1 Poll Closing February 6, 2025
Approve the Nova Fee Sweep Action
Summary: This poll asks ARB holders to approve sweeping the remaining fees from Arbitrum Nova to the treasury.
Recommendation: Vote For. Newly accruing fees are automatically swept now through the recently deployed router. But historically accrued fees still require this manual transfer to the treasury. Fees accumulated can be viewed at the address here. This process should not require repeating with the new router in place.
2 Polls Closing February 13, 2025
Non-Constitutional: Stable Treasury Endowment Program 2.0
Summary: This proposal asks ARB holders if they support a second round of the STEP treasury diversification program. It includes 35,000,000 ARB for liquidation into USD and ~130,000 ARB to cover program expenses. It renews the previous program with substantively the same screening committee, with the addition of Entropy Advisors to replace Steakhouse who is the program manager now.
Recommendation: Vote For. GFX Labs served on the original STEP committee and will serve again if this program is approved. Recent market turmoil demonstrates the value of Arbitrum governance having stable-value assets to secure meeting ongoing expense obligations.
OpCo: A DAO-adjacent Entity for Strategy Execution
Summary: This proposal asks ARB holders if they support the creation of an operational company to be a legal entity able to perform various DAO initiatives without going through the Arbitrum Foundation. The total budget is around 29,000,000 ARB. For full details of this complex proposal, voters are encouraged to carefully review the full text and discussion here.
Recommendation: Vote Abstain. From a decentralization standpoint, this offers the benefit of a parallel route to the Arbitrum Foundation for tasks requiring a legal counterparty. The cost is, however, not small. Additionally, while the AF is far from perfect and can be credibly critiqued, it tends to be fairly deferential to Arbitrum governance already, making it an exception in the space. There haven’t been, to our knowledge, any challenges where DAO activities were blocked or significantly delayed because the AF was unable or unwilling to provide the services the OpCo would, making the main benefit of the OpCo that the DAO is less reliant upon the AF. It may be better to hold plans for an OpCo, or simply set it up formally but wait to begin operations, until the AF fails to perform desired tasks for the DAO.