Governance
118 Posts
Why Did W3F Do This?
The Web3 Foundation has announced the fourth cohort of Web3 Foundation Decentralized Voices delegates. Six delegations will receive voting power of 5M DOT on Polkadot and 30K KSM for a four-month term starting on April 14th. Notably absent are three-time delegates Saxemberg and ChaosDAO, as the foundation selected this cohort with a preference for candidates that haven’t been nominated multiple times before. The delegates for cohort 4 are: Hungarian Polkadot DAO JAM Implementers DAO KusDAO PermanenceDAO Polkaworld Trustless Core
DeFi
A Stable Proposition
Polkadot OpenGov Referendum 1501 proposes to renew treasury acquisitions of USDT and USDC. If passed, 5M of treasury DOT will be DCA’d into stables over a period of 12 months. Idle DOT will be converted into aDOT and supplied to the lending market on Hydration, offering the benefits of additional yield while also contributing substantially to DeFi liquidity, metrics, and use-cases.
Beams of Progress for Community Grants
Moonbeam Referendum 103 proposes significant changes to streamline the Community Grants Program. If passed, the committee size would be reduced, the term length would increase, and grant projects would receive more comprehensive support from DevRel and Account Managers.
Moar Tokens for the Omnipool
Hydration Referendum 35, if passed, will begin OTC swaps of 4.125 WBTC and 3.698 iBTC of protocol owned liquidity into stablecoins. A subsequent referendum will propose OTC swaps into LINK, LDO, and SKY, which will be transferred over Snowbridge to create new Omnipool markets.
ETH Won’t Need to Wear that Wrapper Anymore
Polkadot OpenGov Whitelisted Caller Referendum 1400 is open for voting. If passed it will lower the cost of Snowbridge transfers from Polkadot to Ethereum from ~6.12 DOT to ~1.49 DOT. In addition, it will register native ETH on Asset Hub and make it a sufficient asset with a minimum balance of 15k Gwei.
Doing the Lord’s Work
Lolmcschizz has initiated a discussion on Kusama OpenGov proposing that 33,333 KSM from the treasury be added to the Hydration Omnipool. This move aims to address the longstanding issue of KSM liquidity throughout the Polkadot ecosystem, which has forced many to resort to centralized solutions.
Hydration’s Getting a Little SUIter and SOLtier
Hydration Referendum 204 has passed, meaning Hydration Council multi-sig signers will now make an OTC purchase of USDC 150k of SOL and USDC 100k of SUI. After these assets have been launched on the Omnipool they will be topped up with additional OTC purchases.
It is idle? Put it to work
The over 5.2mill DOT earmarked by Ref1104 to be DCA'd into USDC and USDT still remains 3.7 million DOT on a schedule over 260 days before the completion of the swap on Hydration. There is a discussion to supply the 3.7 million DOT remaining to be DCA's into Hydrations money market as collateral to boost generate yield for the treasury and boost liquidity for borrowers. The DCA will continue even with the DOT still supplied on Hydration's money market.
Hydrate the BTC
Lolmcschizz has initiated a discussion on Hydration governance about the diversification of BTC holdings which currently focus on iBTC and WBTC. He proposes removing a portion of WBTC and iBTC from the lending market and Omnipool to introduce an alternative BTC product such as tBTC or cbBTC.
Guardians of the Treasury
Moonbeam is seeking candidates for the election of 3 x Non-Foundation Treasury Council Members for the January – June 2025 term. If you think you’ve got what it takes, and can spare 10 hours per week for 1500 USDC per month compensation, head over to the Moonbeam forum and create a Treasury Council Member Candidacy post.
A Reserve Diversion
Moonriver Referendum 64 proposed to redirect 80% of Parachain Bond Reserve (PBR) inflation to the treasury to fund future ecosystem growth. Presently, Moonriver targets 5% inflation (1.5% to PBR, 1% to collators, 2.5% to stakers). If Referendum 64 passes, the PBR allocation would reduce to 0.3%, with 1.2% going to the treasury.
Remember When They Told You to Get Your Funds Off Parallel?
It has come to the attention of the Polkadot community that an exploit of Parallel Finance governance has resulted in the execution of a malicious runtime upgrade allowing an attacker to gain unauthorized privileges and begin unstaking and selling funds and minting unauthorized funds. They have already managed to transfer over 312,185 DOT and 126,837 USDT, but are currently waiting for an additional 125,688 DOT to complete the 28-day unstaking period. Polkadot Whitelisted Caller Referendum 1322 aims to use root privileges to rebond the at-risk DOT, and buy an additional 28 days of time for the Parallel Finance community to explore solutions to regain control of the parachain. An address linked to the attacker has responded by submitting Polkadot Root Referendum 1326, which proposes an on-chain remark requesting that sudo privileges do not get returned to the Parallel Finance team, based on allegations that they have been attempting to pull-off a sophisticated rug-pull since April of this year.
Money Market, Hydrated, Loyalty Factors Dehydrated
Referendum 190 aims to upgrade Hydration to runtime v32.0.0. Notably, it will allow the Hydration Money Market to be launched instantly. In addition, it will enact an overhaul that resets the liquidity mining loyalty factor after every reward claim.
Doesn’t Look Like a Mythstake
Mythical has proposed a new delegated proof of stake model for the MYTH token. The first year of staking would be deflationary, with 50M MYTH rewards funded by the Mythos Foundation and all gas fees burned. The staking model for subsequent years will be decided by governance.
Double Chain Trouble for New Dotsama Delegates
Let’s welcome the third cohort of Decentralized Voices delegates: ChaosDAO KusDAO Le Nexus Lucky Friday Labs Polkadot Hungary Saxemberg In contrast to previous rounds, they will be delegates for both Polkadot (5M DOT voting power) and Kusama (30K KSM voting power). The delegations will commence on Monday 11th of November and last for four months.
We'd Better Clear Some Space in the Coffers
In AAG 176, Jay Chrawwna projected the monthly treasury income if the community's Wish for Change Referendum 1139 inflation parameters are enacted. At the current DOT price, monthly treasury inflow would be in the region of USD $10M. With Q3 average spends at USD $8M, this would give some headroom for a potential increase in spending.
A Call for Unity
Wish for Change Referendum 1217 aims to unify the address format across the Polkadot ecosystem. It proposes a single address format for all compatible Polkadot parachains, with simple three character readable address prefixes to indicate the chain. If passed the initiative would be executed and funded by the UX Bounty.
OpenGov or OpenLov? Swipe Right to Find Out
Novasama announces SwipeGov, a new multi-lingual AI powered interface that makes voting in Polkadot OpenGov easier than ever, available with the Nova Wallet v8.7.0 update. Users are presented with an AI generated summary of each governance proposal, offered in 13 different languages. Swipe right to AYE, left to NAY, and swipe up if undecided.
A Community-owned AI Data Center with Deflationary DOT Mechanism?
Marvin Tong (Hashforest/Phala) has initiated a discussion on OpenGov proposing to build a USD $1.5M community-owned Polkadot Super AI Center, featuring 2 Nvidia DGX H100 systems that would be available to Parity, Web3 Foundation, and Polkadot Ecosystem teams free of charge. In addition, usage at half the market price would be offered to Web3 and AI partners willing to collaborate on research papers. A twenty percent discount will be offered to public projects, with the goal of onboarding at least twenty companies. Hashforest plans to run the project as non-profit, using any revenue to buy back and burn DOT for the benefit of Polkadot's long-term tokenomics.
Polkadot Embassy Shake-up
After very little progress being made in the first months of the new Polkadot Ambassador program, Referendum 1186 has been proposed to overhaul it. It proposes to reduce the number of Head Ambassadors from 21 to the following 10 members: -Lucy -Lorena Blockya -Alice und Bob -Dot Play Angie -DonDiegoSanchez -Abdulbee -zoemc -Leemo -Rish -six These members have agreed on a 100-day plan, which they are already beginning to execute. Three HAs have been assigned the role of developing the Ambassador Program, while the remaining seven will be focused on community growth and business development.
DV Downsizing, Get Ready for the New Fab Five
The second cohort of Decentralized Voices concluded on September 10th, and the program has now entered a transitionary period. Votes after September 11th may not be counted if the referendum overlaps the onboarding of the next cohort. Cohort three of Decentralized Voices will introduce significant changes. Firstly, this time DV delegates will be delegated voting power on both Kusama and Polkadot. The number of delegates will be reduced to five, but may be altered at a later date. The length of delegation is being increased from three to four months, and at its conclusion, delegates will awarded 3500 DOT for their service. Applications for the third cohort are open until September 29th 2024.
Yikes, That's Some Ridiculously Cheap Coretime
Due to a mistake in sale price units, the sale base price of core time is 1 nanodot rather than 10 DOT. Whitelisted Caller Referendum 1172 needs to pass by Thursday 26th September to avoid that the five cores on the market do not sell for an unintentionally low price.
It's Spammin' Time
Amforc has intiated Referendum 1169 to fund a project which aims to showcase the scalability of the Polkadot Relay Chain. They are requesting 65K DOT to cover transaction fees and existential deposits to spam the relay chain to maximum capacity for a period of 30 minutes. At least 80% of the DOT requested will be returned directly to the treasury through transaction fees, with the effective cost to the treasury estimated to be 10.2K DOT.
A Centrifugal Turn-around
Big Spender Referendum 1122 has been amended to reduce the spending amount from 3M USDC to 1.5M USDC. Initiated by Centrifuge, the original proposal was to send 3M USDC to the Polkadot Community Foundation, which would then be invested in the UST Anemoy Liquid Treasury Fund. After concerns were raised by the community that there is not enough USDC in the treasury to cover upcoming USDC spend requests, Centrifuge has added an instruction to the proposal for the Community Foundation to return 1.5M USDC to the Polkadot Treasury.
Why Not a Little Lower?
A fourth proposal for adjusting inflation parameters has been submitted on the OpenGov Wish for Change track. A user by the name of Dobby proposes an inflation rate of 5% rate, with a constant 15% of inflation going to the treasury. Dobby appears to be waiting for a generous donor to place the 20,000 DOT decision deposit.
It's a Birdo, It's a Plane, No It's .DOT Usernames
Birdo has initiated Referendum 1134 to set up an on chain Authority to distribute free .DOT usernames for users of the new Polkadot app. The Authority and its keys would be managed by Parity, and username creation would be executed using the Identity pallet on the People Chain. The .DOT username would be non-transferable and bound to the address of the Polkadot App wallet.
Community Consensus, or Just a Whale With an Idea?
Polkadot OpenGov Wish for Change Referendum #959, initiated by Giotto, has passed. It proposes that the Polkadot marketing strategy focuses on spreading awareness to end users which will in turn attract VCs and investors. While Giotto claims that the passing of this referendum is indicative of an overall consensus about the Polkadot marketing strategy, Shawn Tabrizi is less convinced. He believes that forming a message such as this and asking people to vote yes or no, without any prior community discussion on the message itself, does not indicate consensus at all, and is not the way the Wish for Change track is supposed to be used.
Looks Who's Back
Chainalysis have opened a discussion on Polkassembly to present their new and improved treasury proposal. This time they are requesting 6.5M USDC paid in three annual instalments, and their surveillance offer now includes monitoring of the DOT token on the Relay Chain, Hydration, Moonbeam, Asset Hub and Astar.
WUD's Brewing Something
Dr. Gavun Wud, fownder & cheef arkitukt of Polkadot, has submitted a proposal to Hydration governance to make the WUD token a sufficient asset. If passed, a live account on Hydration would be possible with 20K WUD, which would allow for something "crazy cool" planned for next week.
Shawn Shows You How
In his Ambassador Program 2.0 proposal, Shawn Tabrizi suggests that the threshold for Candidate Ambassadors to be promoted to Ambassador could be 5 successful tip requests of at least $200. To demonstrate how easy that would be, he has submitted a tip request for his work on writing his proposal.
Shawn's Vision for the Polkadot Ambassador Program
Polkadot Fellow Shawn Tabrizi has published Ambassador Program 2.0 (Shawn's Vision), an alternative approach to the new Ambassador Program. Rather than having 21 head ambassadors on a $120k pa salary, he proposes two full-time roles of Ambassador Management compensated at OECD average salaries for Project Managers. The remaining ambassadors could work their way up through the ranks by meeting thresholds for treasury tipping and proposals. Shawn places emphasis on initial frugality and retroactive payment while climbing the ranks, with the idea that by the time an Ambassador reaches the higher ranks, there will be an opportunity to earn even more than $120k pa.
Shall We Deflate DOT Inflation?
Web3 Foundation's Jonas Gehrlein has published a proposal for adjusting Polkadot's inflation system on the Polkadot Forum. He suggests simplifying the model by removing the ideal staking mechanism which has become largely redundant with the introduction of Agile Coretime and revenue burning. He proposes a simple mechanism with APY increasing with a lower staking rate and vice-versa, and a fixed treasury inflow. These adjustments will be possible after new mechanisms are deployed in the next runtime upgrade. As an example he showed how inflation can be reduced to 8%, which would give a Staking APY of 11.62% at the current staking rate, with a treasury inflow of 1,155,529 DOT (fixed at 15% of inflation). The community is invited to get involved in the discussion and come to a general consensus so that an appropriate OpenGov referendum can be proposed after the runtime upgrade.
I Would Vote 1000 Times and I Would Vote 1000 More
Polkadot Governance has achieved the respectable milestone of 1000 referenda. To commemorate the occasion Distractive have submitted the 1000th proposal on the Wish For Change track, "A Wish for Continuity". If approved it will make the on-chain remark: Polkadot 4lyfe
Decentered Sub0 Proposal Gets a Frosty Response
Decentered have removed the preimage and requested for the community to vote NAY on Referendum 927. The referendum was originally requesting for 99,995 DOT for pre-funding of Sub0 Europe 2024, to be held in Barcelona. In light of community feedback to both the proposal and the recent Polkadot Decoded conference, Decentered have decided to postpone a decision on sub0 Europe 2024.
Nikhil Decodes the Future of Polkadot Governance
Thursday, July 11, 2024 13:50 CEST Polkadot Decoded: Impact Stage Polkassembly CTO Nikhil Ranjan presents: "Future of Governance & Decentralisation at Polkadot" He'll guide us through some of the latest changes to governance, such as Collectives, as well as how identities and reputation will become more important in the future.
Snowbridge, We Need to Talk
Snowbridge's upcoming treasury proposal for retroactive and future costs is open for discussion on Polkassembly. At this stage the proposed amount is 999568 DOT (~5.8M USD). External costs include payments for past and future auditing (710k USD), and light client relayer costs (400k USD). The remaining funds will cover completed (1.875M USD) and future (2.8M USD) milestone payouts. Funds for future milestones will be earmarked for community insurance and a bug bounty program and can be diverted to compensate users in case of widespread losses due to a major hack.
Lookout Tron, We're Coming for Your Stablecoins
Referendum 857 proposes to reduce the ED of stablecoins (USDC/USDT) on Asset Hub from $0.07 to $0.01. This is the first of a series of potential minor Asset Hub tweaks that aim to make Polkadot a competitive player for stablecoin payments and transfers.
We're Going to Need More DOTcorn
The Web3 Foundation announces the second cohort of Decentralized Voices delegates on Polkadot and Kusama. The change will take place on-chain on June 10th 2024. Each delegate will be delegated 4.2M DOT/18K KSM for a period of three months. In addition to the Spender and Tipper tracks, the second round delegates will be now also be added to the Wish-for-Change and Treasurer tracks. The second round delegates for Polkadot are: ChaosDAO Saxemberg BRA_16 Collective Mexican Collective Ezio Rojas Lucky Friday Labs Polkassembly Scytale Digital Oneblock+ Irina Karagyaur For Kusama: 0xGeorgii | SpaceInvader Alex | PromoTeam Bruno Škvorc Lorena Fabris KSM Community Collective Luke Schoen Roger Le Thomas Rivier | Bifrost Tommi/Hitchhooker | Dr. Jeff Cao
Judgemental Fellows
With the Polkadot community's ratification of JAM as the next major version of Polkadot complete, the Fellowship are now voting in a referendum to the ratify and accept their role as judge in the JAM Protocol Prize. If passed, the fellowship will judge the JAM Protocol prize in accordance with the rules stated in https://jam.web3.foundation/.
Referendum #716
LAOS has initiated Referendum #716 on the Whitelisted Caller track to correct an error in their crowdloan parameters which is preventing contributions from being recognized on Auctions #68 - #73. The issue was caused when LAOS erroneously created the crowdloan with the first_period parameter as 16, the present lease period.
Referendum #705
Giotto de Fillipi's next Wish for Change on OpenGov is to reduce the waiting time between treasury referendum confirmation and recurring payment. Giotto's proposed solution is to reduce the duration of the spending period (currently 24 days) to something as short as feasible. Alice und Bob has highlighted that the already implemented spend() extrinsic allows for immediate payouts. Furthermore, Alice und Bob has initiated Small Tipper Referendum #708 for USDT 69 (nice) to raise awareness and test the spend() extrinsic.
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