Given the prior week’s high-profile banking failures and financial stresses, it can be easy to overlook governance in our space. As such, here is a list and a brief synopsis of some important forum threads readers should follow.
Pennblockchain has started a discussion in Compound to launch V3 on Arbitrum. As discovered in the forum, the team had already been working on contract deployments for Arbitrum and had an audit scheduled for later this month. When deciding what assets to support, many in the forum asked for GMX-related assets like GMX and GLP.
As we mentioned in our MakerDAO report, they faced some upcoming struggles regarding Rune’s Endgame plan. GFX Labs, one of the more prominent recognized MakerDAO delegates, has come out against the project. GFX takes umbrage with Endgame as they think it causes MKR dilution, adds bureaucracy, and spends too much money on environmental activism and private companies. In its place, they propose focusing on finding more markets for DAI and slimming down Maker to focus on boosting profits. Their post has much more, so we recommend checking it out. Their position has received some support in the forum, and we are curious to see if this slows Endgame down or causes strife at Maker. Due to DAI’s market cap and importance in other protocols, following developments here is a must.
Early in [Redacted]’s life, their protocol used a bonding and rebased mechanic forked from OIympusDAO. As OlympusDAO was a popular protocol at the time, [Redacted] and Olympus formed a partnership. Now, however, as the protocols have gone in different directions ([Redacted] no longer releases, for example), some are questioning what benefit [Redacted] gains from Olympus’ support. As such, an anonymous forum user has proposed reducing Olympus’s token allocation from 10% to between 1% and 3%. According to the proposal, the 10% share of their token is worth around $16.5M. The proposal has received some support in the forum, but most people are asking for concrete details about Olympus’ support so they can decide if a 10% stake is reasonable.
This thread is interesting as protocol/DAO partnerships are often a meme. There is often little ability to help each other protocols, and the agreements are sometimes little more than a handshake agreement with no milestones and little enforceability. We have yet to learn how fruitful [Redacted]’s partnership with Olympus was, but this is an essential lesson for DAOs on the challenges of maintaining partnerships in the space.
