Camelot is a decentralized exchange designed to be a foundational piece of the Arbitrum ecosystem, offering a highly efficient, permissionless and native liquidity infrastructure. Since launching in 2022, Camelot has facilitated over $30 billion in trading volume and built strong partnerships with more than 75 projects, making it the leading native dex on Arbitrum.
As one of the most important parts of Arbitrum’s DeFi landscape, Camelot is committed to supporting the ecosystem’s expansion, including its growing network of aligned Orbit chains. Beyond just facilitating liquidity, Camelot will actively engage in governance through this thread to help shape the future of Arbitrum, ensuring that both the protocol and the broader ecosystem grow while contributing to Ethereum’s scaling.
We look forward to claiming back the fees accrued in Nova until August and also find a way to utilize them in a productive way for the ecosystem, in a way similar to the current GMC initiative. While we understand why the vote will be bundled in Tally for quorum reasons, we have strong opinions on Timeboost and so we would strongly be in favor of avoiding do so; in case of failure we will advocate for the unbundling of the two votes since they are not related one to each other.
Vote: For
Normally, we would not support a budget increase for a grant program, especially one that has yet to show meaningful results due to its timing. However, in this case, we are willing to make an exception because of how it has been structured.
Having OCL lead the selection of teams and projects to be subsidized ensures that their vision for this technology is embedded in the process. This leadership also allows them to identify and address key gaps. Stylus is a key technology, value add and differentiator of Arbitrum compared to other chains, and we should push it without being hindered by fixed budget allocation if this is the strong advice of the committee of and OCL.
We believe this approach has the potential to yield positive outcomes, and we welcome this change.
Camelot supports the proposed upgrade to ArbOS 40. This upgrade aligns Arbitrum One/Nova with the Pectra Ethereum update, and we think mechanisms such as EIP-7702 will be key to improve the UX of users interacting with the various dApps. In general, we think Arbitrum and the EVM ecosystem should do more in term of enhancements for user experience, and this upgrade goes in the right direction.
Camelot is voting AGAINST the OpCo proposal.
While we were supporters with several open questions during snapshot, the decision of Entropy, as the original proposer, to vote against their own proposal raises significant concerns about the possibility of success; this vote has candidly undermined confidence in the initiative.
We still think, as in the snapshot, that the proposed budget of 30M ARB represents a substantial commitment of DAO resources, potentially excessive for the highlighted scope. Given the uncertain effectiveness of OpCo compared to established entities like the Arbitrum Foundation, we think that the monetary allocation, but above all the mindshare allocation, of the initiative might be excessive at this stage of the DAO’s life, especially knowing there has been a commitment from the Arbitrum Foundation to be more active in governance life.
Without clear conviction from the proposal’s originator, combined with the significant impact and potential bloating of governance’s day-to-day operations, we don’t think it is currently wise to support OpCo in its current form, especially because we expect more engagement and a change of pace from the Arbitrum Foundation and OCL since this has been the general message provided in the last few weeks on public channels. We do remain positive about the fact that the DAO should be capable of having its own entity, with a precise scope such as owning infrastructure and ability to hire contributors for the long term. That said, if the vote passes as it currently seems likely to do, we will still act as stewards of the chain and of the DAO by ensuring to support the OpCo as well.
We believe the STEP 1.0 initiative is worth continuing and expanding upon. While its primary objective is to establish a more reliable set of treasury assets, we see an opportunity to create greater consistency in utilizing these assets for ecosystem growth. Specifically, we should focus on incentivizing the creation of liquidity pools on the Arbitrum chain. This approach would not only benefit the DAO but also strengthen the broader ecosystem, potentially unlocking a key advantage that RWAs currently lack: utility akin to that of non-yield-bearing stablecoins.
Additionally, we strongly align with other delegates who suggest that this initiative, along with the GMC and Arbitrum track, should be managed under a unified framework. Consolidating these efforts would streamline bookkeeping and reduce overhead costs.
Camelot voted “for” the new season of Arbitrum D.A.O. grants. While we believe there is significant room for improvement—particularly in light of the Entropy report and, more broadly, the DAO’s spending approach—we think supporting this new iteration is worthwhile.
Not only does it serve as an entry-level program for the ecosystem, but it also relieves the DAO from having to directly evaluate a large number of smaller proposals. While many of these proposals may have merit, assessing them individually would likely require too much time and attention from delegates.
Lastly, we welcome the approval of the new Orbit domain. We understand that this is an experiment and has been underfunded for this reason, but we believe the DAO has not yet done enough to promote Orbit—a technology we see as crucial to the Arbitrum ecosystem.
Vote: Only deploy stables, Deploy nothing, Abstain, Deploy both, Deploy only ARB
We are going to trust the choice of the committee about not deploying ARB. At the same time, we would be
Vote: For, Deploy Capital
While we are not neutral for this vote since we are one of the selected protocols, we do believe the approach is sensitive in term of risk management. In term of selection of protocols, we still believe there should be a more diverse selection of native Arbitrum protocols to foster growth as explained in a previous feedback hereby reported for clarity.
Vote: Abstain
While we don’t want to hinder the vote, we will vote “Abstain” on the on-chain vote to adopt Timeboost. We still think all our concern from the snapshot discussion have not been addressed, and we are looking forward to read more precise data studies on the effect of this new policy not only for the DAO but also for protocols operating in Arbitrum.
Vote: Against
Consistently with the snapshot vote, we are voting against. We appreciate the effort of the proposer, but we think the initiative is not structured on strong fundamentals. Specifically, the idea that builders and founders will come to the DAO to seek for advice is a bit naive since the DAO doesn’t have the strongest history ever of supporting builders, nor most of the people involved in it are necessarily founders or operators of protocols.
Vote: Abstain
We thank the proposer for the work done so far on this initiative. We think incentive programs are an important part of growth strategies for our chain, and we have not had any for several months now.
That said, we want to abstain from this vote because we think, in the current form, it only partially address the gaps we have seen in previous iterations such as STIP and LTIPP. We support the data monitoring, but haven’t seen solution for the shortfalls that can happen in such programs, specifically for certain categories of protocols and above all from protocols operating exclusively in Arbitrum versus protocols operating multi chains that can indeed subsidise growth here through incentives while recouping any loss outside of our ecosystem.
Vote: 33.33% for A.J. Warner (ajwarner90), 33.33% for Frisson (Frisson), 33.33% for Patrick McCorry (stonecoldpat)
We think Patrick, AJ and Frisson are the best people to take the oversight role of OpCo.
Specifically, we think giving a more active role to members of Arbitrum Foundation and Offchain Labs will give them what they might have missed so far, a direct role to steer and direct the operations of the DAO in a successful way.
We have also growth to know and appreciate Frisson both for his work at Tally and the roles he has had in our DAO, and we think he has the business posture to cover this important position as well.
Since several concerns from our previous notes were addressed by the Foundation such as the participation of already deployed protocol in the program, we are voting in favour of the initiative compared to the previous abstain in the off-chain vote.
Vote: For
We think STEP has been a rather successful initiative, and we think a second round build on the same premise of the first is positive for the ecosystem.
Vote: Yes for both
While we think there is the need to address the long term need of the DAO on how to tackle conversion of funds, in this case we think is sensitive to use already allocated funds, that should be given back to the DAO, for initiative experiencing a shortfall. On top of that, it makes sense to utilise the stables in excess for yield bearing programs such as the TMC one.
Vote: For
As previously noted, we think incentive programs are a structural part of growth in our ecosystem, but have to happen in the proper way. We are willing to move forward only mechanisms that are able to address previous shortfall, and while not all details are planned, we think Entropy is currently the only entity potentially able to tackle these problems and also to gather consensus around the goals.
We are looking forward to know the first set of potential goals of the program before the on-chain vote, as well as the technological partner of choice to execute it.
Vote: For
We vote in support of this proposal since we are well aware of the quorum problems the DAO is facing more and more over time. We are also looking forward to proper long term fixes, since this initiative will buy us only 4 months of time according to the Foundation’s calculations.
We are obviously in favour of cutting any excessive cost on Nova, especially now that we are seeing the Orbit stack becoming more and more predominant in the ecosystem. It would be interesting to understand if there is any specific strategic plan for this product; at the same time, the proposal is sounding and logic for the current time being.
Vote: For
We are in support of this proposal. We think the current status of AGV is such that going for a re-election now would be disruptive for the operations. At the same time, we are generally not thrilled by the fact that this situation was forced by basically a 6 months delay in the roadmap of the fund.
That said, we hope that this extension will help the council work in peace and allow the initiative to take off. The goal has always been to create a new line of business for the DAO and we hope that this will come to fruition in the future.
Vote: Don’t Extend
As others, we think the internalisation of research functions in the AAEs plus the ability for OpCo to engage directly with service providers after the previous vote makes the extension of ARDC not viable. We think the researches were of good quality; that said, the structure falls short in term of actionability post-research. We do see a risk of the gap in not having a research department in the DAO, but our hope is that this gap will be filled by OpCo ability to move more freely.
Vote: For
We support upgrading the contracts in a way that is more efficient to call for specific updates, to reduce complexity and potentially also human errors.
Vote: For
We do support every builder that wants to come in Arbitrum so the vote is straightforward. As other delegates, we hope that there will be in future ways to avoid governance votes for this kind of operations which should be easier to execute.
