you and everyone else voting on this proposal should be aware that you are cosigning @MevPanda and @Hubirb unwillingness to answer the questions raised on this proposal
supporting already successful projects adding value to Curve such Curve DAO itself, Convex or Concentrator is a much better option than Stake “DAO” in name only.
if you look at stake dao treasury its clear they are just trying to find cheap income to keep their project and salaries afloat without creating value
Michigan Blockchain supports this proposal with the requested amount being justified given the sustainable benefits to the Arbitrum ecosystem and having conducted an in-depth revision process of all submitted STIP proposals. We appreciate StakeDAO’s effort in delivering a promising proposal and working with the community throughout the process.
Regarding the Avalanche grant, it’s crucial to clarify a few points:
The grant in question was a direct agreement between Avalanche and Stake Capital - not Stake DAO.
Stake DAO collaborated with Stake Capital for the grant’s distribution part.
We are not a representative of Stake Capital by all means; hence, we cannot speak on their behalf. Our response is, therefore, strictly from Stake DAO’s perspective.
The grant had two distinct components:
A three-month delegation of AVAX for Avalanche network validations.
A program to enhance liquidity on Avalanche.
To clarify:
It seems that Stake Capital not only successfully executed the stipulated tasks but exceeded expectations. They provided an efficient staking solution that outlasted the agreed-upon period. Furthermore, they were pivotal in securing the Avalanche network, bringing significant funds into play. The arbitrage avenue they built maintained a substantial market presence, ensuring the chain’s efficiency. Importantly, no rewards acquired from these validations were ever liquidated.
With the liquidity program, Stake Capital decided to partner with Stake DAO (which has a strong DeFi and retail experience) for the allocation of funds to reach a maximum number of users. When these funds were received, Stake DAO channelled them as liquidity rewards, notably boosting Avalanche’s TVL by up to $120m and more than $50m in the long term.
On the topic of governance, as part of this partnership between Stake DAO and Stake Capital, rewards were distributed in order to comply with the agreement Stake Capital had with Avalanche. That said, it’s worth noting that as a DAO, Stake DAO operates democratically. If any community member had reservations about the grant distribution or its usage, they were free to raise a governance proposal for change at the relevant time. Stake DAO would have adhered to any democratically chosen direction.
To reiterate: Stake DAO’s objective has always been to provide value. No part of the AVAX grant was misused for personal gains or redirected to the DAO’s treasury.
In conclusion, we trust this clears any ambiguities surrounding the matter. We maintain our commitment to transparency and value addition to our community and partners
Sorry, took some time to put together the answer, but since it is not per say a Stake DAO subject, needed to make sure we don’t say anything incorrect.
You now have your answer regarding the Avalanche delegation, I hope you can acknowledge it.
We appreciate StakeDAO’s commitment to enhancing the Arbitrum ecosystem and the well-prepared proposal. However, our decision to abstain from voting on this proposal is due to the fact that the product is not yet live. We would be open to reconsidering our stance once the product becomes operational.
Hello, you are right, such minor mistakes can occur as we have tried to review all 97 proposals in less than a week. We hope that we will be able to conduct a more accurate review next time with more team members.
Update regarding the grant.
First we would like to thank the Arbitrum community for this grant.
Due to the KYC process, Stake DAO Association will actually be the recepient of the grant (as a DAO cannot complete a KYC). The association Safe address is: 0x3B985f06D624C74F270daeCcDb65DcC6ee582372