On-chain Proposals
1. Adopting USDG as a Core Strategic Initiative for the ArbitrumDAO
With Arbitrum joining the Global Dollar Network (resulting in the USDG being live on Arbitrum), Entropy proposes a coordinated effort across the Arbitrum Aligned Entities to grow USDG adoption, so that the DAO becomes the steward of USDG’s growth on Arbitrum and the recipient of the associated economic value.
Accordingly, this proposal seeks approval to:
- Bolster the DRIP budget with an additional 100M ARB from the DAO treasury, adjust the season structure, broaden the program’s permitted activities, and extend its timeline
- Enable the ATMC to deploy assets in support of USDG growth, under the existing OAT oversight and AF custody
- Route AEP fees, net of the 20% allocated to the Arbitrum Developer Guild, to the TM Portfolio, and authorize the ATMC to convert them into USDG
- Confirm the USDG initiative as a Special Project under Entropy’s existing Year 2-3 scope of work
Voting ends on November 12.
2. Transfer 1,800 ETH from the Treasury to the Arbitrum Developer Guild & ATMC’s ETH Treasury Strategies
Entropy proposes to transfer ~1,714 ETH accrued from Sequencer revenue to the TM Portfolio, helping reinitiate its covered call strategy; and ~86 ETH accrued from Timeboost and PGA revenue to the Arbitrum Developer Guild (ADG).
The transfer of ETH to the ADG is in line with the past proposals to adopt Timeboost and adopt PGA, which state that 3% of ETH revenue derived through the transaction ordering mechanisms is to be deposited to the ADG.
Since the temperature check, the total has been increased from 1,700 ETH to 1,800 ETH to include ETH accrued in the treasury since the off-chain vote.
Voting ends on November 12.
3. Constitutional AIP: Update Arbitrum One and Nova L1-Pricing Parameters for Ethereum Glamsterdam
Offchain proposes to prepare for Ethereum’s Glamsterdam upgrade by updating the parentGasFloorPerToken and perBatchGasCharge parameters on Arbitrum One and Arbitrum Nova.
Because Glamsterdam changes the Ethereum gas costs associated with posting Arbitrum chain batches, these parameter updates would ensure that the L1 fee paid by Arbitrum One and Nova users accurately reflects the cost of posting batches to Ethereum. The proposal does not introduce an ArbOS software upgrade or change the underlying L1-pricing algorithm.
Voting ends on November 12.
Temperature Checks
1. Constitutional AIP: Approve Release of Frozen ETH and ARB
Binance proposes that the DAO approve the release of the 8,425.997 ETH and 74,559,805.2 ARB currently immobilized on Arbitrum One. The funds were frozen by the Security Council on October 29 as part of a wider ecosystem effort to halt the theft of funds following the exploit of Binance’s hot wallet, and would be returned to Binance’s recovery address to be applied to the losses and costs arising from the incident, including replenishing the SAFU Fund and treasury reserves used to cover affected users.
As a governance action from the DAO is required to release the funds, the proposal would have the DAO take an atomic on-chain action similar to the one performed by the Security Council: upgrade the Inbox contract on Ethereum to add a temporary function, issue a transaction that recovers the funds from the frozen address, and upgrade the Inbox contract again to remove the temporary function.
Voting ends on November 16.