DeFi

• Aave Discussion; Harmony Bridge Exploit.

  • On June 23rd, an exploit was used on the Harmony Horizon bridge that allowed uses on the mainnet to bridge their assets to Harmony One.

  • 12 hours later the Harmony team was aware of the attack and certified a loss of $100M.

  • The attackers took advantage of an arbitrage opportunity where they can deposit assets with less value (1USDC) as collateral on Aave V3 Harmony and borrow assets not exploited like ONE and LINK

Public Goods

• ENS Discussion; Funding True Names Ltd:

  • This proposal discussion is a funding request from True Names Ltd. The Ethereum Name Service ("ENS") protocol was created by True Names Ltd ("TNL"), TNL also oversees its ongoing development and is completely dedicated to the project. 

  • The ENS DAO was founded by TNL with the goals of advancing the ENS Protocol's development and providing funds for public goods initiatives. 

  • Considering the work completed so far, in order to keep developing and improving the ENS Protocol, True Names Ltd is respectfully asking ENS for a grant stream. This request is for $2,450,000 USDC for the months of January through July 2022, this would be followed by a daily stream of $11,500 USDC starting on August 1st, 2022.

• ENS Discussion; Introducing Wildfire DAO (Public Goods WG) to ENS.

  • The Wildfire Community was officially introduced to the ENS Community on the Forums. 

  • Wildfire DAO is a meta-governance initiative to connect and align community members from across the ecosystem, creating community-focused working groups to tackle token design, governance, and coordination problems in an open and collaborative manner. 

  • Wildfire avoids the formation of governance silos that exist within protocols and sees the forest through the trees by acting as a diplomatic meta-governance layer between them. Over time, Wildfire aims to build up a workforce that helps projects design governance architecture, tokenomics, and construct a system that properly aligns incentives for each protocol.

• Gitcoin Discussion; Gitcoin Year-In Review; 

  • The Gitcoin Team put together a document that encapsulates the year in review for Gitcoin. 

  • The Year in Review strives to highlight the most significant achievements from the previous year and to thank our amazing team of contributors, stewards, and workstreams. This new year of opportunities and goals is also explored in part of the paper.

  • To read the document check it out here, there is also a puzzle hidden in the document, and the first person to solve the puzzle will receive 200GTC and a $100 merch coupon for the Gitcoin swag store.

• Gitcoin Discussion; [Proposal] Remove Lifetime funding received from Gitcoin Grant Page

  • This is a proposal discussion to remove lifetime funding received from the grant page, the author proposes this removal for the following reasons.

  • The numbers are wrong most of the time, the author says they have pointed this out numerous times.

  • Also, many grants were funded through multiple tokens, not only stable coins. Tokens have lost their value by 50-90% since the time of funding and as such the amount is off.

  • It creates tax liability since the amount shown on the Gitcoin page and the true amounts held by the projects would differ largely.

Creator Economy

• SuperRare Tempcheck; Incentivized Reserves to Drive Market Volume.

  • This temp check proposes that a bidder who hits a reserved and is outbid would receive 5% of the final sale in an effort to increase volume on SuperRare.

    • The 5% can be sourced from the seller’s cut (ETH) 

    • Marketplace cut (ETH)

    • DAO Treasury ($RARE)

  • Pros 

    • More reserves met

    • Higher sales volume

    • Better experience for sellers

  • Cons

    • Implementation work and costs

    • Increased selling pressure

Infrastructure & Tooling

• Bankless Discussion; Season 5 - Grants Committee Election Submissions.

  •  This is a call for applications for Season 5 of the Grants Committee.

  • Consists of 5-7 members on the multi-sig.

  • The Committee is responsible for:

    • Managing the grants system

    • Reviewing grant applications

    • Managing the grants treasury

  • The committee has a quorum of four over seven members.

  • There will be a weighted snapshot vote and the highest 3 voted applicants will be elected into the Grants Committee.

  • To submit your application, give your:

    • Discord handle

    • Reason for applying 

    • Qualifications 

    • Sponsor/s

DeFi

• Aave Discussion; Harmony Bridge Exploit.

  • On June 23rd, an exploit was used on the Harmony Horizon bridge that allowed uses on the mainnet to bridge their assets to Harmony One.

  • 12 hours later the Harmony team was aware of the attack and certified a loss of $100M.

  • The attackers took advantage of an arbitrage opportunity where they can deposit assets with less value (1USDC) as collateral on Aave V3 Harmony and borrow assets not exploited like ONE and LINK

Public Goods

• ENS Discussion; Funding True Names Ltd:

  • This proposal discussion is a funding request from True Names Ltd. The Ethereum Name Service ("ENS") protocol was created by True Names Ltd ("TNL"), TNL also oversees its ongoing development and is completely dedicated to the project. 

  • The ENS DAO was founded by TNL with the goals of advancing the ENS Protocol's development and providing funds for public goods initiatives. 

  • Considering the work completed so far, in order to keep developing and improving the ENS Protocol, True Names Ltd is respectfully asking ENS for a grant stream. This request is for $2,450,000 USDC for the months of January through July 2022, this would be followed by a daily stream of $11,500 USDC starting on August 1st, 2022.

• ENS Discussion; Introducing Wildfire DAO (Public Goods WG) to ENS.

  • The Wildfire Community was officially introduced to the ENS Community on the Forums. 

  • Wildfire DAO is a meta-governance initiative to connect and align community members from across the ecosystem, creating community-focused working groups to tackle token design, governance, and coordination problems in an open and collaborative manner. 

  • Wildfire avoids the formation of governance silos that exist within protocols and sees the forest through the trees by acting as a diplomatic meta-governance layer between them. Over time, Wildfire aims to build up a workforce that helps projects design governance architecture, tokenomics, and construct a system that properly aligns incentives for each protocol.

• Gitcoin Discussion; Gitcoin Year-In Review; 

  • The Gitcoin Team put together a document that encapsulates the year in review for Gitcoin. 

  • The Year in Review strives to highlight the most significant achievements from the previous year and to thank our amazing team of contributors, stewards, and workstreams. This new year of opportunities and goals is also explored in part of the paper.

  • To read the document check it out here, there is also a puzzle hidden in the document, and the first person to solve the puzzle will receive 200GTC and a $100 merch coupon for the Gitcoin swag store.

• Gitcoin Discussion; [Proposal] Remove Lifetime funding received from Gitcoin Grant Page

  • This is a proposal discussion to remove lifetime funding received from the grant page, the author proposes this removal for the following reasons.

  • The numbers are wrong most of the time, the author says they have pointed this out numerous times.

  • Also, many grants were funded through multiple tokens, not only stable coins. Tokens have lost their value by 50-90% since the time of funding and as such the amount is off.

  • It creates tax liability since the amount shown on the Gitcoin page and the true amounts held by the projects would differ largely.

Creator Economy

• SuperRare Tempcheck; Incentivized Reserves to Drive Market Volume.

  • This temp check proposes that a bidder who hits a reserved and is outbid would receive 5% of the final sale in an effort to increase volume on SuperRare.

    • The 5% can be sourced from the seller’s cut (ETH) 

    • Marketplace cut (ETH)

    • DAO Treasury ($RARE)

  • Pros 

    • More reserves met

    • Higher sales volume

    • Better experience for sellers

  • Cons

    • Implementation work and costs

    • Increased selling pressure

Infrastructure & Tooling

• Bankless Discussion; Season 5 - Grants Committee Election Submissions.

  •  This is a call for applications for Season 5 of the Grants Committee.

  • Consists of 5-7 members on the multi-sig.

  • The Committee is responsible for:

    • Managing the grants system

    • Reviewing grant applications

    • Managing the grants treasury

  • The committee has a quorum of four over seven members.

  • There will be a weighted snapshot vote and the highest 3 voted applicants will be elected into the Grants Committee.

  • To submit your application, give your:

    • Discord handle

    • Reason for applying 

    • Qualifications 

    • Sponsor/s