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 Hopās 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 wasnāt 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 DAOās 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 itās 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 committeeās 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 Leviās RFC on Protocol Financial Stability and provide feedback.
Stay tuned for updates on V2 development and tokenomics.
Hopās application for the Arbitrum LTIPP program was accepted and theyāre 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.
Binanceās 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.
Approved Applicants: Holand for a marketing proposal and TheGreg for a grant related to community meeting minutes.
Rejected Applicants: A marketing proposal for short videos was not approved as it didnāt align with the DAO and protocolās current direction.
Pending Decisions: The dashboard category is currently between Take a Breath and Shogun, both of whom are experienced, making the decision challenging.
Next Steps: Finalize decisions on approved applicants and continue reviewing new grant applications.
Retroactive Grant Request by BobRossi
Context and Grant Request: BobRossi explained that the team participated in Arbitrumās grant round, receiving 500,000 AR tokens and utilizing approximately $300,000 worth of AR tokens for liquidity incentives and fee rebates to attract users to the Arbitrum network. They returned 75,000 unused tokens as per stipulations. Bob is seeking a retroactive grant of 15% of the $300,000 value obtained from the grant for compensation, proposing to split it among team members based on their contributions.
Discussion Points: The proposal aims to set a precedent for rewarding aligned efforts within the DAO. There was a discussion about offering an āabstainā option in snapshot votes to address conflicts of interest, and the possibility of varying percentages based on the value contributed, suggesting flexibility (e.g., 10% immediate, 15% with vesting).
V2 Update
Progress: Ongoing testing and internal audits, cleanup of V2 hooks for the front end, and plans to finalize contracts for external audits and repository cleanup.
Team Feedback: AuthereumLabs expressed a positive outlook on the engineering and auditing efforts, emphasizing the protocolās long-term sustainability and its role in strengthening the Ethereum ecosystem.
Governance and Voting Mechanisms
Snapshot Voting and Reimbursement of Gas Fees: Discussion on implementing an āabstainā feature to allow members to participate without conflicts of interest. The DAO will reimburse gas costs for on-chain and multi-signature voters to encourage participation.
Feedback and Community Involvement: Encouragement for community members to provide feedback on proposals and participate in governance discussions.