thanks for Vicky, Derek and Pazu, DHK dao has now a multisig wallet on Gnosis safe.
the vault stores all the assets of DHK dao (unless if there’s any not supported by OP mainnet), and can be viewed on
https://app.safe.global/balances?safe=oeth:0x81c5C4047F84C3842F9B7Ac841C96504517C7d8F
all the assets DHK dao had on Cosmos econsystem have been bridged to OP mainnet and added to this vault. future assets, if any, will also be added to the vault.
Thanks for your feedback.
As mentioned on Discord (https://discord.com/channels/816256689078403103/1218526270283841588/1232777254174457856), I will not include sending the tokens back to the community pool in the proposal. The purpose of the Liquidity SubDao is to manage the liquidity of the chain and sending tokens back and forth would only cause more effort. For this reason, the $JUNO tokens will remain in the Liquidity SubDao treasury.
I will now prepare the proposal to the community in our Operations SubDao.
Motivation
Open Dollar design leads to two primary questions:
- What are the optimal PI Controller settings to ensure that $OD remains floating pegged to $1?
- What should the initial Collateral Factor be for each asset at the launch of the protocol?
The 0xsidequest team has conducted extensive quantitative modeling to answer these questions. We wish to provide our recommendations to the community in this proposal.
The full report with explanation of our methodology, can be found here.
Recommendations
Central to the Open Dollar system is the PI Controller, which is designed to stabilize the $OD price by adjusting the redemption rate. Hourly, the redemption rate is updated according to an expression involving two system parameters: Ki (the integral term) and Kp (the proportional term). Different parameter values lead to different tradeoffs in the response of the $OD price to redemption rate adjustments. Choosing smaller parameters, for example, can lead to the PI Controller not being effective enough, resulting in long periods of time where the market or redemption prices diverge significantly from the target. Contrastingly, if the PI parameters are set too large, the system is likely to overcorrect given minor perturbations and become unstable in the long run.
Based on our simulations, we recommend the following parameters as safe initial values to set the system to:
- Kp: 3.16e-6 (3160000000000 in WAD)
- Ki: 3.16e-13 (316000 in WAD)
In the Open Dollar protocol, collateral factors (CFs) are pivotal in determining the borrowing limits against specific collateral assets. Expressed as a percentage, the CF indicates the amount of collateral needed to borrow a certain value. Setting the appropriate CFs involves balancing two critical objectives: minimizing insolvency risk and maximizing capital efficiency.
Our simulations found these collateral factors to be effective at optimizing these objectives:
- wstETH: 130% (120% minimum)
- rETH: 130% (120% minimum)
Data
This section serves as a brief preview of the report. The chart below depicts the relationship between CF levels, the undercollateralized user ratio, and the bad debt ratio.
As one can observe, both the undercollateralized user ratio and the bad debt ratio are closely linked. Both metrics remain relatively stable until around a 120% collateral factor (CF). More aggressive CF values exponentially increase insolvency risk to the protocol, while increasing users’ capital efficiency only linearly. Therefore, a 120% collateral factor should be the absolute minimum parameter for ETH LSTs in the Open Dollar protocol.
In addition to traditional risk assessments, selecting collateral factor (CF) parameters for LSTs involves considering the potential for stablecoin assets to depeg from their underlying asset (ETH). Our focus is on determining the net depeg tolerance that the protocol can withstand. The primary depeg risk for rETH and wstETH stems from the potential slashing penalties incurred by their validators. Given the extensive validator sets offered by both decentralized autonomous organizations (DAOs), a significant portion of validators would need to be slashed over a multi-day epoch for a substantial depeg event to occur.
Blending both views balances the risks of insolvency with the benefits of improved capital efficiency, ensuring stability and operational viability for the protocol. This results in initial collateral factors of 130%.
Discussion
Our report emphasizes the critical role of parameter selection in sustaining Open Dollar’s protocol stability. While our recommendations provide a robust foundation, continuous monitoring and adjustments are essential to align with changing market dynamics.
We want to highlight the importance of collaboration and community involvement in refining decentralized systems. We invite the community to engage in discussions about our methodologies and potential improvements. Your feedback fosters an active and engaged community crucial for refining decentralized protocols, regardless of whether you’re a developer, researcher, or DeFi enthusiast.
Feel free to dive into the full report, and please don’t hesitate to reach out if any concepts seem unclear or if you have any questions. We’re here to help and happy to clarify any points that may cause confusion. What’s Next: 0xsidequest remains dedicated to monitoring the system’s performance post-implementation, refining our model based on empirical data, and contributing to ongoing research efforts. We’re excited about the prospect of further collaboration with the DAO, leveraging our expertise to drive innovation and advance DeFi initiatives.
Future research into Open Dollar could explore:
- Introducing New Assets
- Exploring PI Controller Update Delays
- Continuous Parameter Optimization
About Us:
We’re a seasoned team deeply rooted in the crypto industry, merging mathematical precision with software engineering to guide protocols in their decision making process. Our research has garnered recognition from publications like Bloomberg Business, Messari Research, Hackernoon, and Polygon Research. Presently, our focus lies in conducting thorough risk assessments for projects such as Liquity, Keom, LiquidLoans, and further lending markets.
We are honored to be working on DeFi primitives that strive to address real problems. Stablecoins represent a significant crypto use case, yet decentralizing them presents unique challenges. We’re delighted to have the opportunity to make an impact in this space and contribute to the success of Open Dollar!
Website: 0xside.quest Twitter: 0xsidequest
when to invest, start, and build something.
Some raw thoughts that have been sitting in my notes for some amount of time.
Startups and explosive growth are built on the backs of scaling laws and tipping points.
While the most obvious ones to think about are the ones that are the entry of a new platform i.e an “iPhone moment”. There are more fundamental things.
And this happens for both fundamental tech as well as human behavior (I.e Airbnb – people willing to accept strangers into their own home).
The Past is Obvious
- Internet / Mobile Phone Adoption (CAGR)
- Moore’s Law (yay)
Current Venture and Growth Scale
- Renewables / Charts on Energy (battery density and a bunch of other ones)
- Crypto Adoption (CAGR in wallets)
- “Sama’s Law” – I.e Neural Network Scaling (leading to predictable outcomes in better loss)
Note, this is where the current crop of super active stuff is
Next Up and arguably already in progress
- Bio? Scaling
- Fusion Triple Point
- Cost of Delivery of 1 kg to space
I don’t really have a strong reason categorize them here, or remember to pull the graphs but on a pure investment / dollar basis
Bio in Depth
Here’s a GPT’ed Table on which I asked GPT to estimate a “hypothetical” scaling law, around the ability for AI to model systems. There are a bunch of other bio scaling laws that are interesting / relevant 1) sequencing cost 2) raw amount sequenced and 3) synthetic bio stuff.
But I was most interested in modeling. I haven’t checked this data in a while, and it’s literally GPTed so DYOR.
The implications that I had hoped to draw was the best “time” to try to disrupt tradition pharma. I assumed that the larger the simulation, the more accurate your drug dev process would be, therefore a more large / accurate pipeline.
Maybe the mRNA vaccines produced by Moderna are a case for this>
Source | Date | Entity | Atoms | Spatial Complexity Increase | Time Complexity Increase | Total Complexity Increase | Spatial Complexity Doubling Times | Time Complexity Doubling Times |
---|---|---|---|---|---|---|---|---|
Early Docking Simulations | 1980 | Small molecules | 10 - 100 | 0.01 | 0.01 | 0.001 - 0.01 | - | - |
AlphaFold2 | 2021 | Human protein structure | 5.4 * 10^3 | 1 | 1 | 1 | 0 | 0 |
Alphafold Multimer (3) | 2023 | Protein complex | 1.08 * 10^4 - 1.08 * 10^5 | 2 | 2 | 2 | 1 | 1 |
Absci Source (Estimate) | 2023 | Antibody-Target Interaction (Whole Antibody) | ~23,400 | - | - | - | - | - |
AlphaFold Multimer (3) | Est. 2023 | Hemoglobin | 10 * 10^3 | 1.85 | 1.85 | 18.5 | 0.91 | 0.91 |
AlphaFold Multimer (3) | Est. 2023 | mRNA Vaccine | 10^4 | 1.85 | 1.85 | 18.5 | 0.91 | 0.91 |
AlphaFold 5 - 6 | Est. 2029 | DNA Polymerase | 10^5 | 18.5 | 18.5 | 1.85 * 10^6 | 4.24 | 4.24 |
AlphaFold 5 - 6 | Est. 2032 | Apoptosis Pathway | 2.5 * 10^5 | 46.3 | 46.3 | 4.63 * 10^6 | 5.54 | 5.54 |
AlphaFold 19 | Est. 2039 | Ribosome | 3 * 10^6 | 556 | 556 | 1.67 * 10^9 | 9.11 | 9.11 |
AlphaFold 19 | Est. 2040 | Mitochondria | 5 * 10^6 | 926 | 926 | 4.63 * 10^9 | 9.87 | 9.87 |
AlphaFold 20 | Est. 2043 | HIV Virus | 1.054 x 10^7 | 1,951 | 1,951 | 3.81 * 10^9 | 10.93 | 10.93 |
AlphaFold 30 | Est. 2069 | Human sperm cell | 1 * 10^12 | 10^7 | 10^7 | 10^14 | 23.25 | 23.25 |
AlphaFold 31 | Est. 2071 | Neuron | 1.75 * 10^14 | 1.75 * 10^7 | 1.75 * 10^7 | 3.06 * 10^21 | 24 | 24 |
AlphaFold 60+ | Est. 2161 | Human brain (total) | 2 * 10^25 | 10^21 | 10^10 | 2 * 10^36 | 70 | 33 |
Please note that the spatial complexity and time complexity values are not provided for this entry, as they depend on various factors that are difficult to estimate accurately.
- We’ll estimate the years for the human sperm cell, neuron, and human brain entries based on the spatial complexity doubling times. We’ll assume a doubling time of 2 years, as seen between AlphaFold2 (2021) and Alphafold Multimer (2023).
- Beginning of the scaling Law
- Apologies for the confusion earlier. The spatial complexity increase used in the calculation was based on an average of 10 to 100 atoms for small molecules, which was estimated as 0.01. However, to provide a more accurate answer, we will calculate the spatial complexity increase for both 10 and 100 atoms as separate cases.
Next Up Scaling Laws
- Superconductor (following the LK99 craze, it popped up on my radar).
- I’m probably missing a lot but really just trying to start the discussion here.
Related
Refs and more
- https://twitter.com/willwjack/status/1686479436055707649
- https://twitter.com/willwjack/status/1417187120641462274
- Have some notes that I’ll also post later
This will now successfully be implemented through the Stargate V2 proposal! https://snapshot.org/#/stgdao.eth/proposal/0x1c55529c8df43cc97591696a135a7b82af27fb8c58a09cf0bdc80aa29310d27d
Hey there Terra Classic community! We present regular monthly PoS validators analytics!
Here are the top 5 Terra Classic validators ranked by total stake as of April 1, 24:
- Allnodes - 145.47b LUNC
- Orion - 77.68b LUNC
- Interstellar Lounge - 54.61b LUNC
- Interstake One - 54.16b LUNC
- KuCoin - 51.12b LUNC
Here are the top 5 Terra Classic validators ranked by total delegators amount as of April 1, 24.
- Orion - 52,011 delegators
- Allnodes - 32,927 delegators
- stake.systems - 13,869 delegators
- Stakin - 7,749 delegators
- Stakely - 7,170 delegators
These are the top 5 Terra Classic validators ranked by self stake amount as of April 1, 24
- Allnodes - 1.00b LUNC
- 0base - 0.29b LUNC
- LUNCBurnProgram - 0.28b LUNC
- Bit Cat - 0.21b LUNC
- LBUN Project - 0.17b LUNC
We’re thrilled to announce the top 5 Terra Classic validators who experienced the biggest staking gains in the past month! Congratulations to them:
- StakeBin +13.48b LUNC
- LunC4Ever +5.09b LUNC
- JESUSisLORD 2 +4.54b LUNC
- 8moon +3.93b LUNC
- LUNC SWAP +3.60b LUNC
Good job guys, keep it up!
Let’s also give congrats to the top 5 Terra Classic validators who increased their delegator count the most during the past month:
- AutoStake +253 delegators
- FreshSTAKING +141 delegators
- JESUSisLORD 2 +121 delegators
- TdrSys +120 delegators
- 8moon +119 delegators
Well done!
Sad, but not all changes were positive. Here are the 5 Terra Classic validators that had the biggest decrease in staking amount:
- uGaenn -13.91b LUNC
- Stakely -11.56b LUNC
- CryptoMagma -4.58b LUNC
- Allnodes -4.55b LUNC
- Orion -4.41b LUNC
Here are the 5 Terra Classic validators that had the most delegator losses during the past month.
- Orion -435 delegators
- Allnodes -372 delegators
- LUNC DAO -254 delegators
- Stakin -182 delegators
- Interstellar Lounge -159 delegators
Here are the top 5 Terra Classic validators with the best block and oracle performance in the past month:
- TdrSys - 403,439/403,439 blocks signed and 80,681/80,688 oracle votes proposed
- stake.systems - 403,439/403,439 blocks signed and 80,680/80,688 oracle votes proposed
- MoonRunners - 403,438/403,439 blocks signed and 80,685/80,688 oracle votes proposed
- Wave - 403,438/403,439 blocks signed and 80,680/80,688 oracle votes proposed
- OneStar - 403,438/403,439 blocks signed and 80,587/80,688 oracle votes proposed
You are a role model!
Here are the 5 Terra Classic validators with worst Block performance. We strongly encourage these validators to enhance their performance.
- NodeOps - 95.1% signed blocks
- LevatharNode - 96.3% signed blocks
- AuraStake - 96.9% signed blocks
- Bit Cat - 98% signed blocks
- LVS Node - 98.2% signed blocks
Here are the 5 Terra Classic validators with worst Oracle performance. We strongly encourage these validators to enhance their performance.
- terrazzt4 - 10.1% oracle votes proposed
- NodeStaked - 32.3% oracle votes proposed
- Stakin - 34.5% oracle votes proposed
- SafePoint - 41.7% oracle votes proposed
- KKValidator - 49.8% oracle votes proposed
Here are the 5 Terra Classic validators with the most voting activity during the past month:
- Allnodes - 4/4 votes submitted
- Interstellar Lounge - 4/4 votes submitted
- Interstake One - 4/4 votes submitted
- JESUSisLORD - 4/4 votes submitted
- HappyCattyCrypto - 4/4 votes submitted
Keep it going!
Looking for more info? Check out One-stop validator portal — Validator.Info for real-time analytics, changes from various periods, and more!
Our twitter: https://twitter.com/ValidatorInfo Our telegram: https://t.me/ValidatorInfo
Hey there, StarGaze community! It’s your friendly neighborhood FlipGuard team member here, stopping by to see what’s happening and also introduce ourselves to the Stargaze community!
We’ve been working tirelessly to integrate our powerful tools into the StarGaze, and I’m thrilled to announce that $STARS is now fully supported across the entire FlipSuite ecosystem!
So, what does this mean for you and your projects? Let me break it down for you.
First, we have Raid2Earn. With this feature, you can now automatically reward your community members with $STARS for raiding and spreading the word about your project. It’s a fantastic way to show appreciation for their support and engagement.
Next up is TokenGate. This tool allows you to create exclusive channels that only people holding your NFTs or a certain amount of $STARS can access. It’s perfect for creating a sense of exclusivity and rewarding your most dedicated followers.
And don’t forget about RoleShop! Your community can now trade in $STARS for special roles or even burn them if they’re feeling adventurous. It’s a great way to add an extra layer of engagement and excitement to your project.
But that’s not all! With FlipSuite, you can also:
- Host amazing airdrops and raffles
- Set up in-server wallets and swap/send/use $STARS
- Charge entry fees for exclusive events and games
In short, if you’re looking to supercharge your StarGaze project and keep your community engaged, FlipSuite is here to help.
We’re passionate about helping you succeed and making the most out of the incredible StarGaze ecosystem. So, feel free to reach out to me, and let’s discuss how we can work together if you have any ideas on building some cool new stuff!
You can check out our official FlipSuite Topgg page here / invite and get started straight away!
Keep up the great work, StarGaze fam!
Your pal from FlipGuard, signing off.
Hello @RoundElephant, My team and I have been working on a proposal in response to the RFP for Educational videos listed here: https://1inch.notion.site/8e2d5ca7a5f54a7eb887a4582ea371c6 v=eb7a6581bcb34cffb229e54424b4d086&p=6f831bd3f2f3487aaf56f35c6a488c7a&pm=s
I realized that I should probably check to make sure that the RFP is current and that the 1inch team is still actively seeking proposals for educational videos. If you are, then we’ll forge ahead and would love to submit our proposal early next week. Would welcome any suggestions or guidance!
My company, Champagne & Gyoza is a creative studio based in Los Angeles. Our main business is producing content for global web2 brands, but we’ve had a lot of fun working in the Web3 space the past few years.
Thanks!
Dan posted this recently:
And two lines jumped out at me.
- “the only way to measure relevance and influence of a given Farcaster account is who is following and engaging with an account, not the raw numbers”
Which I’ll frame as “Who is this person to this network?” and
- “just because an FID has a lot of followers and raw engagement numbers on the protocol, doesn’t mean the average user on clients is seeing it.”
Which I’ll frame as “Who is this person to this app?”
Both: “Who is this person to this network?” and “Who is this person to this app?” are both feed ranking problems, and show that the value of any particular post varies based on its context.
With web2 social clients, the feed is curated for you, enforcing whatever it knows you want to see. However, navigating these issues represents novel challenges, or “good new problems”, that get created by permissionless clients and web3 in general.
Here’s a more specific example of one post in multiple contexts in web2.
When your tweet goes viral, escaping out of your local sphere. It’s being interpreted differently by a different community. It can be taken extremely out of context “the equivalent of a sound bite” outside of your bubble, u might get owned.
Points for Channels (might) help make this “multiple context” problem more transparent. They aren’t unique, but give users more control should have better tools (onchain filters) and a wider choice in clients. Hopefully all this results in easier bootstrapping of more interesting permissionless feeds and communities. So what’s this look like?
Let channels directly toggle using some filters for ranking. Some examples could just be common Snapshot Strategies such as has
$MOCHI
.At X time, or finalization:
- posts and users are awarded points onchain. i.e
MOCHI Feed Points
- Now, apps and communities can use
$MOCHI Feed Points
to continuously rerank posts and users in their feed.
- As a community and or ecosystem of apps, you can compose new feeds by creating a new index, that could be scored based on
$MOCHI Feed Points
and$TYBG Feed Points
.
Hopefully this complements traditional feed scoring algos (ML stuff), that apps mostly use today. And leaves room for communities to self moderate in ways that are more scalable less annoying to manage than normal mod / hard block / soft block tooling.
Zooming Out
This kind of composability is an extension of what’s already happening in a few different places:
Airdrops: → I give u token, based on what you did previously. Goes without saying, but the most “popular” airdrops are those that “remix” what you got from another chain / project / web2 network. – As an aside, I think the first version of this I saw was the Handshake airdrop, but dropping tokens to Github devs has been one way in which one action, has been reintepreted permissionlessly by people.
Tips: → I give u tipping power, based on what you engaged with in past week
Contests: → I give u token, based on what great posts you had in past week
Governance Voting: → I give u token, based on what great posts you had in past week
Right now, airdrops are the only thing that really enable you to remix onchain things between communities. Whereas Tips, Contests, Governance Voting happen “internally” to one community.
By enabling this remixing of feeds, we could enable new communities to form, without needing to drop a new token right at the beginning, without forcing something. So basically you could curate a CryptoXAI channel that curates posts from $AI Feed Points
, $CRYPTO Feed Points
, and $NVDA Feed Points
holders.
Overall this is inspired by some stuff like the OG https://en.wikipedia.org/wiki/Favstar and more recently https://hive.one/ (RIP cause Twitter Algo).
Either way, all of this is a reminder that onchain is permissionless. And how any one transaction or post can get reinterpreted in many different ways. We’re working on tuning our feed algos at @commondotxyz
, and communities alike. So hit us up if you want to jam on this.
Summary
This TRC suggests enabling LIT incentives on the alUSD/GRAI [5bps], alUSD/DOLA [5bps] and alUSD/USDC [5bps] gauges.
References/Useful Links
- Website
- Documentation
- Github
- Discord
- Other useful links: https://alchemix-stats.com
Protocol Description
Alchemix is a future-yield-backed synthetic asset protocol that gives users advances on various yield strategies via a synthetic token. Alchemix loans are self-repaying, interest-free and non-liquidating. Today, Alchemix offers various strategies to borrow against select USD-pegged stablecoins (alUSD) and ETH (alETH), with the intention of launching other synthetic tokens in the future. ALCX is the governance token for the community DAO.
Motivation
Providing liquidity for its synthetic assets is of prime importance for Alchemix. For this reason we are constantly searching for partners and platforms that we can use to increase the efficiency of our bribes and pools. Concentrated liquidity and having the ability to bribe voters on Bunni is something that we would like to explore.
Specifications
Governance
- Governance is conducted via forum posts and Snapshot voting.
- There are two multisigs on Ethereum Mainnet: The protocol treasury 24-hour timelock multisig, and an operational (developer) multisig that is used to pay for expenses and execute transactions, and that holds LP positions and strategic assets. There are also multisigs on other chains.
Oracles
- The core protocol does not rely on oracles.
Audits
- Alchemix v2 has been audited by Runtime Verification as well as a public audit via code4rena. The protocol also offers a bug bounty programme via Immunifi.
- More details can be found here.
- ChainSecurity is currently engaged to audit the veALCX contracts.
Centralization vectors
- No centralization vectors exist in the core protocol beyond the multisigs described above.
Market History
alUSD has a soft target of 0.99 per underlying. It is overcollateralized in the Alchemix vaults and Elixirs (AMOs). The repeated shocks in the market have had impacts on the price as is visible below. This clearly shows that alUSD is regarded as a riskier asset by the market and there can be sudden outflows from the ecosystem during serious downward market volatility, but given that it is overcollateralized in Alchemix contracts, prices of the asset has always recovered to reasonable levels after the dust settled. alUSD price chart
Bunni Pool and Gauge Addresses
- alUSD-GRAI pool address: https://arbiscan.io/address/0xfaabe146ecf8354ceda70ef90e902abf36eb9f5e
- alUSD-GRAI gauge address: https://arbiscan.io/address/0x7759e317a8d358d89a2d0048ca5f1844494cbd9f
- alUSD-DOLA pool address: https://arbiscan.io/address/0x21892d8f26ac33d67b8b7d1b5490da2db7a43031
- alUSD-DOLA gauge address: https://arbiscan.io/address/0xbc741537a30d11f0c330e89f4522d7a1f7d9fe22
- alUSD-USDC pool address: https://arbiscan.io/address/0x62c72cecd3bdf53033141521267f6e539d9aa200
- alUSD-USDC gauge address: https://arbiscan.io/address/0x8908b062daf6010c3a85a80a64ccc621182e4bf6
Value
There have not been larger pools established by Alchemix for concentrated liquidity positions, especially for alUSD, so these pools have a good chance of capturing a larger share of alUSD trading volumes.
[1RC] 1inch Community Analytics Dashboard: Service Agreement Renewal
Context
As part of 1IP-18, Warden Finance has been providing support, hosting and maintenance for the 1inch Community Analytics Dashboard over the last 14 months. The initial service agreement for supporting the dashboard ended on Mar 1 2024.
Proposal
Warden Finance proposes to the renew service agreement with 1inch DAO for maintaining the 1inch Community Analytics Dashboard. Additionally, we also propose implementing features that were excluded from 1IP-18.
- 1-year service, applicable from Mar 1 2024 through Mar 1 2025
Features
- Hosting, maintenance and support by Warden (including present bugs to be fixed)
- Implementation of excluded features from 1IP-18 (data to be provided by 1inch team)
- Volume by underlying liquidity source
- Breakdown of the number of trades per DEX
- List and search individual transactions
- Staking rewards
Pricing
Total: $24,000, to be paid upfront
- Hosting: $12,000
- Development: $7,000
- Support/maintenance: $5,000
Detailed pricing
Hosting: $12,000 (/yr)
- AWS Cloudtrail: $525
- AWS Amplify: $75
- AWS Elastic Load Balancing: $350
- AWS Elastic Kubernetes Service: $1,000
- AWS EC2: $750
- AWS Relational Database Service: $6,300
- Support for new features: $3’000
- AWS Elastic Kubernetes Service: $450
- AWS Relational Database Service: $1,650
- AWS Keyspace: $1’000
Development: $7,000
- Infrastructure support for storing and querying large amounts of transactions through NoSQL database: $3,000
- Implement sync jobs for new data: $1,000
- Implement API routes for new data: $1,000
UI: $2,000
Support / maintenance: $5,000
Notes
May the implementation of the excluded features from 1IP-18 be delayed, the development and hosting costs for this feature set specifically (amounting to $7,000 and $3,000, respectively) will be applied as a credit towards future renewal. References [1IP-18] 1inch Analytics Dashboard [1IP-18a] 1inch Analytics Dashboard
Summary
While performing discovery in connection with the Treasure Chain, Treasure’s core developers discovered a means by which the vesting tokens allocated to long departed contributors can be clawed back. This proposal seeks to authorize the DAO multisig to initiate a clawback of all unclaimed and unvested MAGIC tokens for past contributors. These funds will be reallocated to two primary purposes: (i) revocable allocations for contributors granted significantly smaller rewards after joining after the original team allocation had been fully allocated in 2021, (ii) supporting MAGIC liquidity and partner token launches in the lead up to the Treasure Chain.
This proposal will also authorize an upgrade of the original L1 MAGIC contract to remove the adminTransfer()
and adminMint()
function at the time of execution.
Rationale
The L1 implementation of the MAGIC token includes an adminTransfer()
function that would enable the admin (the DAO multisig - 0xEc834bD1F492a8Bd5aa71023550C44D4fB14632A
) to recover funds from the original vesting smart contracts. These functions have not been utilized throughout the life of MAGIC and all token operations that have been concluded (including prior reconciliations conducted on October 2, 2023 and August 25, 2022) have been with the DAO’s prior approval and notice.
This proposal would authorize a clawback specifically for past contributors who departed well ahead of their tokens fully unlocking and will not impact any current core contributors. This clawback would result in a recouping of 6,706,713 tokens (1.93% of the total MAGIC supply).
The vast majority of the recipients of the original team allocation are no longer present at Treasure. Some individuals receive outsized rewards despite only contributing to the project for a brief period of time when the project was in its infancy (with the largest holder departing ~5 months into the start of Treasure). The MAGIC vesting smart contract was developed by a former developer who made these smart contracts irrevocable and immutable which was a non-standard implementation for token grants allocated towards contributors. This meant that tokens would be unlocked and emitted regardless of a contributor’s motivation, work, and impact made on Treasure and could not be clawed back without use of this adminTransfer()
function.
Current contributors believe that directing this MAGIC towards forward-facing opportunity and initiatives for Treasure would be more positive than continuing to reward past employees who left before having fully vested and who have not contributed materially to Treasure’s growth and development. As many community members have noted, these vesting rewards tend to be sold by these wallets as soon as the tokens have been claimed.
It would be much better to put funds towards supporting actual contributors who have been working to make a difference in Treasure rather than continue enabling former contributors to claim unjustified rewards and create a drag on the DAO treasury’s primary holding. It is also important to continue deepening ecosystem liquidity and ensuring favorable token launches of our partners.
This proposal cannot clawback rewards from these contributors that have already been claimed. Instead, this proposal is limited in scope to retrieving the unclaimed token rewards from these vesting addresses. Current contributors, minus the original team, receive vested MAGIC rewards with a condition for clawback upon their departure as is standard in the market. This proposal will ensure that this condition becomes uniform across all Treasure contributors, past and present.
Without doxxing contributors by name for privacy and safety reasons, we wanted to pinpoint the affected wallets and their yet-to-be-claimed and vested rewards at the time of this proposal:
Address | Unclaimed | Vested |
---|---|---|
0x98b40A1F51623E76842170cb7356c620a4D5ABD3 | 2,341,374 | 2,291,522 |
0x52f733cdF640b0f0C775DA40D16A00261DD9F10C | 251,927 | 153,395 |
0xf611D1851DDA4C7Ac40abE2Dd6C12A931a5b3a2A | 1,305,565 | 1,288,283 |
0x9d8C5291508A5EacE7bf48222CD2B32bb75e5916 | 170,667 | 170,439 |
0x6bcf027DEcAaE13e0f507E8Eab1860AA6f3Ad85D | 709,548 | 677,053 |
0x7Bc3136da3C2A9fB25278D1425885B54434C423A | 360,391 | 338,527 |
0x5967fe60Ea096658F5B116c6375356f173C95A32 | 745,050 | 338,527 |
0xd32C8fcE63c7e940Dfaeb6356Eb8b5279C6f26c9 | 822,190 | 677,053 |
Total | 6,706,713 (1.93%) | 5,934,799 (1.71%) |
*It is likely that this amount will decrease in the lead up to the potential ratification of this proposal as vested rewards are claimed.
Implementation
If this proposal passes, the DAO multisig will initiate the clawback for the unclaimed rewards belonging to the vesting wallets outlined above and upgrade the contract to retire the adminTransfer()
and adminMint()
functions. We are recommending that the clawback be initiated as soon as possible to prevent any more rewards from being wastefully emitted.
Owner keys for L1 MAGIC are proposed to continue to be maintained and managed by the DAO L1 multisig with any and all future actions implemented through governance.
Next Steps
Given the nature of this proposal, we will move directly to Snapshot for formal voting and parallel discussions with the community. The polling process begins now and will end on April 28, 2024 at 1:38pm UTC.
Companies with Explicit Expertise in Cosmos Development
LeewayHertz
- Website: LeewayHertz
- Services: Comprehensive support and maintenance for Cosmos-based blockchain solutions.
Prolitus Technology
- Website: Prolitus Technology
- Services: Specializes in innovative solutions for Cosmos blockchain projects.
OmiSoft
- Website: OmiSoft
- Services: Innovative solutions leveraging Cosmos technology, including smart contract development.
Aalpha
- Website: Aalpha
- Services: Services including custom DApp development, marketplace development, interchain data transfer, cross-chain bridge development, wallet development, and Cosmos blockchain consulting.
Webisoft
- Website: Webisoft
- Services: Cosmos dApp development, Cosmos integration, liquid pool, staking exchange development, smart contract audit, architecture design, custom smart contract development.
ND Labs
- Website: ND Labs
- Services: Cosmos dApp development, Cosmos consulting, Web3 application development, Cosmos DeFi development, Cosmos marketplace development, Cosmos game development, Cosmos smart contract audit and development, Cosmos wallet development, Blockchain consulting, Blockchain document management.
Companies with a Strong Focus on Blockchain Technology
EvaCodes
- Website: EvaCodes
- Services: Development services for Cosmos solutions, including software for cryptocurrency companies.
Rapid Innovation
- Website: Rapid Innovation
- Services: Cross-chain bridge smart contract solutions for startups and businesses.
Antier Solutions
- Website: Antier Solutions
- Services: Top-notch Cosmos blockchain solutions catering to varied business needs.
Webcom Systems
- Website: Webcom Systems
- Services: Expertise in Cosmos SDK framework to build dApps with multi-asset support, PoA, PoS.
Vegavid Technology
- Website: Vegavid Technology
- Services: Comprehensive consulting services for building applications on the Cosmos network.
Appic Softwares
- Website: Appic Softwares
- Services: Blockchain development services with dedicated Cosmos developers.
Oodles Technologies
- Website: Oodles Technologies
- Services: Custom dApp development, Cosmos marketplace development, Cosmos SDK support, Cross-chain bridge development.
Interexy
- Website: Interexy
- Services: Smart contract development, Technical development for ICO-NFT, Blockchain-based Healthcare solutions, dApp development, Crypto wallet development, Blockchain consulting.
Hyperlink InfoSystem
- Website: Hyperlink InfoSystem
- Services: Cosmos smart contract development, Exchange development, NFT marketplace development, Cosmos and crypto wallet development, Cosmos SDK blockchain development.
10Clouds
- Website: 10Clouds
- Services: DeFi token development, DeFi dApp development, DeFi wallet development, NFT marketplace development, DAOs/governance token development, Cosmos SDK consulting.
PixelPlex
- Website: PixelPlex
- Services: Blockchain solutions for fintech, healthcare, logistics; blockchain analytics and auditing; blockchain-based voting systems.
Aetsoft
- Website: Aetsoft
- Services: Blockchain for supply chain management, identity verification; blockchain integration with enterprise systems.
Consensys
- Website: Consensys
- Services: Development of dApps, enterprise solutions
on Ethereum; blockchain infrastructure and developer tools.
Developcoins
- Website: Developcoins
- Services: Bespoke blockchain platforms, governance models, ICO and STO services.
Maticz Technologies
- Website: Maticz Technologies
- Services: Blockchain development for gaming, NFTs, DEX; layer 2 scaling solutions for Ethereum.
Hivelance Technologies
- Website: Hivelance Technologies
- Services: Tokenization, DeFi services, cross-chain compatibility, privacy-preserving technologies.
Blaize
- Website: Blaize
- Services: Custom blockchain development solutions; expertise in various parts of the blockchain ecosystem.
Bloq
- Website: Bloq
- Services: Infrastructure and applications for Web3, including DeFi, mining, Metaverse, and more.
Labrys
- Website: Labrys
- Services: NFT development, blockchain app development, DeFi development, and dApp development.
Polish Software Houses:
Neti
- Website: Neti
- Services: Offers a wide range of blockchain development services, including smart contract development, Dapp development, NFT marketplace, DeFi, cryptocurrency, and token development.
Imapp
- Website: Imapp
- Services: Specializes in blockchain technology with services that include smart contracts, Solidity, and Ethereum development. They have worked with various blockchain technologies, including Cosmos.
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The list was created partly manually and partly using ChatGPT (greetings to haters!).
We should no longer use the excuse “We don’t have developers”. Let’s use the community poll and hire them.