
Wildfire Gov Update 8/26/22
DeFiAave Proposal; [ARC] Risk Parameter Updates for Ethereum Aave v2 MarketThis ARC proposes suspending deposits, disabling borrowing, and sending 100% of the interest paid by FEI borrowers to the Reserve Factor in reaction to the Tribe DAO's intention to reach a terminal state.The TRIBE governance token and the DAO's assets are being dissolved by Tribe DAO. Due to this, FEI will be backed by DAI 1:1 and redeemable at 1FEI:1DAI. Tribe DAO is entering a terminal condition, and the FE...

Wildfire Gov Update 10/18/22
DeFiAave Proposal; Add TRYB to Aave V3 on Avalanche Network, Isolation ModeBiLira would like to onboard TRYB. This AIP lists BiLira (TRYB) on AAVE V3, Avalanche Network, Isolation Mode, the only 1:1 Turkish Lira-backed stablecoin.The full-reserve stable cryptocurrency BiLira (TRYB) is built on the Ethereum blockchain and available on 6 blockchains. It is secured, collateralized 1:1, and ERC-20 token compliant.TRYB (BiLira) is Aave's good borrowing and collateral asset.Aave will get more ...

Wildfire Gov Update 8/12/22
DeFiAave Proposal; ARC: Add OP as Collateral to AAVE v3The objective of the proposal is to add the OP token to Aave V3 on Optimism as a collateral asset. As the pool's initial liquidity is bootstrapped, the Optimism Foundation may additionally provide incentives.Optimism is an L2 scaling solution that will be introduced by the end of 2021 and is EVM equal. Currently, optimism supports more than 100 dapps and $500 million in on-chain value. Having already saved its customers over $1B in g...

Wildfire Gov Update 8/26/22
DeFiAave Proposal; [ARC] Risk Parameter Updates for Ethereum Aave v2 MarketThis ARC proposes suspending deposits, disabling borrowing, and sending 100% of the interest paid by FEI borrowers to the Reserve Factor in reaction to the Tribe DAO's intention to reach a terminal state.The TRIBE governance token and the DAO's assets are being dissolved by Tribe DAO. Due to this, FEI will be backed by DAI 1:1 and redeemable at 1FEI:1DAI. Tribe DAO is entering a terminal condition, and the FE...

Wildfire Gov Update 10/18/22
DeFiAave Proposal; Add TRYB to Aave V3 on Avalanche Network, Isolation ModeBiLira would like to onboard TRYB. This AIP lists BiLira (TRYB) on AAVE V3, Avalanche Network, Isolation Mode, the only 1:1 Turkish Lira-backed stablecoin.The full-reserve stable cryptocurrency BiLira (TRYB) is built on the Ethereum blockchain and available on 6 blockchains. It is secured, collateralized 1:1, and ERC-20 token compliant.TRYB (BiLira) is Aave's good borrowing and collateral asset.Aave will get more ...

Wildfire Gov Update 8/12/22
DeFiAave Proposal; ARC: Add OP as Collateral to AAVE v3The objective of the proposal is to add the OP token to Aave V3 on Optimism as a collateral asset. As the pool's initial liquidity is bootstrapped, the Optimism Foundation may additionally provide incentives.Optimism is an L2 scaling solution that will be introduced by the end of 2021 and is EVM equal. Currently, optimism supports more than 100 dapps and $500 million in on-chain value. Having already saved its customers over $1B in g...

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Summary of Proposal:
Over the past few weeks, eight submissions have been submitted for the proposal of the management of the ENS Endowment fund.
“The Endowment's goal is to ensure the long-term viability of ENS by ensuring it can meet its ongoing financial obligations even in the face of reduced ETH price and registration/renewal revenue.”
Out of these eight submissions, the snapshot was dwindled down to four options:
Avantgarde
Karpatkey
Llama
None of the above
The three fund managers were voted on who had the best strategy or who was most liked. These strategies ranged from buying stable coins, trading daily averages, implementing mutual fund algorithms, etc.
The main point was to keep financial stability in tandem with ongoing revenues from the ENS DAO.
The snapshot used a multiple-choice voting system and ultimately chose Karptakey.
Karptakey seeks to use $52,000,000 of the ENS treasury to yield farm from protocols like Aura, Convex, and Element.
The Stance of Fireeyes/Wildfire:
To quote the forum post from Fireeyesdao.eth:
“Although setting up an endaoment for the ENS DAO is a novel and important step in the progression of the community & treasury, the process and amounts being discussed currently feels like an overstep.”
We believe in financial stability and viability when it comes to DAOs and will always support new mediums to support such growth, but a commitment of nearly 80% of the treasury when the market is at a low seems like a naive move.
It would be much wiser to commit the range of 5-20% of the treasury to see how Karptakey operates as a partner and commit more funds down the road if the DAO feels it is a right fit.
Coinbase added further support with this stance:
“This risk/reward doesn’t seem reasonable, and we’d prefer to wait for the treasury management space to mature further.”
Fireeyes/Wildfire is committed to making sure that Karpatkey will have a more refined path forward with a more reasonable starting amount.
Summary of Proposal:
Over the past few weeks, eight submissions have been submitted for the proposal of the management of the ENS Endowment fund.
“The Endowment's goal is to ensure the long-term viability of ENS by ensuring it can meet its ongoing financial obligations even in the face of reduced ETH price and registration/renewal revenue.”
Out of these eight submissions, the snapshot was dwindled down to four options:
Avantgarde
Karpatkey
Llama
None of the above
The three fund managers were voted on who had the best strategy or who was most liked. These strategies ranged from buying stable coins, trading daily averages, implementing mutual fund algorithms, etc.
The main point was to keep financial stability in tandem with ongoing revenues from the ENS DAO.
The snapshot used a multiple-choice voting system and ultimately chose Karptakey.
Karptakey seeks to use $52,000,000 of the ENS treasury to yield farm from protocols like Aura, Convex, and Element.
The Stance of Fireeyes/Wildfire:
To quote the forum post from Fireeyesdao.eth:
“Although setting up an endaoment for the ENS DAO is a novel and important step in the progression of the community & treasury, the process and amounts being discussed currently feels like an overstep.”
We believe in financial stability and viability when it comes to DAOs and will always support new mediums to support such growth, but a commitment of nearly 80% of the treasury when the market is at a low seems like a naive move.
It would be much wiser to commit the range of 5-20% of the treasury to see how Karptakey operates as a partner and commit more funds down the road if the DAO feels it is a right fit.
Coinbase added further support with this stance:
“This risk/reward doesn’t seem reasonable, and we’d prefer to wait for the treasury management space to mature further.”
Fireeyes/Wildfire is committed to making sure that Karpatkey will have a more refined path forward with a more reasonable starting amount.
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