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ENS DAO considers proposal to auction 10,000 ETH for USDC

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ENS DAO considers proposal to auction 10,000 ETH for USDC

ENS DAO considers proposal to auction 10,000 ETH for USDC Christian Nwobodo · 3 hours ago · 1 min read

ENS DAO is considering a proposal to raise about $13 million from selling 10,000 ETH. The funds will be used to fund the DAO’s operation over the next two years.

1 min read

Updated: January 19, 2023 at 3:46 pm

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Cover art/illustration via CryptoSlate

The Ethereum Name Service (ENS) DAO is considering a proposal to sell 10,000 ETH for USDC via a Gnosis Auction.

The governance proposal submitted on Jan. 18 seeks to diversify the ENS DAO Treasury. Currently, the DAO holds about 40,746 ETH and $2.46 million USDC.

However, due to the prolonged bear market, the DAO may be in a vulnerable position by being overexposed to a single volatile asset. For context, ETH has lost roughly 52% of its value year-over-year.

As a result, the DAO is deliberating on converting about 25% of its ETH holdings into USDC.

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The sale will be conducted via a Gnosis auction, with the minimum bid price set at $1,300 per ETH. The sale will generate approximately $13 million in USDC, which will be transferred to the DAO’s treasury.

The proposal added that the funds realized from the auction will be used to cover the DAO’s operating costs for the next two years.

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DAOs

Uniswap BNB deployment is ‘now or never’ as a16z disagrees on bridge solution

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Uniswap BNB deployment is ‘now or never’ as a16z disagrees on bridge solution

Uniswap BNB deployment is ‘now or never’ as a16z disagrees on bridge solution Liam ‘Akiba’ Wright · 11 hours ago · 3 min read

Roughly 150 million UNI tokens are still eligible to vote as the BNB Chain proposal looks to pass

3 min read

Updated: February 6, 2023 at 11:48 pm

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Cover art/illustration via CryptoSlate

The proposal to deploy Uniswap V3 onto BNB Chain stalled this week as investment firm a16z voted against the integration due to a disagreement over the bridge provider. However, as of press time on Feb. 6, 70% of the vote is now in favor of the proposal.

Source: tally.xyz

a16z voted against the proposal to deploy onto BNB Chain as a proxy vote for the LayerZero bridge platform. However, a more recent a16z post stipulated it had instead voted to “reset the Binance Uniswap v3 deployment” until a further review of bridge options has been completed.

The Uniswap community has been vocally in favor of the BNB deployment as time is running out of a critical business license. However, the founder of 0xPlasma Labs, the company that made the initial BNB proposal, made a plea via the forums that it is “now or never” for the BNB deployment.

“Are we ready to lose now a market share of the protocol on many new chains forever, or will we take a chance to speed up the deployment with current conditions and solve a bridge dilemma with the next proposal, when the solution will be found?

For me, the answer is obvious: now or never.”

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However, the governance drama has been further exacerbated as the level of a16z’s control over Uniswap was made more public. Representatives from the investment firm have been active on the Uniswap forum and clearly announced their position on the matter.

a16z Uniswap control

Roughly 15 million UNI tokens were used to vote in “toward LayerZero” due to the fact that it was unable to vote on the bridge proposal due to tokens being illiquid. a16z has, however, confirmed that it now has tokens sufficiently custodied to allow it to vote in future snapshots.

a16z reportedly holds roughly 4% of the UNI token supply, with 4% being the requirement for a quorum on governance proposals. Theoretically, a16z has enough tokens to pass a proposal on its own. However, this is still extremely unlikely that other token holders would allow this, given the public nature of all governance submissions.

Governance forum activity

The Uniswap governance forum has been highly active throughout the debate, with developers, community members, investors, and other representatives engaging in the discussion. Unlike legacy industries, DAO proposals often play out entirely in the public eye. From analyzing forum conversations, whether Uniswap will deploy onto BNB Chain has been playing out in a similar fashion and with extreme transparency.

Uniswap community member, Maneki, argued that competition from PancakeSwap should remain the highest priority.

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“With PancakeSwap detailing plans to launch their V3 model on the same day as the expiration of Uniswap’s V3 BSL licence, it is crucial for the Uniswap governance to act swiftly and make a decision to remain competitive.”

Future of Uniswap V3 on BNB Chain

The voting for the BNB deployment had been close throughout. However, on Feb. 6, roughly 20 million votes were cast in favor of the proposal passing. Given that a16z publicly declared it voted against the proposal with 15 million UNI, only 189,084 other votes supported the rejection of the proposal.

Uniswap governance vote

Should a16z deploy the remaining 25 million UNI tokens under its ownership, it could attempt to force the proposal to fail. However, while 4% of the supply is impactful in a vote that, as of press time, only has a 5% participation rate from the community, considerably more holders could vote to push the deployment through.

Interestingly, only tokens delegated before UNI block 16558461 are eligible for voting. This is because Uniswap uses a delegation system similar to voter registration whereby holders must register their tokens to participate in the governance votes. Therefore, even though 95% of tokens have not voted, not all of the supply has been delegated to vote.

According to on-chain data, roughly 208 million UNI tokens have been delegated or self-delegated to be eligible to vote. Therefore, as of press time, there are still around 150 million votes eligible to vote.

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Fantom developers to receive up to 15% as revenue from gas monetization

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Fantom developers to receive up to 15% as revenue from gas monetization

Fantom developers to receive up to 15% as revenue from gas monetization Christian Nwobodo · 3 mins ago · 1 min read

Fantom Foundation has received approval to reduce the burn rate from 20% to 5%, so as to allocate the remaining as reward to high-performing dApps.

1 min read

Updated: January 5, 2023 at 10:21 pm

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Cover art/illustration via CryptoSlate

Layer 1 blockchain Fantom has received governance approval to allocate up to 15% of its transaction fees as revenue for developers building on the network.

Currently, about 70% of transaction fees generated on the Fantom network are paid as revenue to validators, while 20% of the fees are burnt forever.

In efforts to incentivize developers, the Fantom Foundation earlier proposed a gas monetization model to reduce the burn rate from 20% to 5%, so as to allocate the remaining as a reward for high-performing dApps.

The Fantom gas monetization was designed in line with the ad monetization model common to Web2 giants including YouTube-which allocates up to 55% of ad revenue to creators.

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The Fantom Foundation announced on Dec. 4, that it has received approval to implement the gas monetization model. As a result, eligible developers will receive about 15% of the transaction fees generated from their dApps.

To be eligible for the affiliate rewards, the dApp must have existed on the Fantom Opera network for up to 3 months and completed over 1 million transactions.

Fantom said it will adjust the eligibility criteria as the need arises, so as to curb spammy and clunky dApps looking to exploit the gas monetization model.

As per Fantom, the incentivization model will help attract and retain talented developers and help increase the health and sustainability of the network.

According to the Fantom Fire Monitor, over 9.3 million FTM has been burned, which amounts to approximately $2 million.

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adoption

Marshall Islands passes law recognizing DAOs as legal entities

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Marshall Islands passes law recognizing DAOs as legal entities

Marshall Islands passes law recognizing DAOs as legal entities Soumen Datta · 3 hours ago · 1 min read

The new bill creates a DAO registry process that will be assisted by local firm MIDAO, in order to attract DAOs and web3 leaders.

1 min read

Updated: December 22, 2022 at 6:33 pm

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Cover art/illustration via CryptoSlate

The Republic of the Marshall Islands (RMI) announced on Dec. 22 that it had enacted the Decentralized Autonomous Organizations Act of 2022.

The law formally recognizes DAOs and allows legal entities registered in the country to adopt DAO structures and governance tools.

The Decentralized Autonomous Organization Act of 2022 will provide both profit and non-profit DAOs the option to register under the internationally recognized LLC structure.

Further, the law will recognize the governance, voting, and tokenization processes of DAOs as legal.

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The newly passed bill aims to attract DAOs and Web3 leaders by setting up a DAO registry process facilitated by MIDAO, a local company.

Additionally, as part of the bill, the government will create an investment fund to promote further education and training on DAOs.

Earlier in November, Marshall Islands also announced plans to introduce its own cryptocurrency as a form of legal tender alongside the U.S. dollar.

Posted In: Adoption, DAOs

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