April 2025 Voting Updates
[Non-constitutional] ARB Incentives: User Acquisition for dApps & Protocols
Vote: Against
Type: Snapshot
We are generally in support of exploring ways for teams to institute more off-chain and traditional methods for acquiring users. In hindsight, supplementing the STIP/LTIPP with a marketing budget would have made sense. It’s important for dapps to define their distribution channels, along with the funnel pipeline from a user seeing a paid advertisement of X, for example, and being converted to deposit in a lending protocol or liquidity pool—this is superior to simply disclosing one’s onchain distribution strategy. However, all that being said, we do not think that this initiative should go forward at this present time. This should be supplemented with a future version of an incentive program, except this time around, while also incorporating effective off-chain user acquisition strategies.
OpCo – Oversight and Transparency Committee (OAT) Elections
Vote: Frisson, Marc Zeller, Chris Cameron (Paper): ⅓ each
Type: Snapshot
Our voting power was evenly allocated across the above three candidates. Since we foresaw AJ and Patrick already getting elected, we wanted to distribute our voting power to candidates other than them to make our vote more impactful. Having worked with Frisson in the past on multiple projects, and seeing him contribute to Arbitrum for a handful of years now, gave us confidence in electing him. Then, to balance the scales, we selected Paper and Marc as the other two candidates due to both of their candid and transparent approaches to DAO management. We respect their opinions and openness to call out issues when they arise.
TMC Stablecoin Recommendation
Vote: YES, Deploy Stablecoin Strategy
Type: Snapshot
Having been proponents of a strong stablecoin strategy from the start, we are keeping in line with that perspective, voting in favor of this proposal. Risk seems to have been addressed inherently within the strategies themselves, with decent yield attached to the total 15M ARB bucket, along with increased diversification across the select three vendors. Kpk, Avantagrade, and Gauntlet are all teams we’ve collaborated with before and have high confidence in their ability to deliver on their promises. The only downside here, of course, is that ARB needs to be sold.
TMC ARB Recommendation
Vote: Abstain
Type: Snapshot
Although we voted in favor of the stablecoin strategy, we opted to abstain on the ARB recommendation. There are benefits to strategies like covered calls, and we do like Myso generally speaking. However, right now, from a timing perspective, we are more comfortable with simply using a more vanilla stablecoin strategy and then revisiting the ARB strategies recommended in this proposal more towards a market reversal. We don’t think it’s the best idea to sell/earn yield on this ARB in this unpredictable environment. Our encouragement would be to look for alternative strategies in the meantime, perhaps those that are also cheaper in terms of fees. Again, we are happy to revisit this structure during different market conditions, sticking just to the stable strategy for now.
2025 Security Council Nominee Selection
We allocated our voting power to Certora and Michael Lewellin. We have worked extensively and seen great output from both in the past and believe they will continue to do a great job going into the future.
March Delegate Incentive Program
The UADP did not receive any rewards for the month of March.