Noteworthy Votes

• Frax Finance has voted to use Axelar’s bridging capabilities to chains where Frax Ferry isn’t. Interestingly, the proposal has a non-complete clause where Frax Finance agrees not to expand Frax Ferry to any chains where Axelar is present and to use Axelar instead.
• Rarible DAO has created a delegation incentive program to encourage participation in their governance. Importantly, this program creates incentives for both delegators and delegates.
• Synapse is voting to reduce its emissions by using its Metis chain stablecoins to seed liquidity in its pools. They can recoup some of the SYN they pay LPs by providing their own liquidity.

Forum Thread Of The Week

Enter The ApeChain

This proposal aims to establish ApeChain as an app chain for the ApeCoin DAO. The proposal emphasizes the need for a dedicated team with a strong business strategy and technical competence to deploy and manage ApeChain. The team consists of experienced individuals from various blockchain and dApp development backgrounds. The proposal highlights the research process undertaken to select Layer-2 rollups, precisely Optimism, as the technology solution for ApeChain. The team envisions contributing to the growth of the Ethereum ecosystem by becoming core contributors to the Optimism Foundation. The cost to the DAO includes infrastructure and business operations, which the DAO will fund through a new ApeChain token or by raising funds externally. The proposal also discusses the potential benefits of ApeChain tokens, such as expanding ApeCoin utility and decentralizing ApeCoin DAO.

Bored Apes is a polarizing brand. They were the height of crypto culture but have since become gauche. Regardless, however, the BAYC ecosystem, including ApeDAO and $APE, is large enough that there is still potential to expand their brand and suite of products. As such, I recommend users follow this proposal. A dedicated chain for ApeDAO could be a game changer – although I am surprised that there is discussion of another token for gas instead of using $APE. However, the proposal does highlight an airdrop for $APE stakers.

Honorable Mentions

• Aave receives a proposal from Maple Finance to allocate some of their treasury to Maple Finance’s cash management pool. Aave is also considering adding GHO to the Safety Module.
• Lido receives a proposal from Mantle to deploy wstETH on their network.
• Mantle Finance proposes an amendment to its extensive ecosystem incentive program to the tune of 300M USDx, 250K ETH, 2000 BTC, and 400M MNT.
• Sushi debates adopting a ‘deflationary’ issuance plan. Under this plan, the protocol would cut $SUSHI issuance in half every four years.