The meeting discussed updates on the new community multi-sig signers, the Tally delegation week distribution, and the reopening of the Hop airdrop window.
LimeChain presented a proposal for a generalized zero knowledge-based Merkle Patricia trie inclusion proof system for the Hop protocol. This would allow Hop to provide cross-chain state proofs, making the protocol more efficient and competitive.
The development team has migrated everything to Foundry, which has sped up testing and deployment. They are also working on the V2 token bridge and improvements to the bonding speed.
The threshold for delegate incentives for active participants in Hop governance has been lowered from 90,000 Hop to 30,000 Hop.
The team is considering ways to gamify Hop and increase user engagement with the Hop UI.
A question was raised about resources for non-technical people to understand Hop V2. The team suggested checking the GitHub repo and mentioned plans to release more public documentation.
JPEG Yakuza from the Clique team discussed their Optimism campaign and the use of identity oracles
Clique is organizing four competitions to identify power users within each DeFi category
The Hop community was asked if they are interested in participating in the competitions
The Ambassador Program was discussed, with a focus on improving engagement and communication with ambassadors
Suggestions were made to have ambassadors share periodic updates and have the Community Multisig run through the distribution of Hop tokens during these calls
Hop won the bridge week from Arbitrum Odyssey and was recognized as the most used bridge
The Hop dev team provided an update on the progress of the token bridge
The team is shifting its focus to the token bridge, now called the Liquidity Hub
Testnet is expected to be live later this year and Mainnet early next year
A new cost proposal is expected soon with a smaller budget due to operating with a smaller team
The SNX and sUSD bridges will no longer receive OP rewards, as decided by the Synthetix team
Treasury diversification was discussed, with a proposal expected for the sale of ARB tokens
The forum believes that treasury diversification is necessary for the DAO’s runway and development
The grants program will be re-elected, with a focus on recruiting individuals with technical backgrounds
The possibility of a multi-step process for the grants election was suggested, including nominations and recruitment
Discussions were held regarding the recent posts on governance updates: Treasury diversification and the Authereum Labs engagement adjustment.
A multi-sig refill vote is also underway, which is a routine process that needs to be done regularly.
The Authereum Labs engagement was adjusted due to operating with a smaller team than expected, which resulted in under-budget operation. Their timeline for v2 has been extended as a result.
Emphasis was also made on compensations for moderators and members actively engaged for over a year.
Hop v2 is being developed focusing on the Liquidity Hub, solving some of the core bridge problems. The mainnet for v2 is expected to launch early next year.
Updates to the current Hop v1 bridge are underway which will also apply to v2. This will improve the bonding times, and make for quicker transfers. Expect to see changes to the frontend.
Hop was seen as a gatekeeper of which tokens are bridgeable. Hop v2 will remove this barrier, allowing various tokens to establish the bridge on their own.
The Hop community reinforced the idea of gaining more delegate power and voting power from other protocols.
Discussions were held regarding ways to enhance social media activity for Hop.
Hop has a strong reputation with developers with its trustless nature and its aggressive nature to becoming the market’s best bridge.
It was suggested that Hop collaborates with aggregators to emphasize the security profile of bridges, noting that user bridging decisions are often based on time or cost, not security. v2 will enhance security, eliminate potential risks, reduce capital costs, and therefore, undercut prices.
Hop v2 will also leverage the cost savings of subsidized bridges, native bridges, exchanges and settlement solutions like CTIP without taking on their trust assumptions.
Hop Incentive reports are to be presented next week.
Discussion on revamping the ambassador program and adding more structure to DAO initiatives
Franco provided an overview of the current ambassador program and its challenges
Proposed solutions include adding a head of the ambassador program, reducing the number of ambassadors per protocol, and implementing a more attractive incentive structure
Compensation for ambassadors and moderators was discussed, with suggestions for base pay and additional commissions for successful integrations
The idea of tying a license to the V2 contracts was introduced, similar to Uniswap’s approach
Legal considerations and research will be needed to implement the license
Updates on V2 progress, including the bonder speed update and support for Sepolia testnet
Delegates were encouraged to post voting and communication records for compensation calculation
Simplified reporting format for delegate compensation was discussed and received positive feedback
The main agenda was discussing the transition from the old ambassador program to a new one, incorporating learnings from current ambassadors to improve alignment, engagement, and incentives.
Franco led the effort and proposed:
Identifying specific responsibilities for ambassadors and tying them to compensation.
The initial compensation was $500 per month, but there were issues with governance participation and missed opportunities.
The proposal includes compensating ambassadors for their efforts and time.
The next iteration of the ambassador program should adjust compensation and possibly introduce a commission-based structure (up to 10% of value brought to the DAO).
A head of the ambassador program could be introduced to oversee and support ambassadors.
Limiting the number of ambassadors per protocol to avoid “too many cooks in the kitchen.”
There was a consensus among ambassadors for full payment of compensation for the previous period, but it was noted that most feedback came from ambassadors themselves.
It was suggested that ambassadors should submit a final report to close up the program and justify compensation.
The importance of resolving compensation within the next 24-hour payment cycle was emphasized to avoid mid-cycle distributions.
The development team is working on v2 contracts and expects to have an internal Testnet soon, with a public Testnet and more information potentially available later in the year.
Hop v1 now supports Linea, and infrastructure improvements will allow for quicker support of additional chains so expect Polygon zkEVM, Scroll and zkSync soon
The bonder has increased its speed significantly, reducing wait times for finality on various chains like Polygon, Optimism, Arbitrum and others.
Looking ahead to post-v2 deployment, there’s interest in encouraging more distribution and long-term alignment among protocol participants, including users and contributors, potentially through staking mechanics or governance participation.
The meeting concluded with an open invitation for further thoughts on the forum and a reminder of the next community call in two weeks.
The meeting discussed the Treasury diversification that has been approved. An onchain vote on Tally will be the next step.
There’s a proposal for moderator compensation, which is expected to have some retroactive application. Compensation would also have a vesting period. The proposal aims to provide better long-term alignment and increased compensation to make up for lockups.
Francom is working on a proposal for the role of ‘Head of DAO Operations’. This role involves being a liaison amongst various groups within the DAO; it’s not a centralized authority. The goal is to improve communication within the various groups and subgroups, and the wider DAO community, and potentially manage community calls.
As service providers, the update from Authereum Labs mentioned progress with V2 contracts and V1 infrastructure. They are making improvements to streamline the addition of new networks and should have Polygon zkEVM live soon on mainnet.
There is a request for comment out on the forum about incentives for the new chains being added to Hop V1.
Launch of Hop V2 is expected early next year. They will be working through the holidays.
The Hop Community Call discussed the temperature check, treasury diversification, and protocol liquidity for multi-chain Hop ETH LPs by @fourpoops.
@fourpoops. is currently working on executing the Velodrome actions related to the proposal which involves adding Hop to liquidity pools.
The group discussed different methods for improving voting capacity, such as encouraging re-delegation of tokens or potentially using the Hop protocol Twitter for outreach.
There are plans to implement Hop AMMs on supported and upcoming chains such as ZKSync and Scroll. Incentives were distributed for Linear and Polygon zkEVM. @0xPolygonDeFi bridge went live today!
A new post regarding Hop Moderator Compensation by was introduced. This covers retroactive compensation for the moderator team as well as ongoing compensation for the lead community moderator.
The Hop V2 contracts development is ongoing with a focus on scalability. The plan is to have Hop V2 contracts out within this quarter.
Arbitrum DAO will be voting on the launch of a long-term incentive program. A potential Hop application was discussed.
The DAO considered ways of utilizing its Hop token reserves, including incentives and protocol liquidity, as well as considerations about how the core team utilizes its voting power.
Finally, @francom619 from the core team addressed how to streamline the Delegate Incentivization Process, even in the absence of votes. The team agreed on the benefit of consistency in this matter.
Great notes Greg! Just to be clear, the LTI program application hasn’t been made or submitted yet as the Arbitrum DAO is currently voting on the LTI program.
Franco discussed the Delegate Incentivization Program, suggesting automatic six-month extensions unless the DAO decides to cancel or change it.
Regarding redelegation, a public push will be initiated to increase ecosystem health by encouraging integral community members to take on more votes.
rxpwnz community moderator compensation proposal was positively received and will be moving to the next phase.
The launch of the V2 protocol was discussed, with emphasis on the importance of preparing the DAO for this event. Various issues need to be addressed, including protocol liquidity, risk management, treasury management, and growth strategies.
Chris was unable to attend the meeting due to illness
There is continued work on preparing all parts of the system to scale for a fully decentralized V2.
Discussed HIP43 proposal to create Head of DAO Operations role, which has passed the snapshot stage. An election process will take place soon for the role.
Discussed the Community Moderator Compensation passed by rxpwnz. This role is not up for election immediately but could be in the future. rxpwnz is to collect addresses of other community moderators for bonus distribution.
Talked about the Treasury Diversification and Protocol Owned Liquidity presented by four-poops. A vote is live for this with a slight change in numbers due to the dip in HOP token prices.
Discussed the Arbitrum LTI grant program worked on by Bob-Rossi, Franco, and 0XLev1. Considered requirements including KYC and ongoing reporting through a Dune dashboard.
A community member with the relevant skills is needed to create the Dune dashboard to ensure ongoing reporting for the program.
Lastly, Franco discussed the need for renewing the Delegate Incentive Program, with a proposal for increased incentives suggested. The community is encouraged to comment on this.
On the technical side, Hop v2 contract functionality is nearly complete and testing phase is starting. The team is starting peripheral and off-chain components and deployment will go live on Testnet before Mainnet.
The background infrastructure has been updated for future scalability and speed. This is expected to alleviate any infrastructure work at a later time.
HIP44 Treasury Diversification Vote: A vote is currently open on Tally regarding the sale of Arbitrum tokens to fund expenses and incentivize participation. This is separate from the protocol liquidity proposal.
Treasury Management Discussion: Needs a more organized approach, specifically addressing liquidity management. A questionnaire was shared to gauge urgency and importance on various aspects of treasury management.
Separate Session on Liquidity and Treasury: Proposed to focus on liquidity protocol and treasury management, aiming for a more detailed discussion.
Multi-Sig Signers Update: The new cohort has shown efficient coordination and responsiveness. A payment system and refund for gas expenses spent on transactions are being set up.
RFC Hop Grants Committee Renewal: Suggests restructuring with new member roles, compensation, and improved funding caps for projects, awaiting community feedback.
Developer Update from Authereum Labs: Progress on Hop v2 contracts and off-chain infrastructure. Plans for a USDC bridge upgrade to integrate Circle CCTP directly, aiming for cheaper and more efficient transactions, preparing for migration from v1 to v2.
Discussion on Migration to L2 for Voting: Acknowledged the challenges and potential risks of moving Hop’s governance to an L2 to mitigate high gas costs. Alternative suggestions include ratification vote mechanisms and cross-chain governance concepts, but concrete actions are yet to be determined.
I was late to the call so I wasn’t around when the grants committee renewal discussion took place. Is there a place to provide feedback on what has been discussed other than this old post?
The application for the Arbitrum LTI program, led by BobRossi, has been submitted. The Arbitrum council will make their decision, followed by the DAO’s delegate vote.
Thanks were given to those who helped with the application and it was mentioned that the application template could be used for future applications.
The grants committee renewal and redesign plan is stagnating. Suggestions and critiques are sought to move it forward.
The on-chain vote for Treasury Diversification for Ongoing DAO Expenses (HIP44) passed and it’s hoped that increased participation will follow.
A Treasury Management Framework call has been set up for Friday to brainstorm details.
The Hop Delegate Incentivization Trial (HIP46) renewal passed with emphases on automation and reporting for voting and communication requirements.
A proposal for launching Hop on NeoX, Neo EVM, Mainnet by NeoX has been tabled.
The upgrade of the USDC bridge to CCTP has launched. This move supports native USDC and the upgrade to Hop V2.
Development of the Hop V2 contracts are in progress. The testing of the off-chain V2 infrastructure is going well.
Education and marketing of Hop V2 is important and the DAO will aid with its messaging.
The gas reimbursements from the delegate incentive trial will be in Hop not ETH due to the current lack of ETH funds.
The Grants Committee proposal is currently stagnant.
A workshop will be held next week April 10 to brainstorm ideas for the committee’s renewal and redesign.
The goals are to attract high-quality applicants and distribute grants effectively.
Community participation is encouraged in the upcoming workshop. See discord event details.
Protocol Financial Stability
0xLevi presented his RFC on Protocol Financial Stability (Part 1).
The goals are to ensure sustainable cash flow for the DAO and improve HOP token liquidity.
The next steps include finalizing Part 2 of the RFC and gathering community feedback.
Potential areas of focus include liquidity management strategies and a liquidity bootstrapping program.
Delegate Reporting Thread
There is a question about the calculation frequency for delegate rewards (monthly vs. per reporting period).
Participants suggested keeping the calculation to a single instance for the reporting period (likely quarterly) to simplify the process with delegate reporting.
Developer Update
Significant progress has been made on V2 development.
The off-chain infrastructure (front-end, explorer, etc.) for V2 is complete.
On-chain contract development is progressing well, with a focus on transaction simulations.
More information on V2 tokenomics will be shared soon.
Action Items
Participate in the Grants Committee workshop next week.
Review Levi’s RFC on Protocol Financial Stability and provide feedback.
Stay tuned for updates on V2 development and tokenomics.
Hop’s application for the Arbitrum LTIPP program was accepted and they’re in the KYC process with AuthereumLabs. Funds are expected next week.
A Dune dashboard is being developed to align with Arbitrum LTIPP program requirements.
Hop single-sided liquidity proposal discussed
Single-sided liquidity proposal by Hameed is continuing. Feedback is being gathered before progressing to a snapshot vote.
Binance’s initiative to tackle the high FTV low float issue was mentioned. Hop is considering applying but needs to ensure the application requirements can be met.
Grants Committee renewal and redesign proposal
Phase 1 of the Grants committee program renewal proposal to be posted on snapshot within the next 24 hours.
Hop Delegate Reporting Thread
Delegate gas cost reimbursements for tally voting are being calculated and will be distributed with the next cycle rewards.
A plan to standardize governance calendars and snapshot vote periods was discussed.
Developer update
The developer update focused on improving efficiency at scale and the implementation of V2 functionalities. Readme and docs have been optimized for the distributed bonder setup for quick deployments and updates.
Work on the V2 architecture of bonders is progressing, with implementation on the V1 bonders imminent to preemptively identify issues.
A relay page was added to the front end to manage incorrect fees or stuck transfers easily and manually, providing a streamlined process for handling bad transfers.
Updates were made to V2-specific logic on different components of Hop, preparing for a smooth migration from V1 to V2 when the switch occurs.