Scaling
Bridges

14 min read • Published on 9 Feb 2024

Governance Review #04

Anastassis Oikonomopoulos

Governance Representative

L2BEAT provides weekly updates on governance in concise articles.

Governance Review #04 publication thumbnail

Optimism

On Chain Vote - Mission Requests

Voting Cycle #18 Review Period ended on February 7th. All Mission Requests that gathered the 4 necessary approvals from top 100 delegates have now moved to a vote in Voting Cycle #18 Voting Period.

Delegates will be able to vote on the different Mission Requests submitted in each of the 4 intents. The voting utilizes ranked approval and each proposal needs to receive a minimum number of yes votes equal to 51% of the quorum. The top ranked Requests, above the minimum number of yes votes, will be accepted until the Intent Budget runs out.

You can vote for the missions in each intent in the following links:

Intent #1 - Technical Decentralization - 6 Mission Requests

Intent #2 - Growing the Superchain - 14 Mission Requests

Intent #3 - Improving Consumer Experience - 13 Mission Requests

Intent #4 - Governance Accessibility - 10 Mission Requests

The Agora votes end on February 14th, 2024.

We’re waiting to hear your opinion on the different mission requests during our Optimism Office Hours on Tuesday 4 pm UTC.

On Chain Vote - Protocol Upgrade #4

This upgrade, proposed by OP Labs, introduces a new L1 contract, the SuperchainConfig, along with improvements to the existing pause mechanism.The proposed upgrade takes the current incident response mechanism a step further, introducing a Superchain-wide pause mechanism that can enhance protection across multiple fronts, including the L1CrossDomainMessenger and withdrawals for ERC-20 and ERC-721 tokens, which are additional security critical code paths that protect user assets.

The Agora vote ends on February 14th, 2024.

You can find more info about the proposed upgrade in the forum post here.

Mission Requests Application Submission - Deadline Extension.

Following community feedback, the Grants Council has announced an extension of the deadline for people to submit applications to mission requests. The new deadline is Wednesday 21st of February 2024 at 4pm UTC. Submissions within the last 48 hours will receive a -2 point penalty to deter last-minute entries and give council members time to review.

Advanced Delegation Rollout Plan

Charlie from the Agora team published an update on the rollout of the advanced delegation feature on vote.optimism.io.

Functionally, the advanced delegation enables:

  1. Partial delegation - delegate to multiple addresses
  2. Redelegation - allow delegates you delegate to, to delegate again or, in turn delegate to multiple addresses.

The rollout will happen for delegates with over 100,000 OP of voting power during Voting Cycle #18, will expand to delegates with over 10,000 OP of voting power during Voting Cycle #19, and will continue to include all delegates by sometime in June 2024.

Meetup in ETH Denver

During the last community call, we (L2BEAT) brought up ETHDenver and the idea of doing an Optimist meetup. Following that, Katie started a discussion thread to organize an unofficial meetup for people from the Collective that will be going to ETHDenver. Krzysztof from L2BEAT will be in Denver and we’re happy to meet other members of the collective.

Discuss with L2BEAT

We want to get your opinions on which Mission Requests we should vote for. We’re also curious to hear ideas on and discuss how advanced delegation can help solve some of the issues in governance.

When/where to catch us:

You can find us at our Optimism Office Hours every Tuesday at 4 pm UTC.

Arbitrum

On Chain Vote - Long Term Incentives Pilot Program

This AIP seeks to establish a Long-term Term Incentives Pilot Program for the DAO to test new incentive designs and answer the necessary questions to ensure we are ready to commit to the long-term program. This Pilot Program will distribute a maximum of 45M ARB to protocols building on Arbitrum that were not funded during STIP or the Backfund.

The overall cost of the proposal is 45,735,00 ARB, 45,000,000 of which will be distributed to applying protocols. The rest 735,000 will be broken down into the following categories:

The Tally vote ends on February 18th, 2024 at 02:02 am UTC.

For more context, you can read the forum post here.

On Chain Vote - [Constitutional] Changes to the Constitution and the Security Council Election Process

This Constitutional AIP proposes improvements to the ArbitrumDAO Constitution and the Security Council election process, which include:

The Tally vote ends on February 24th, 2024 at 6:00 pm UTC.

For more context, you can read the forum post here.

Temp Check - [Constitutional] Batch Poster Manager and Sequencer Inbox Finality Fix

This Constitutional AIP proposes two improvements to batch posting for Arbitrum One and Arbitrum Nova:

  1. Batch Poster Manager: Introduce a “batch poster manager” role with the ability to grant/revoke batch-posting affordances.
  2. Increase MaxTimeVariation: Change the max-time-variation “future blocks” and “future seconds” values to 64 and 768, respectively, in line with Ethereum’s proof of stake finality guarantees.

The Snapshot vote ends on February 12th, 2024 at 5:26 pm UTC

Temp Check - Empowering Early Contributors: The community Arbiter Proposal 2.0

Following an unsuccessful on-chain vote, the Arbiters amended their proposal based on delegate feedback and resubmitted it to the DAO for consideration.The revised proposal seeks to allocate 125,000 ARB in retroactive recognition of the contributions of Arbiters in the early days of the DAO.

The original request was for 500,000 ARB and has been decreased by 75% based on the feedback received. The revised proposal also includes more information along with a list of the contributions made which was absent in the first version.

The Snapshot vote ends on February 14th, 2024 at 12 pm UTC.

You can get more context in the forum post here.

Temp Check - Funding for Into the Dungeons: Machinata - a PvP Digital Miniature Game V2

Thechaingamer.eth submitted a revised version of his proposal to fund ‘Into the Dungeons: Machinata’ to Snapshot. The funding request is for a total of 180,000 ARB with ⅓ upfront and ⅔ released in 2 tranches after the milestones outlined in the proposal are met.

The Snapshot vote ends on February 16th, 2024 at 11:53 pm UTC.

You can read the full proposal in the forum post here.

Our view is that if the game can be Arbitrum native from a cultural and branding standpoint (since the contracts could easily be deployed in any other EVM L2), it could potentially drive a lot of traffic and attention to both Arbitrum and the DAO. Having said that, we don’t see the proposal going directly to the DAO instead of through a grants program or a framework to be an issue. You can read Krzysztof’s full comment here..

Arbitrum Foundation Transparency Report

As part of the Arbitrum Foundation’s commitment to transparency and giving the community insight into Foundation’s operations, the Foundation has published the first annual transparency report.

You can read the full report here.

In the coming week(s), there will be an open call to discuss the report and possibly do a QnA with the Foundation – stay tuned for that.

GovHack - ETHDenver powered by Hack Humanity

The Arbitrum Foundation and Hack Humanity are co-hosting a 3-day Governance Bootcamp and Open Community showcase during the week prior to ETHDenver!

Dates: February 26 - 28th

Link to register: Arbitrum GovHack · Luma

Krzysztof from L2BEAT will be at ETHDenver and will be attending the GovHack. Hit us up if you want to meet!

More information can be found in the forum post.

Call for action - Review of Delegate Domain Allocation by Questbook Grants Program

We (L2BEAT) published a call for action to bring attention to the fact that Questbook’s Grants program has concluded. Although it was supposed to conclude in April, it’s already completed in the sense that all 4 domains have either fully allocated their budget or have commitments to allocate to current applications and have no capacity for new ones.

That means that right now, Arbitrum DAO doesn’t have a general grants program that can fund projects looking to build on Arbitrum. And with ETHDenver and its BuidlWeek just around the corner, there’s no place to refer builders to for them to get a grant.

We’ll be following up with our assessment of Questbook’s grant program (which we’d like to discuss and get input in), but we believe that it’s really important to focus on making sure that Arbitrum DAO has a grants program running.

Recording - #11 Arbitrum Open Governance Call

The recording of the #11 Arbitrum Open Governance Call has been published.

Gauntlet x Arbitrum Foundation USDC Migration Grant Program Announcement

On June 8th, 2023, Circle officially launched Native USDC on Arbitrum, signaling the start of a migration from Bridged USDC (USDC.e) to Native USDC In response to Circle’s announcement, The Arbitrum Foundation partnered with Gauntlet on risk monitoring and providing protocol recommendations to facilitate this migration. The engagement then transitioned into grant analysis, helping with this process by identifying protocols that would be best suited to receive grants.

Gauntlet published an announcement of the migration grant program which includes the 4 protocols that are the best potential recipients for USDC migration grants (Aave, Uniswap, Radiant, Camelot), their selection criteria, their methodology, and recommended protocol-specific strategies.

Discuss with L2BEAT

We’d love to hear the community’s thoughts on the proposal by the Arbiters, the Foundation’s Transparency Report, Questbook’s grant program, and on the idea of funding a proposal outside of a framework.

When/where to catch us:

You can catch us to discuss all the above and more during our Arbitrum Office Hours every Thursday at 4 pm UTC.

Uniswap

Uniswap-Arbitrum Grant Program (UAGP) - Update Cohort 1

Bernard published an update on behalf of the UAGP committee to announce the selected grant recipients of the first cohort. The recipients, and the amount received are:

Discuss with L2BEAT

Let us know if there’s anything happening in Uniswap DAO to which we can contribute!

When/where to catch us:

You can find us during our Uniswap Office Hours every Friday at 4 pm UTC.

Hop

On Chain Vote - Community Multisig Refill (4)

This HIP seeks to refill the Hop Community Multisig with 11.77M HOP (~ $470k) which will provide the multisig with approximately 4 months of runway.

The Tally vote ends on February 12, 2024 at 07:21 am UTC.

You can get some context in this forum post.

On Chain Vote - Treasury Diversification and Protocol Owned Liquidity

This proposal seeks to diversify the treasury and create protocol owned liquidity. To do that, the DAO would:

  1. Allocate 1,500,000 HOP ($57,000 @ $.036) and 57,000 USDC from the treasury for distribution to Mainnet, Optimism, and Arbitrum. The total value is ~$114,000 ($57,000 + $57,000).
  2. Sell 57,000 USDC for ETH
  3. Bridge HOP and ETH to each chain in the predetermined proportions (see calculations further down in proposal):
  1. Deposit HOP/ETH liquidity into DEXes
  1. Deposit veNFT into compounding Relay strategy created for us by Velodrome (including this in this proposal, because it’s DEX related and fairly low stakes).

The Tally vote ends on February 12th, 2024 at 08:03 am UTC.

[RFC] Renewal of the Hop Delegate Incentivization Trial (3rd Period)

Francom submitted an RFC which seeks to extend the Hop Delegate Incentivization Program for a period of twelve months.

Discuss with L2BEAT

Back when the proposal to create protocol-owned liquidity was introduced, we brought up the issue of the extra liquidity potentially enabling a governance attack on the DAO. We’d love to talk to DAO contributors about how we can address the issue without hindering governance participation. We’re also interested in discussing changes in delegate incentives before moving to a vote.

When/where to catch us:

You can find us to discuss the above and more during our Hop Office Hours every Friday at 4 pm UTC.

Polygon

Discuss with L2BEAT

We aren’t aware of any significant updates in Polygon over the past week, but we’d like to get more involved. If you think there’s something L2BEAT’s governance team could get involved in, please let us know.

When/where to catch us: You can find us during our Polygon Office Hours every Friday at 3 pm UTC.

Starknet

Starknet 2024 Roadmap: Plan of Intent

Ilia from StarkWare published the 2024 Starknet Roadmap with the overall focus being on fee reduction and performance.

Discuss with L2BEAT

We’d be happy to discuss the 2024 roadmap and learn more about the developments happening in Starknet.

When/where to catch us:

You can find us to discuss Starknet during our Starknet Office Hours every Friday at 3 pm UTC.

Connext

Community Call Summary

The second Connext Community Call took place on February 9th, 2024. We discussed the following things:

We came to the conclusion that the next step should be an attempt to map the Connext Protocol and DAO ecosystem to understand key players and try to define the DAO’s goals. Once that’s done, it’ll be much easier to initiate specific initiatives. We’ll take up the task of leading the effort to map the ecosystem and we’d love your support in the process.

Discuss with L2BEAT

If you’re an active participant in Connext’s ecosystem and/or DAO, we’d love to meet you!

When/where to catch us:

You can find us during our Connext Office Hours every Friday at 4 pm UTC.