404 DAO Delegate Communication Thread

404DAO · May 30, 2024, 6:19pm

Rationale for Votes Occurring in May:

Incentive Programs

LTIPP Non-Council Recommended Applications

As both a LTIPP council member and delegate, our team took the following approach in assessing the non-recommended applications:

Applicants that we originally gave a “Recommended” decision. We have voted FOR all of these applicants. After reviewing each of their revisions, we found that the feedback from other council members helped further strengthen the applications. These applicants include: Bedrock, Sushi, Smilee, Synthetix, Clipper, Yearn, D2 Finance, and Connext
Applicants that we originally gave a “Not Recommended” decision. This included Rage Trade and DODO and we have voted FOR both of their applications on Snapshot. Rage Trade fully addressed our concerns and while DODO’s justification could still have been stronger, its revised amount request led us to support it.
Applicants that we did not review in the LTIPP process - CVI, Buffer, AcryptoS, Tradao, and Deri. Our team fully reviewed these applications based on the rubric & scoring system designed for LTIPP to ensure each applicant was given a fair assessment.
- We voted For: Buffer, CVI, and Tradao
- We voted Against: AcryptoS and Deri

STIP Bridge Challenges

MUX - FOR: While a large request, they exhibited strong metric growth during STIP Round 1 and they were thorough in their reporting. As an Arbitrum-centric team we think it makes sense to continue supporting them.
Stargate - FOR: Unfortunate that they were unable to really participate in STIP Round 1 so we don’t have data to directly compare against. However, we see this as an opportunity to support Stargate at a fraction of their original ask.
Solv - FOR: They displayed strong growth in STIP Round 1 with a reasonable grant size. Excited to see how another round of incentives impacts growth.
Sanko - FOR: This is a project that is now starting to gain a lot of momentum and featuring a complimentary product suite with streaming and gaming.
Tide - AGAINST: Not bought into the incentive mechanism and request is more than the rules allow.
KyberSwap - FOR: We believe they have sufficiently regrouped since the exploit and were able to recover and return funds. They are team and project with supporting and put further a reasonable request. We are interested in seeing what they can accomplish this round since they didn’t participate in STIP Round 1.
Gains - FOR: A high request, but Gains has been a power player for generating activity on Arbitrum. We believe the concerns over their bridge were addressed by the relevant parties.
Boost - FOR: We believe they have adequately addressed sybil concerns through the use of the Farcaster.
Thales - FOR: Strong conversion of OP users over to ARB. Fair ask and supports a developing sector on Arbitrum
Savvy - FOR: Would like to see more growth from a grant of this size, but they have shown strong retention from STIP Round 1
Stake DAO - AGAINST: An unfortunate situation regarding the KYC process (this is seems to be a reoccurring problem that the DAO needs to figure out) and mixed advice from delegates. However, we can’t renew based on the growth data presented from the few weeks they did run incentives.
Furucombo - AGAINST: Too large of ask based on results from STIP Round 1
Socket - AGAINST: Lackluster addendum for such a large follow up request. Since reporting was also not great during STIP Round 1, an additional 500k request has not been properly justified.
Angle - AGAINST: While they should impressive TVL growth for EURA, there was a large drop-off after incentives ended. Growth in holders was incredibly minimal and not much EURA holders/TVL was successfully migrated from other chains. Combined with switching to the more competitive USD stablecoin market, we’re not confident Arbitrum will receive a high return on the 350k request based on the previous campaign.
OpenOcean - FOR: We like the focus on strategic partnerships and overall this is a reasonable grant size request. Their metrics were strong during STIP Round 1 despite a drop off post-incentives.
Thetanuts - FOR: STIP ignited TVL growth with a reasonable amount of ARB, and retention was relatively strong
Dolomite - FOR: Seem strong growth and the effects from oARB mechanism has been beneficial
Umami - FOR: Strong retention, interesting to see how switch in mechanisms will effect their performance

Snapshot Votes

GovHack at ETH CC (Brussels)

We voted FOR funding GovHack at ETH CC. GovHack at ETHDenver was well-executed and presented delegates and DAO contributors with a great opportunity to build relationships and work on proposals. We are confident in the team’s ability to execute on this initiative for ETHCC in Brussels and felt they presented a justified/appropriate budget.

Grant Request - Curve Finance

We voted FOR Curve’s grant request. We’re supportive of this grant’s objectives, specifically contributing to increase native ARB and LRT liquidity.

Proposal for Approval of DeDaub as the ADPC Security Advisor

We voted FOR approval of DeDeub as the ADPC Security Advisor. We believe the cost outlined is fair for a security SME and DeDaub is a reputable candidate for the position.

Pilot Phase: M&A for Arbitrum DAO

We voted FOR funding the M&A Pilot Program. However, we encourage the various M&A/venture initiatives share learnings between each other to reduce potential research overlap. We look forward to seeing the results of this initial program as DAO M&A is very under explored area.

Arbitrum Multi-sig Support Service (MSS)

We voted FOR as the MSS addresses multiple pain points around unnecessary overhead spend and reducing fragmentation. While there are concerns around centralization of a few signers, we are confident the vetting process will lead to a selection of reputable and responsible signers.

Streamlining the LTIPP Bounties

Voted ABSTAIN as a member of the LTIPP Council

Kwenta x Perennial: Arbitrum Onboarding Incentives

We voted FOR as this was very thorough application and we appreciate the use of the LTIPP template for formality sake. Our only request before this goes to Tally is for the fee rebate to be lowered to 75% from 80% to align with the standard set by other perp DEXs on Arbitrum.

Tally Votes

Double-Down on STIP Successes (STIP-Bridge)

After voting Abstain in the Snapshot vote, we voted FOR Funding STIP Bridge on Tally. While we believe there should have been more reflection on the successes and failures of STIP, the current competitive landscape across L1/L2s has led us to support this proposal. As STIP.bridge and LTIPP are now on track to end around the same time, we would encourage the DAO to take time to reflect on more sustainable and robust incentive strategies once these programs have ended.