elements. The game aims to support Aavegotchi landowners, introduce a new tournament reward system, and utilize a 2D Graphics SDK. The funding will cover game design, programming, graphics, and marketing, with a projected completion date of six months. The project also plans releases on multiple gaming platforms, including Android and Epic Games
Voting ends on July 22, 2024.
Full Proposal: Unity Defense of Aave
Enhancing Frax Finance Security and Trust with ChainPatrol
This proposal seeks $36,000 USD for a one-year contract with ChainPatrol to improve Frax Finance's security. ChainPatrol will provide real-time threat detection, blocking, and takedown services, safeguarding the community from phishing and impersonation attacks. The service includes a comprehensive security dashboard, 24/7 monitoring, and regular threat reports, with the goal of protecting Frax's ecosystem and maintaining user trust.
Voting ends on July 13, 2024.
Full Proposal: [Frax] [FIP - 376] Enhancing Security and Trust with ChainPatrol
Capital Management Proposal for BAGDAO 💵
A new proposal for BAGDAO suggests significant changes to its capital management strategy. The plan includes retiring the current 30% buyback policy and launching a BAG staking portal with a 7-day unstaking period. Additionally, it proposes allocating 10% of weekly profits to buy back and burn BAG, saving 30% of profits in ETH and USDB, and integrating "BURN BAG" buttons across the ecosystem.
Voting ends on July 14, 2024.
Full Proposal: Capital Management
KlimaDAO's "Metamorphosis" Proposal for Klima 2.0 🦋
KlimaDAO has introduced its "Metamorphosis" proposal, laying the groundwork for Klima 2.0. This plan includes a new economic model with two tokens and governance enhancements through a Swiss Foundation. Key initiatives focus on improved liquidity management, streamlined internal governance, and sustainable growth, solidifying KlimaDAO’s leadership in the carbon credit market.
Voting ends on July 16, 2024.
Full Proposal: KIP-65: Klima 2.0 - Metamorphosis
QuickSwap to Integrate Algebra Integral on X Layer ⚡
QuickSwap DAO is asked to vote on integrating Algebra Integral, the latest V4 modular architecture, on X Layer, OKX’s Layer 2 network. This upgrade introduces plugins/hooks for customized liquidity pool features, boosting QuickSwap’s flexibility and technological edge in DeFi.
Voting ends on July 12, 2024.
Full Proposal: [Should QuickSwap Integrate Algebra Integral on X Layer?
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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.