ADPC Update Thread (Phase II)

DAO Programs & Initiatives Procurement Committee
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Update Thread
Update Thread1034×662 24.6 KB

Hi all, welcome to the Arbitrum DAO Procurement Committee’s update thread for Phase II.

We will be posting bi-weekly project updates to this thread along with any additional updates as required on an ad-hoc basis.

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ADPC Bi-Weekly Update #1: 25 October 2024

Project Status

#1 - 25 October 2024
#1 - 25 October 20241920×1083 207 KB

Focus Last 2 Weeks

Work Package 1 (RPCs)

  • Commenced market analysis to understand benchmarks and KPIs for RPC providers.

  • Collating RPC provider contacts.

  • Finalizing creation of public market consultation for RPCs.

  • Began process of contacting Orbit chains and other target customer base to identify pain points.

Work Package 1 (Events)

  • Coordinated with Entropy Advisors on events vision.

  • Decision to define vision and next steps post the Events Budget vote passing Tally.

  • Connected with Arbitrum Foundation to identify how we can support them with DevRel-focused events.

Work Package 2 (Subsidy Fund)

  • Made a significant push on the Subsidy Fund applications - closing of Subsidy Fund applications on Mon 14 Oct at 23.59 and we made a push on Twitter, got the Arbitrum DAO account to RT, etc. Received 56 applications.

  • Completed Stage 1 (initial review) of subsidy fund applicants.

  • In progress of completing Stage 2 (in-depth review) of subsidy fund applicants.

  • All whitelisted security service providers completed signing of agreements with AF.

  • Answered questions from whitelisted auditors and the subsidy fund applicants re. the process.

Work Package 3 (OpEx Budget)
  • Waiting on Tally’s Optimistic Governance Module and ongoing coordination with Tally.
Work Package 4 (Reporting & Management)

  • Created detailed task plan for Phase II.

  • Created update template and timeline view.

  • Aligned with MSS on creation of Subsidy Fund multi-sig.

  • Coordinated with Aera & MSS for ADPC payment stream for Phase II.

Focus Next 2 Weeks

Work Package 1 (RPCs)
  • Continue with market analysis and market consultation of RPC providers.
Work Package 1 (Events)
  • Progress on defining Events vision alongside Entropy Advisors and AF and OCL.
Work Package 2 (Subsidy Fund)

  • Complete Stage 2 (in-depth review) of subsidy fund applicants.

  • Walk through of marketplace.

  • Request quotes from whitelisted security service providers.

Work Package 3 (OpEx Budget)
  • Consider integration of an angle of DevRel support into OpEx budget.
Work Package 4 (Reporting & Management)
  • Ensure commencement of ADPC payment stream for Phase II.

Relevant Links

ADPC Public Dashboard

4 Likes
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@sid_areta FYI. The ADPC Public Dashboard link is broken.

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As part of the Arbitrum DAO Procurement Committee (ADPC) Phase II proposal, the ADPC elected to convert its operational budget from ARB to USDC using the Aera protocol, with Gauntlet serving as the vault Guardian. The proposal requested 954,608 ARB, representing a $414,000 budget with a 20% buffer to account for potential price fluctuations between proposal submission and execution.

Due to a minor oversight, the buffer was converted along with the intended amount, resulting in an excess of $75,090 worth of ARB converted to USDC. After a discussion with the Arbitrum Foundation, a decision was made not to convert the USDC back to ARB. To be clear, no money was lost at any stage of this process – rather, more ARB was converted to USDC than initially proposed.

As a result, the MSS will return the USDC equivalent ($75,090 USDC) of the excess budget to the DAO treasury.

Aera is actively working to improve processes to ensure smooth and accurate conversions in the future.