April 2024 Voting Updates
Expand Tally Support for the Arbitrum DAO
Vote: For
Type: On Chain
We are voting in line with our prior snapshot vote. We look forward to the support Tally will provide and increased updates they will continue to push our for the governance support and UI.
Empowering Early Contributors: The community Arbiter Proposal 2.0
Vote: For
Type: On Chain
These members should be compensated for their work that they diligently worked on during this time period and these amounts are just. We are in continued support as we were earlier from the snapshot.
Request for Continuation of the Arbitrum DDA Program Request
Vote: For
Type: On Chain
We are voting in line with our prior snapshot vote. We have voiced that the past program has done a great job and the in depth updates on the performance and related metrics is very helpful in our decision.
LTIPP Council Votes
Vote: 76 votes
Type: Snapshot
We are voting in line with the LTIPP council’s decisions. For any proposal that was 3/5 votes or higher, we have voted yes. For any proposal that was 2/4 (50% yes), we abstained. Any vote that was less, albeit didn’t make it to the snapshot vote, we would have voted no. Thanks to the LTIPP reviewers for their hard work these last few weeks.
Security Council Member Election
Vote: Certora, Raf (1/2 each)
Type: On Chain
We are voting in line with our prior member selection votes. We split our vote equally on these two nominees due to their experiences and personal experience working with them which makes us think they would be a great fit going forward for the council.
Delegate to Voter Enfranchisement Pool — Event Horizon
Vote: For
Type: Snapshot
Our team has had communications in the past around increasing EH’s involvement in both Uniswap and Arbitrum. The general idea around providing “the little guy” with more say in voting decisions is well-founded–but we do have concerns regarding how legitimate this assumption is. Voter apathy often festers when a large group of people have a singular vote. One person begins to believe that their measly single vote will not materially change the direction of a proposal. As a result, that voter ceases voting. A domino effect of apathy leads to lackluster participation, and then we’re back to square one–this is one reason why single-vote NFT models may not be the strongest systems. Equalizing everyone’s voice reduces the marginal incentive to put effort into making informed decisions. This is a phenomenon we could see with EH. The remedy this proposal displays, however, is:
“When participation is low… each voter receives a larger slice of the public access pie. This means the fewer people there are voting, the more incentive there is for someone new to come and participate.”
We are very curious to see where the equilibrium point lies. At this point, each voter will likely perceive the cost of voting (which is just effort) to be less than the amount of voting power that they are mobilizing. The more people that vote, the less marginal voting power there is–and vice versa. Since we are also Uniswap stakeholders, seeing the results here will also help inform our decision making on the Uniswap front.
Another concern that we initially had was sybil. The EH team has addressed this well via incorporating the Gitcoin Pass. Generally speaking, the Gitcoin Passport setup isn’t perfect, but we feel that it provides a sufficient enough cost for a sybil attack to be thwarted. We also don’t see the appeal for a large sybil attack on 7M ARB worth of voting power–it’s not large enough in our eyes. The cost to sybil this system simply seems too high to be worth swaying a particular vote.
Subsidy Fund for Security Services
Vote: 100% for 1 cohort of 8 weeks, $2.5M fund
Type: Snapshot
Directionally, we are in favor of this proposal. There is clearly a need to help front some of the costs associated with audits. However, the proposal does seem a bit rushed. There are a couple of aspects that could have been addressed prior to taking this proposal to snapshot, which would’ve assured a higher success rate as opposed to the current divisiveness we’re seeing in the polls.
“we are in the process of sourcing a neutral security expert as an advisor to aid us in judging both, applications from service providers during the RFP process and applications from projects looking to receive subsidies from the Subsidy Fund”
“the ADPC is currently in the process of setting up the procurement framework to whitelist security service providers for the DAO. Given the large amount of legal work required to structure an RFP, it is still in the drafting phase and has not yet been published to procure any security service providers.”
The above illustrate some pending work that should be completed before snapshot.
Perhaps a better order of operations is to attain a soft commitment from the DAO regarding how much an initial pilot cohort will require. Say, the snapshot vote leads to the $2.5M fund being selected. Then, the ADPC can run an RFP process, collect the projects that require subsidy, present the findings to the DAO, then follow up with an onchain vote finalizing the payment transfer from the DAO to the ADPC for distribution. This way, there’s a soft commitment present from the DAO, and the contingency at hand is that the initiative attains the earmarked funds only if it’s run in a reasonable manner. What if the DAO disapproves the onchain vote? I doubt that this will happen as long as the ADPC delivers on its promises properly. To those ends, we would like to signal our support for $2.5M for a single cohort, treating this as a pilot. If this proposal fails the snapshot, the ADPC should return to the DAO with a more comprehensive proposal once the aspects from the above quotes have been addressed.
Also, regarding the stated areas of interest–RWA, gaming, and collab tech are noted as the main sectors for audits since there are many developments occurring here. I may be wrong in my assumption, but isn’t the best use of audits for protocols that perhaps have the most value at risk? This would largely include DeFi protocols, especially high TVL ones like money markets. RWA seems like another sector that falls under this umbrella. I’d assume the cost for audits regarding tooling/collab tech and even gaming is properly lower. All this to say I’d think critically about what teams really need an audit to begin/sustain operations–versus those who can delay a full-fledged audit until they either raise more or earn more revenue.
Safeguarding Software Developers’ Rights & the Right to Privacy
Vote: 100% for Fund with 1,500,000 ARB each
Type: Snapshot
The legal terrain is a tough one to navigate, and it’s seldom top of mind for builders in the space until the community faces some sort of calamity. It’s therefore vital to fund groups that have the connections and competency to effectively court the ears of politicians and regulatory bodies. Both organizations have a strong history in shaping the landscape of digital asset regulation and defending the rights and freedoms within the blockchain community. Since we are by no means legal experts, we have resorted to the comments of folks more acclimated with this subject matter to decide our vote. Lobbying and litigation initiatives are quite expensive, so it doesn’t seem prudent to simply give the entities $500k each. It seems wiser to deploy $1M - $3M per organization so they can more effectively implement their plans. If we’re going to fund this, might as well make it worthwhile. An aspect that we hope will better be addressed in the future, however, is clearly reporting back to the DAO the successes and failures of the programs taken by Coin Center and DEF. Other DAOs have previously funded such groups, but they never returned to the DAO with KPIs and success metrics. We are curious if @Immutablelawyer/Axis will be actively involved as a liaison between CC/DEF and the DAO from a communications perspective.
March Delegate Incentive Program
The UADP received its first delegate incentive from the Arbitrum DAO’s Delegate Incentive Program.
A total of 4324.68 ARB was sent to our multisig (0x8326D18edfC50B4335113C33b25116ec268FF3fE) and can be found here. This amount is based on a couple of criteria: snapshot participation, onchain participation, communicating rationale behind the votes, and productive forum conversation, based on the quality of the feedback provide on the forums.
This first initiative is a 6 month period with a goal to renew it continuously. We are planning on splitting these tokens in the following manner:
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50% of the ARB stays with the UADP multisig for the sake of increasing the longevity of this program with the goal of one day self being self-funded
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50% is split evenly among the two UADP contributors
We will communicate future monthly delegate “scores” and incentives in this thread going forward.