Wintermute DeFi Governance Digest: July 2024 | Week 1
3 JULY 2024 | RESEARCH | AUTHORED BY CALLEN
This week’s proposals include Arbitrum capturing MEV through Timeboost and Uniswap deploying an incentive package for the Gnosis Chain; along with votes from Pyth to deploy Express Relay on Ethereum Mainnet, Lido launching a Mellow vault, and Hashflow deploying on Base.
Proposals
Arbitrum (ARB)
Proposal: Constitutional AIP: Proposal to adopt Timeboost, a new transaction ordering policy
Author: Arbitrum Foundation
Summary: This proposal requests to introduce Timeboost, a new transaction ordering policy for Arbitrum One and Nova that allows the ArbitrumDAO to capture additional revenue through priority auctions.
Key Points:
Our Take: Timeboost is a great mechanism for the DAO to begin benefiting from the value its chain generates, we look forward to assessing its results if approved by governance.
Uniswap (UNI)
Proposal: Onboarding Package for Gnosis Chain
Author: Karpatkey
Summary: This proposal requests a retroactive UNI incentive onboarding package for Uni V3 on Gnosis Chain with options ranging from $250k to $1M in UNI.
Key Points:
Our Take: Gnosis Chain has seen a resurgence in DeFi activity, considering Balancer is the leading DEX with a substantial amount of TVL it makes sense for Uniswap to increase its presence and market share.
Votes
Pyth Network (PYTH)
Proposal: Release of the Express Relay on mainnet
Status: Live.
Created: Jun 27, 2024.
Ends: Jul 4, 2024.
Leading Consensus: Yes – 770M PYTH (98.7% of total votes).
Summary: This proposal implements the first instance of the Express Relay on Ethereum Mainnet allowing DeFi protocols to earn revenue from the MEV opportunities they produce. Pyth DAO will earn 26% of the revenue collected, 4% will go to infrastructure providers, and 70% will be allocated to the DeFi protocols using Express Relay.
Lido Finance (LDO)
Proposal: The Decentralized Validator Vault
Status: Live.
Created: Jul 27, 2024.
Ends: Jul 5, 2024.
Leading Consensus: Implement the vault strategy – 41M LDO (100% of total votes).
Summary: The proposal requests to implement a Mellow vault that will serve as the focal point for users to stake ETH/WETH via Lido’s DVT. 90% of potential future Obol contributions and SSV mainnet incentives will be allocated to the vault with the remaining 10% allocated to Node Operators.
Hashflow (HFT)
Proposal: Deploy Hashflow and Aggregator+ on Base
Status: Live.
Created: Jun 29, 2024.
Ends: Jul 2, 2024.
Leading Consensus: Yes – 239k veHFT
Summary: This vote requests to deploy the Hashflow protocol and Aggregator+ on Base. Base has emerged as a top-5 chain by Trading Volume and a Top-10 chain by TVL.