Details
Time: Tuesdays at 9:00 am ET (1pm UTC)
Google Meet Link: meet.google.com/bms-grvp-jbw
Stewards:
- @5pence.eth (5pence.eth | X), Lead Steward
- @alextnetto.eth (netto.eth | X)
- @daostrat.eth (daostrat.eth| X)
Agenda
- Weekly Endowment Updates (@karpatkey + @Steakhouse)
- General DAO Updates Section
- [EP 6.1] & [EP 6.2] Endowment Proposal Updates
- Service Provider Program Updates
- SpikeWatanabe.eth discussing delegate forum threads
- Open Discussion
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1. Weekly Endowment Updates (@karpatkey + @Steakhouse)
- Not the greatest start to the week due to unfavorable market conditions.
- Largest liquidations in a while according to CoinGlass ($2.2B in long positions).
- Hopefully market will recover in the upcoming weeks
- Since last Tuesday, netted a negative 9.3%
- DeFi netted positive $103k
- M2M: - $9.3M
- Weekly P&L: - $9.2M
- Waiting on the execution of EP 6.2
- Still fully (99.9% allocated) with ~5% APR.
- Recap on the upcoming changes:
- Considered adding oETH (origin ETH) as a new protocol.
- USDT for stablecoin diversification. (Aave, Compound, & Curve)
- Using RWA Mountain Protocol (USDM) as a risk hedge against stablecoin depegs. (preemptive risk mitigation strategy to be available for emergency cases, not necessarily immediately to be implemented)
- More here
Improving financial understanding (terminology and acronyms)
- Discussed ideas on how to help people in the DAO and in the call understand financial terminology and acronyms better.
- ELI5 approach needed when discussing financially-technical terms.
- We need to be able to make sure people without financial background understand financial DAO discussions.
2. General DAO Updates Section
2.1 [EP 6.1] & [EP 6.2] Endowment Proposal Updates
- Both passed
- Proposals review:
- Convert 6,000 ETH to USDC
- Endowment expansion (3rd tranche)
- Quick Proposals Review by @estmcmxci
- For Kartpatkey to be able to swap into any asset like USDM, they need to have permission explicitly defined.
- Everything Kartpatkey does is limited to the specific needs the DAO gives permission for.
- Proposal lifecycle overview:
- Executable proposals stay onchain for ~7 days
- After the vote finishes, they can be queued for execution
- When they are queued, they can be executed 24 hours later
2.2 Service Provider Program Updates
- Service Provider Program Season 2
- Comments are welcome and encouraged on the program.
- First there will be voting on the budget amount, then selecting providers, and then executing streams.
2.3 SpikeWatanabe.eth discussing delegate forum threads
Delegate incentivization, activation, compensation, and more, by @SpikeWatanabe.eth
- Suggested creating a separate section (Delegate Threads) on the forum that would contain individual delegate statements.
- Outdated delegate threads and posts cause confusion, especially for new members.
- Discussed decreasing the barrier to entry for new people to join and become delegates.
- Discussion about creating a delegate incentivization program.
- Delegate compensation was brought up as a financial incentive to increase governance participation and bring more delegates.
- Unlikely to see more delegates if they are expected to commit years of work upfront without any indication of financial inclusion.
- Instead of one dedicated Delegate Announcement Thread, Delegates are encouraged to post comments on the given topic/proposal instead of a separate thread.
- Not mandatory but delegates can post in the separate Delegate Announcement Thread elaborating on their voting decisions
- Social pressure might help with keeping everyone accountable to doing it
- Downside: it’s a delegate overhead
- Potentially creates post-congestion on the forum
- Adds more friction to delegate participation
- Is it more positive to incentivize people to interact with a proposal thread instead of a separate thread?
- Discussion around different Delegate incentivization programs.
- Delegate Incentivization and Delegate Activity are 2 very hot topics.
- Delegate engagement is always a challenge for all DAOs.
- Generally speaking, the percentage of tokens engaged in governance is relatively low. And of those delegated (delegated/votable supply), about 5-10% are active in governance.
- Long-term dedicated DAO participants want to be able to instigate the change with their votes and know their efforts have value.
- There’s an issue with incentive alignment
- There’s a difference between having Delegated tokens vs Ownership of those tokens.
- Having influence vs having ownership for your effort in the DAO.
- Next steps: Consolidate ideas and put a temp check on the forum
3. Open Discussion
- The idea of borrowing USDC against ETH instead of selling it was brought up as mentioned here in this post: https://x.com/DeFi_Made_Here/status/1886072825192325434
- For now, DAO needs to sell the ETH to cover operational expenses but in the future Metagov + Kartpatkey will look into this option as well.