Welcome to your weekly dose of DAO news! In this newsletter, we'll cover the most important changes, proposals, and developments within the DAO ecosystem. Stay up-to-DAO with the latest trends and innovations as we delve into the dynamic world of decentralized governance.

ETHTrustFund (ETF), a Base network protocol, allegedly conducted a rug pull by transferring $2 million from its treasury to Tornado Cash and Railgun mixer apps on July 20. The protocol, which was similar to Olympus and Wonderland, has since deleted all its websites and social media accounts. Crypto investor Octoshi first reported the incident, and blockchain security firm PeckShield confirmed the fund transfer. ETHTrustFund was designed as a rebaseDAO but appears to have exited before its debasing period.

Source: cointelegraph.com

DAOBase has successfully completed a $6 million funding round with contributions from prominent investors such as SevenX Ventures, AntAlpha Ventures, y2z Ventures, and individual angel investors like Sébastien Borget, Co-founder of The Sandbox. This AI-driven platform enhances DAO governance by leveraging advanced algorithms for data reputation layers, covering over 160,000 DAOs and 6 million voters.

The funds will be utilized for product development, market expansion, and launching new features like DAO BadgeX, an on-chain reputation system, to improve governance solutions for DAOs globally.

Source: medium.com/@daobase_ai

Propchain has unveiled Propchain DAO, the inaugural Real World Assets (RWA) project in the tokenized real estate sector. This pioneering initiative aims to enhance transparency, inclusivity, and community-driven governance. The DAO will manage $PROPC token utility, ecosystem development, treasury oversight, strategic partnerships, and grant support, ensuring that decisions are decentralized and reflect the community's collective preferences.

Source: markets.businessinsider.com

Ethena has announced plans to allocate part of its $235 million USDT collateral and $45 million surplus reserve to tokenized real-world assets (RWA) to generate yield. BlackRock's BUIDL fund is vying for a $34 million allocation, while Steakhouse Financial proposed a lending vault on Morpho Blue. Following the news, Ethena's governance token ENA surged 22%. This initiative aligns Ethena with other crypto projects like MakerDAO and ArbitrumDAO in integrating RWA investments into DeFi.

Source: coindesk.com

Magnify Cash, a DeFi platform based in Singapore, has launched a new protocol addressing liquidity issues in the cryptocurrency market. The platform supports lending and borrowing for digital assets, including Real-World Assets (RWAs) and Future Yield Tokens (FYTs), via permissionless lending desks. Magnify Cash launched its native token, $MAG, on July 23rd, 2024, using Fjord Foundry's liquidity bootstrapping protocol, with over 70% of the tokens allocated for public distribution.

Source: daotimes.com

Over the past week, a total of 92 new DAOs were created, reflecting a 0.06% addition ratio in the overall DAO ecosystem. The majority were created through Snapshot (66), followed by Aragon (14), Colony (8) and xDAO (4).

This week, Inverse leads the top gainers with a notable $1,461,620.65 increase, representing a 56.71% rise in treasury value due to a significant inflow of funds. dHedge follows with a gain of $722,641.03, showing a 17.45% increase, supported by a 11.7% uptick in $DHT token value. DIMO also posts impressive growth, with a $1,3201,982.88 increase, translating to a 17.35% rise in treasury value, driven by an 12.9% increase in $DIMO token value.

On the losing side, Layer2DAO sees a steep decline of $270,454.83, marking a 41.69% drop in treasury value mainly because of a large outflow of funds. Epoch Island faces a decrease of $167,097.83, a 30.87% drop, due to a significant 42.3% decline in $EPOCH token value. Lastly, Unidef experiences a $241,441.10 decrease, equating to a 30.82% drop in treasury value, driven by a 31.2% fall in $U token value.

Over the past 7 days, a total of 713 new members joined the DAO ecosystem, representing a 0.01% increase in total DAO voters. Additionally, 456 new proposals were submitted, marking a 0.01% increase in overall proposal activity.

DEFI DAOs

• STP DAO: "[STP#2] Formalizing STP Grant Program Application Processes" - 270 voters.

• GMX DAO: "Buyback GMX and Distribute GMX" - 172 voters.

• Equilibria Finance DAO: "[Epoch #59] Weekly Pendle Gauge Vote" - 75 voters.

NFT DAOs

• ENS DAO DAO: "[EP5.13][Executable] Security Council" - 312 voters.

• Nouns DAO: "Approve ID 16 for Client Incentives" - 30 voters.

• Lil Nouns DAO: "A Lil Noun O'Clock " - 23 voters.

StargateDAO plans to implement an upgraded governance process to enhance decision-making efficiency and community feedback. The proposal outlines a structured method for formulating, posting, and voting on proposals, including a fast-track process for urgent matters. Key changes include minimum feedback periods, quorum thresholds, and clear guidelines for proposal resubmission. If approved, this new governance framework will streamline operations and foster better community involvement.

Voting ends on July 26, 2024.

Full Proposal: StargateDAO Governance Process

Rari DAO has proposed a clearer mandate for its Grants Committee (GC) to enhance transparency and efficiency. This proposal outlines specific responsibilities, key performance indicators (KPIs), and compensation for community members. The GC will focus on structured processes for grant applications, regular reporting, and community involvement. The proposal also includes a compensation plan for community GC members.

Voting ends on July 28, 2024.

Full Proposal: RRC-29: A Clearer Grants Committee Mandate

Compound Finance is considering a proposal to invest 499,000 COMP from its treasury into the new goldCOMP DeFi vault, developed by the Golden Boys. This initiative is designed to provide COMP holders with a yield on their tokens through a semi-liquid wrapped token, goldCOMP, that can be invested in a Balancer pool. The proposal outlines a detailed governance process to ensure secure investment and divestment actions, emphasizing on-chain safeguards and slippage checks to protect the treasury's assets.

Voting ends on July 28, 2024.

Full Proposal: Trust Setup for DAO investment into GoldCOMP

Gitcoin proposes increasing the funding for the GG21 Community Rounds by $150k, raising the total allocation to $400k. This additional funding aims to support the top 10 selected rounds, as opposed to just the top 5, thereby empowering more communities and fostering ecosystem growth.

Voting ends on July 30, 2024.

Full Proposal: Allocate Increased Funding to Community Rounds in GG21

A proposal has been put forward to modify GMX's revenue distribution model from "Buyback ETH and Distribute ETH" to "Buyback GMX and Distribute GMX." This change leverages the benefits of buybacks to strengthen GMX’s value retention and improve user experience and strategic flexibility. The implementation will involve swapping fees to ETH or AVAX, depositing them into a Buyback contract, and gradually buying back GMX over a week. Users will have the option to convert between GMX and ETH/AVAX, ensuring a seamless transition. The community will vote on three options: maintaining the current model, adding a conversion option, or adopting the new buyback model with conversion flexibility.

Voting ends on July 28, 2024.

Full Proposal: Buyback GMX and Distribute GMX

Stay up-to-date with the most exciting updates, insights and DAO statistics as well as earn platform points (👀) by subscribing to the "The Weekly DAO" Newsletter!

• Website: https://daobase.ai/

• Twitter: https://twitter.com/daobase_ai

• Telegram: https://t.me/daobase_ai

• Discord: https://discord.com/invite/N6f25tPs9W

• Warpcast: https://warpcast.com/daobase

• Medium: https://medium.com/@daobase_ai

⚠️ Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered as financial advice. Readers are encouraged to conduct their own research before making any investment decisions.

Welcome to your weekly dose of DAO news! In this newsletter, we'll cover the most important changes, proposals, and developments within the DAO ecosystem. Stay up-to-DAO with the latest trends and innovations as we delve into the dynamic world of decentralized governance.

ETHTrustFund (ETF), a Base network protocol, allegedly conducted a rug pull by transferring $2 million from its treasury to Tornado Cash and Railgun mixer apps on July 20. The protocol, which was similar to Olympus and Wonderland, has since deleted all its websites and social media accounts. Crypto investor Octoshi first reported the incident, and blockchain security firm PeckShield confirmed the fund transfer. ETHTrustFund was designed as a rebaseDAO but appears to have exited before its debasing period.

Source: cointelegraph.com

DAOBase has successfully completed a $6 million funding round with contributions from prominent investors such as SevenX Ventures, AntAlpha Ventures, y2z Ventures, and individual angel investors like Sébastien Borget, Co-founder of The Sandbox. This AI-driven platform enhances DAO governance by leveraging advanced algorithms for data reputation layers, covering over 160,000 DAOs and 6 million voters.

The funds will be utilized for product development, market expansion, and launching new features like DAO BadgeX, an on-chain reputation system, to improve governance solutions for DAOs globally.

Source: medium.com/@daobase_ai

Propchain has unveiled Propchain DAO, the inaugural Real World Assets (RWA) project in the tokenized real estate sector. This pioneering initiative aims to enhance transparency, inclusivity, and community-driven governance. The DAO will manage $PROPC token utility, ecosystem development, treasury oversight, strategic partnerships, and grant support, ensuring that decisions are decentralized and reflect the community's collective preferences.

Source: markets.businessinsider.com

Ethena has announced plans to allocate part of its $235 million USDT collateral and $45 million surplus reserve to tokenized real-world assets (RWA) to generate yield. BlackRock's BUIDL fund is vying for a $34 million allocation, while Steakhouse Financial proposed a lending vault on Morpho Blue. Following the news, Ethena's governance token ENA surged 22%. This initiative aligns Ethena with other crypto projects like MakerDAO and ArbitrumDAO in integrating RWA investments into DeFi.

Source: coindesk.com

Magnify Cash, a DeFi platform based in Singapore, has launched a new protocol addressing liquidity issues in the cryptocurrency market. The platform supports lending and borrowing for digital assets, including Real-World Assets (RWAs) and Future Yield Tokens (FYTs), via permissionless lending desks. Magnify Cash launched its native token, $MAG, on July 23rd, 2024, using Fjord Foundry's liquidity bootstrapping protocol, with over 70% of the tokens allocated for public distribution.

Source: daotimes.com

Over the past week, a total of 92 new DAOs were created, reflecting a 0.06% addition ratio in the overall DAO ecosystem. The majority were created through Snapshot (66), followed by Aragon (14), Colony (8) and xDAO (4).

This week, Inverse leads the top gainers with a notable $1,461,620.65 increase, representing a 56.71% rise in treasury value due to a significant inflow of funds. dHedge follows with a gain of $722,641.03, showing a 17.45% increase, supported by a 11.7% uptick in $DHT token value. DIMO also posts impressive growth, with a $1,3201,982.88 increase, translating to a 17.35% rise in treasury value, driven by an 12.9% increase in $DIMO token value.

On the losing side, Layer2DAO sees a steep decline of $270,454.83, marking a 41.69% drop in treasury value mainly because of a large outflow of funds. Epoch Island faces a decrease of $167,097.83, a 30.87% drop, due to a significant 42.3% decline in $EPOCH token value. Lastly, Unidef experiences a $241,441.10 decrease, equating to a 30.82% drop in treasury value, driven by a 31.2% fall in $U token value.

Over the past 7 days, a total of 713 new members joined the DAO ecosystem, representing a 0.01% increase in total DAO voters. Additionally, 456 new proposals were submitted, marking a 0.01% increase in overall proposal activity.

DEFI DAOs

• STP DAO: "[STP#2] Formalizing STP Grant Program Application Processes" - 270 voters.

• GMX DAO: "Buyback GMX and Distribute GMX" - 172 voters.

• Equilibria Finance DAO: "[Epoch #59] Weekly Pendle Gauge Vote" - 75 voters.

NFT DAOs

• ENS DAO DAO: "[EP5.13][Executable] Security Council" - 312 voters.

• Nouns DAO: "Approve ID 16 for Client Incentives" - 30 voters.

• Lil Nouns DAO: "A Lil Noun O'Clock " - 23 voters.

StargateDAO plans to implement an upgraded governance process to enhance decision-making efficiency and community feedback. The proposal outlines a structured method for formulating, posting, and voting on proposals, including a fast-track process for urgent matters. Key changes include minimum feedback periods, quorum thresholds, and clear guidelines for proposal resubmission. If approved, this new governance framework will streamline operations and foster better community involvement.

Voting ends on July 26, 2024.

Full Proposal: StargateDAO Governance Process

Rari DAO has proposed a clearer mandate for its Grants Committee (GC) to enhance transparency and efficiency. This proposal outlines specific responsibilities, key performance indicators (KPIs), and compensation for community members. The GC will focus on structured processes for grant applications, regular reporting, and community involvement. The proposal also includes a compensation plan for community GC members.

Voting ends on July 28, 2024.

Full Proposal: RRC-29: A Clearer Grants Committee Mandate

Compound Finance is considering a proposal to invest 499,000 COMP from its treasury into the new goldCOMP DeFi vault, developed by the Golden Boys. This initiative is designed to provide COMP holders with a yield on their tokens through a semi-liquid wrapped token, goldCOMP, that can be invested in a Balancer pool. The proposal outlines a detailed governance process to ensure secure investment and divestment actions, emphasizing on-chain safeguards and slippage checks to protect the treasury's assets.

Voting ends on July 28, 2024.

Full Proposal: Trust Setup for DAO investment into GoldCOMP

Gitcoin proposes increasing the funding for the GG21 Community Rounds by $150k, raising the total allocation to $400k. This additional funding aims to support the top 10 selected rounds, as opposed to just the top 5, thereby empowering more communities and fostering ecosystem growth.

Voting ends on July 30, 2024.

Full Proposal: Allocate Increased Funding to Community Rounds in GG21

A proposal has been put forward to modify GMX's revenue distribution model from "Buyback ETH and Distribute ETH" to "Buyback GMX and Distribute GMX." This change leverages the benefits of buybacks to strengthen GMX’s value retention and improve user experience and strategic flexibility. The implementation will involve swapping fees to ETH or AVAX, depositing them into a Buyback contract, and gradually buying back GMX over a week. Users will have the option to convert between GMX and ETH/AVAX, ensuring a seamless transition. The community will vote on three options: maintaining the current model, adding a conversion option, or adopting the new buyback model with conversion flexibility.

Voting ends on July 28, 2024.

Full Proposal: Buyback GMX and Distribute GMX

Stay up-to-date with the most exciting updates, insights and DAO statistics as well as earn platform points (👀) by subscribing to the "The Weekly DAO" Newsletter!

• Website: https://daobase.ai/

• Twitter: https://twitter.com/daobase_ai

• Telegram: https://t.me/daobase_ai

• Discord: https://discord.com/invite/N6f25tPs9W

• Warpcast: https://warpcast.com/daobase

• Medium: https://medium.com/@daobase_ai

⚠️ Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered as financial advice. Readers are encouraged to conduct their own research before making any investment decisions.