Noteworthy Votes
- Rocket Pool is voting on a proposal to rework RPL staking. The new model will bring in scaling RPL rewards based on supplying rETH, new withdrawal limits, and making withdrawing RPL a two-step process. These changes ensure that RPL emissions continue to go to Node Operators, but the protocol will reward rETH minting more heavily.
- Arbitrum is voting on a controversial proposal to fund the Arbitrum Coalition. The Coalition, led by Blockworks Research, Gauntlet, and Trail of Bits, would be dedicated to “turning Arbitrum DAO members’ ideas into reality for a term of 12 months.” The Coalition would provide turnkey R&D work for the DAO and help execute proposals. The proposal asks for 2.2M ARB over one year to fund the Coalition. As the expenses for the Coalition are so high, this vote is proving to be controversial.
- Optimism is currently voting on a group of proposals around the management of their L2:
- Council Review: Optimism is electing three council members to review milestones and metrics for the governance council.
- Chain Delegation: If passed, this proposal would see Optimism delegate 10M $OP from the governance fund to ‘value-aligned’ Optimism chains.
- Law of Chains: This proposal ratifies Optimism’s Game-of-Thrones sounding proposal, the Law of Chains. At root, the Law of Chains sets out a standard for Optimism governance wherein Superchain participants adhere to user protection, decentralization, and economic autonomy.
- Season 5 Budget: Finally, Optimism is voting on their Season 5 Intents budget. Optimism has earmarked 9M $OP across four intents: decentralization, growth, consumer experience, and governance accessibility.
Forum Thread Of The Week
Jared Grey, the elected head of Sushi, has posted a forum thread asking for the Sushi community’s feedback on a new token model for the struggling Dex. With Sushi’s token reaching full distribution soon (232M out of 250M) and Kanpai expiring in December, Sushi needs to rework its token model. For example, with SUSHI soon becoming fully distributed, there are a lot of unknowns around how Sushi will attract LPs to their platform. The highlights of the new model include:
- Token lockups.
- Dynamic reward adjustments.
- Tier-based staking.
- Automated performance metrics.
- Boosts.
- A stable SUSHI emissions rate of 1.5%.
I have no strong stance on Sushi’s new tokenomics, but on the surface, it seems workable, and the community seems favorable to it.
Of course, a protocol reworking their tokenomics, in general, is big news. New models bring excitement, new supply dynamics, narratives, and sometimes revenue sharing to tokens. As such, I recommend readers read through the proposal and Sushi’s new token model. $SUSHI could have a lot of catalysts for the future, among which a new token model is one. The token supply is reaching full circulation, so no new SUSHI is hitting the market. They are getting a new token model. And many have seemed to write them off. If Sushi gets its token model right, it could be a surprise hit in the coming months.
Honorable Mentions
- 1inch proposes swapping their 2.5M $ARB tokens for $USDC and bridging them to Ethereum.
- ApeDAO proposes the creation of an $APE buy and burn.
- To alleviate pressure from the volume of proposals, DAOplomats propose creating voting seasons for Aave. Voting seasons would create a mechanism wherein users could only submit proposals on certain days.
- Goldfinch debates launching their protocol on Base.
- Lido DAO received a partnership proposal from Amulet – a Web3 yield discovery platform.
