While builders are building, we are watching and writing. Every week we will take a deep dive into the world of DAOs. Find out what happened in the DAO industry last week in a weekly newsletter from DAO Times.
New DAO takes another shot at buying the US Constitution
A new DAO called UnumDAO, aka ConstitutionDAO2, is attempting to purchase a first-edition copy of the US Constitution at a Sotheby’s auction. The move comes a year after the original ConstitutionDAO narrowly lost a bid for the historic document to billionaire hedge fund manager Ken Griffin.
As part of its strategy, the group is adding an element of secrecy to its funding process. In addition to publicly-displayed transactions, donors can support the initiative with private Ethereum donations.
The auction was earlier scheduled to be held on December 15. However, Sotheby’s has postponed the event until further notice.
Fox Foundation to hand over accounts to Shapeshift DAO as the latter pushes toward full decentralization
Originally formed to help ShapeShift DAO become fully decentralized, Fox Foundation is slowly handing over the accounts under its control to the DAO. On Monday, a proposal to relinquish the administration of some ShapeShift accounts to trusted DAO members was passed.
Moving forwards, a 1password account will be created to store credentials of the DAO’s Twitter, Facebook, Instagram, Medium, YouTube, and WalletConnect accounts, amongst others. The 1password account will be delegated to workstream leaders and the signers of the DAO’s multisig.
Push DAO approves update to streamline grants program
The Push Grants Program v2.0 will make it easier for builders to access funding from Push DAO. Following a recently approved proposal, grant requests will now be grouped into one of three categories based on the grant size.
Funding requests of $2,000 or less are classified as “Push Rapid Grants,” and will be handled within two weeks following a review by the Push Grants Committee. Grants of $20,000 or less and more than $20,000 fall under the “Push Grants” and “Push Community Grants” categories, respectively. In addition to the initial review by the Push Grants Committee, proposals in the category will go through a temperature check before a formal Snapshot vote.
Ultimately, the new update will make the grants program “more useful, faster, and engaging.”
Bad debt saga: Alpaca Finance debates on what to do
Following a December 2 exploit that led to the temporary depeg of stkBNB, Alpaca Finance raked in bad debt of 1,587.87 BNB, approximately 0.2% of its lending TVL at the time of the incident. Whilst there is a proposal to divert 50% of the protocol revenue currently going to governance to pay off the bad debt, some members appear to disagree with the move.
For one, some community members believe the incident was caused by external actions and Alpaca Finance should not be held responsible. However, some believe that failing to pay off the bad debt to lenders could be bad for the protocol in the long term.
What will DAOs look like in the future?
A new report dubbed “The Future of DAOs 2035” has provided some insight into the current state of DAOs and what the future may look like for decentralized organizations. Conducted between August and October 2022, the research informing the report gives four possible outlooks on the future of decentralized organizations – DAO on the road, UpsideDAOn, LockDAOn, and SlowDAOn.
Read more about these case scenarios on DAO Times.
DAO-based media is already here
With blockchain tech generally disrupting a number of industries, a handful of DAOs are rising up to challenge the traditional media industry. Although each project is taking a different approach, the end goal is to reduce the level of fake news and media bias associated with traditional press.
Other DAO news
- Amid the ongoing bear market, DAOs have continued to gain traction over the past year. New data from DeepDAO reveals that there are over 5 million governance token holders across 10,500 DAOs. The total number of active voters, however, stands at an impressive 1.5 million.
- Treasure DAO has approved a self-funding treasury management model.
- Lido DAO has agreed to expand its Ethereum oracle set from 5 to 9 participants, with a 5/9 consensus.