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 📰
💧 Kujira Proposes DAO to Address Liquidity and Security Challenges
Kujira DeFi platform is proposing the formation of an Operational DAO to address recent liquidity and security challenges. The team faced significant issues, including market destabilization and security exploits, after deploying operational funds. To mitigate these problems, the DAO will take control of the Kujira Treasury and core protocols to reduce debt using Fuzion’s Bonds product. The proposal also includes migrating the Community Pool to the DAO for extended voting periods on grant requests.
Source: cointelegraph.com
🎓 KIP Protocol's $10M Proposal Approved to Revolutionize Global Education
KIP Protocol has secured unanimous approval for its OCP-12 DAO proposal, allocating $10 million to revolutionize education with AI and Web3 technologies. Collaborating with Open Campus, the initiative targets over 250 million students across 23,000 universities. Key goals for the next 18-24 months include onboarding 400 professors, offering 900 curated courses, and attracting 1 million new learners.
Source: news.bitcoin.com
📈 Aave Surges with $6M Revenue Amid Market Downturn
Aave DeFi protocol generated $6 million in revenue despite the crypto market downturn, driven by decentralized liquidations. A key event was the liquidation of a $7.4 million wrapped Ether (WETH) position, earning Aave $802,000. Founder Stani Kulechov highlighted Aave's resilience, managing stress across 14 markets and securing $21 billion in value. Despite Ether and Aave’s native token dropping significantly, the protocol’s performance underscores DeFi’s potential.
Source: cryptopotato.com
👾 Ronin Bridge Paused After $12M Whitehat Hack
On August 6, the Ronin bridging service was paused after whitehat hackers drained $12 million in tokens. The attack involved 4,000 ETH (approximately $9.8 million) and $2 million in USDC. The exploit was due to a bug introduced during a recent bridge upgrade, leading to the misinterpretation of the required bridge operators' vote threshold for withdrawals. Ronin developers paused the bridge 40 minutes after detecting the exploit and are currently negotiating with the hackers to return the funds.
Source: coindesk.com
💰 Paradigm Invests $2.2M in MetaDAO as Prediction Markets Gain Traction
Crypto VC Paradigm has invested $2.2 million in MetaDAO, a Solana-based governance experiment using prediction markets. MetaDAO leverages market forces to make governance decisions through a concept known as futarchy, where outcomes are decided based on market predictions rather than votes. This approach aims to make more informed decisions, attracting significant interest, especially with the upcoming 2024 elections.
Source: coindesk.com
Weekly DAO Changes 📊
New DAOs State
Over the past week, a total of 61 new DAOs were created, reflecting a 0.04% addition ratio in the DAO ecosystem. The majority were created through Snapshot (33), followed by Aragon (15), xDAO (12) and Colony (1).
Top 3 Biggest Gainers and Losers
This week, rhino.fi leads the way with a significant $7,696,588.27 increase, reflecting a remarkable 783.71% rise in treasury value, driven by a substantial influx of funds. Physis follows closely, showing a gain of $10,560,574.55 and a 40.66% increase, after a 51.2% rise in $PHY token value. KlimaDAO also exhibits strong performance, with a $1,413,014.44 increase, translating to a 19.52% rise in treasury value, attributed to large fund inflows.
Conversely, Bonsai3 DAO experiences a sharp decline of $724,006.04, marking a 52.57% drop in treasury value due to a 52.3% decrease in $SEED token value. PoolTogether reports a $971,166.63 decrease, resulting in a 49.25% drop, largely due to a 50.3% fall in $POOL token value. Redacted Cartel faces the most substantial loss, with a $51,486,689.17 decrease, equating to a 45.92% drop in treasury value, driven by a 45.5% decline in $DINERO token value.
Governance Activity
The past 7 days, a total of 211 new members joined the DAO ecosystem, representing a minor increase of less than 0.01% in total DAO voters. Additionally, 348 new proposals were submitted, marking a 0.06% increase in overall proposal activity.
Proposal Participation Highlights
DEFI DAOs
Arbitrum DAO: "[Non-constitutional] Incentives Detox Proposal" - 2,151 voters.
Gitcoin DAO: "[Proposal] Ratify Grants Lab Contributor Token Grant Program" - 720 voters.
Gitcoin DAO: "H2 Proposal [Budget] - Grants Labs" - 254 voters.
NFT DAOs
Treasure DAO: "TIP-42: Bridgeworld v2" - 90 voters.
ApeCoin DAO: "AIP-436: Enhancing Financial Decision-Making" - 51 voters.
Nouns DAO: "# nounish ⌐◨-◨ brand building for nouns. forever." - 46 voters.
Noteworthy Active Proposals 💡
🗳️ Replacement DAO Director Election for Aavegotchi DAO
AavegotchiDAO is conducting an election to replace one of its DAO multisig signers who has stepped down. The new director will receive an annual salary of 8000 GHST, paid quarterly, and must fulfill specific criteria such as being a reputable DAO member, owning a hardware wallet, and being doxxed to Pixelcraft Studios. The election will run for 14 days with a quorum requirement of 20%.
Voting ends on August 20, 2024.
Full Proposal: [AGIP 128] Replacement DAO Director Election
🏞️ Proposal to Establish the Decentraland DAO Land Program (DDLP)
The Decentraland DAO proposes the creation of the Decentraland DAO Land Program (DDLP) to delegate over 80 plots of land acquired by the DAO to community members and projects. This program will enable members to use the land for approved initiatives, enhancing content creation on the platform. Proposals must meet specific criteria and can be accepted, declined, or modified by the DAO Committee or appointed members. The program includes provisions for project cancellation if criteria are not met or the project's relevance expires.
Voting ends on August 10, 2024.
Full Proposal: Should we create the Decentraland DAO Land Program (DDLP)?
💸 Gitcoin Grants Lab Proposes $2.65M Budget for H2 2024
Grants Lab has submitted a budget proposal requesting $2,646,608 for the second half of 2024. The budget accounts for new hires, including a Principal Engineer and Social Media Manager, and increased consultant fees due to retaining Wonderland. Additional costs include software and travel expenses, severance packages for departing contributors, and significant funds allocated for audits of new mechanisms.
Voting ends on August 13, 2024.
Full Proposal: H2 Proposal [Budget] - Grants Labs
📊 GMX Listing Apecoin?
GMX DAO is voting on the potential listing of markets for APE. APE has completed testing on Chainlink Data Streams’ new timestamp oracles. Chaos Labs reviewed the Oracle feeds and recommended initial listing parameters. The proposal seeks to list APE/USDC as a backed market, pending Ape DAO's creation of the multichain OFT version of APE. This will enable GMX to support futures and spot markets, enhancing DeFi protocol integration.
Voting ends on August 10, 2024.
Full Proposal: Listing APE coin
⌐◨-◨ Nounish Brand Building
A new proposal to NounsDAO requests $545K USDC to support Nounish in brand building and community engagement efforts. The plan focuses on becoming a sustainable business by reducing team size and expenses while creating longer-form content to deepen audience connections. The proposal includes celebrating the Nouns community and exploring various revenue streams such as ad revenue, subscriptions, and sponsorships to achieve sustainability.
Voting ends on August 9, 2024.
Full Proposal: # nounish ⌐◨-◨ brand building for nouns. forever.
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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.