The Week in Governance (Dec 20, 2023)

Noteworthy Votesbanner-marlowe.png

  • Aavegotchi is voting on a proposal to fund the development of a new Aavegotchi game. Called Dropt, The Fallen Gotchi, this proposal asks for funding to scale the game after a successful demo phase.  The Alpha Phase aims to build most game features within a twelve-month timeline. The key deliverables include porting the game to Unity, implementing wearables, pets, and weapons, introducing power-ups and in-app purchases, improving enemy AI, adding new enemies, bosses, biomes, and overworld areas, implementing difficulty adjusters and meta progress, enhancing HUD, UX, and website, and more. The funding request includes team funding for project management, game design, development, and external funding for artists, animators, dev work, play testing, web UI/UX, smart contract development, audio & SFX, story crafting, marketing, promotions, bounties, servers, and operating expenses. The total funding requested is 353K DAI and 30K GHST.
  • Hop is currently debating the deployment of Hop V1 on several new chains in the Ethereum ecosystem, including Linea, Polygon zkEVM, Scroll, zkSync, and PGN. The proposal suggests allocating HOP incentives to the ETH AMMs. The incentive amounts are calculated based on the TVL of each chain relative to Optimism, with a multiplier applied to account for potential growth. The proposal also provides a timeline for discussing, voting on, and implementing the incentives.
  • Synthetix is voting on a proposal to list ORDI perps. This proposal suggests listing ORDI/sUSD Futures on Synthetix Perps. ORDI is a BRC20 Bitcoin Ordinals token known for its high trading volume on various centralized exchanges. Listing ORDI on Synthetix allows traders to access a highly traded cryptocurrency currently unavailable on EVM-based networks. 

Forum Thread Of The Week

Uniswap, Rootstock Edition

Uniswap has received a proposal to integrate Uniswap V3 on Rootstock. The proposer believes that RSK combines the security of Bitcoin and the functionality of Ethereum, making it an ideal platform for DeFi transactions using Bitcoin. The IOV Labs team, in collaboration with GFX Labs and Wormhole, has taken the necessary technical steps for this deployment, including deploying the relevant v3 contracts and creating pools for trading RBTC, RIF, wETH, and USDRIF. The deployment has already gained traction with over $500k of TVL and significant daily trading volume. The final step is to go through the Uniswap governance process to officiate this proposal and recognize it as the canonical v3 deployment on RSK.

I admit that I was surprised by this proposal and that some teams executed it. RSK is not a busy chain, and the effort to launch Uniswap on it barely seems worthwhile. Sovryn already operates a popular Dex on the chain. The competition is stiff, and there are few live tokens to trade a RSK Uniswap port. RSK needs more apps on their chain – the chain TVL is basically just two apps at this point. But porting over Ethereum Dexs may not be the way to go.

Honorable Mentions

  • Arbitrum considers ‘diversifying’ 10M-25M of ARB into stablecoins and RWA. 
  • Magic Internet Money DAO has received a proposal for a co-incentivized MIM/stTBY pool. The proposal recommends targeting a 20% APR with $1M in incentives and 500K SPELL.
  • Paraswap is considering adding a Shutter module to their snapshot to shield vote results until the end of the vote. The proposal hopes that this module will increase voter participation. 
  • A user is asking PoktDAO to fund legal expenses to recover POKT from a staking service – highlighting the risks of custodial services.
  • TreasureDAO is discussing reducing LP rewards to reduce what they think is an unnecessary level of token inflation. 
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