Community Call meeting minutes

🗳Meta-Governance
22

Meeting Minutes [May-4]

Hop Delegate Reporting Thread is finalizing numbers

  • Vesting period for delegate rewards discussed, feedback welcome
  • Requests for separated gas reimbursements shared

Update on ARB LTIPP Hop application

  • Waiting for KYC resolution from Arbitrum Foundation
  • Discussing potential multi-sig KYC for grant recipients

Hop single-sided liquidity proposal discussed

  • Aims to improve liquidity and attract high-quality individuals
  • Questions regarding appropriate rates and structure
  • Additional comments encouraged in the Governance Forum

Grants Committee renewal and redesign proposal

  • Discussion on Committee compensation and optimizing the structure
  • Flexibility and potential models for compensation considered
  • Encouraging more comments on the Governance Forum before moving to a Snapshot vote

Treasury Management Framework proposal

  • Draft strategy is in development
  • Focused on sustainable cash flows and reducing slippage

Developer update

  • V1 stabilization and V2 development progress
  • Working on the SDK interface for developers and integrators
  • Continued input and feedback appreciated
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23

Meeting Minutes [May-29]

Update on ARB LTIPP Hop application

  • 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.
4 Likes
24

Meeting Minutes [June-26]

  • Arbitrum LTIPP Application Update:
    • Program started recently, with approximately 4,000 ARB tokens used daily.
    • Expecting full ARB utilization if the current rate continues.
    • Incentives are deployed daily, with boundary fees and gas rebates every 28 days.
  • Comments on Incentives:
    • Initial 28-day cycle prorated to 14 days.
    • Gas data needed for a complete usage picture.
    • Incentive program success hinges on full ARB deployment.
  • Grants Committee Program:
    • Only two nominees so far; the deadline is extended by a week.
    • Importance of the grants program in Hop DAO’s ecosystem emphasized.
    • Encouraged more community members to apply and share nominations.
  • Rewards for Magic on Arbitrum Nova:
    • Suggestions to discontinue incentives due to low usage.
    • Consideration of administrative overhead costs to do so vs outlay.
    • Consensus to maintain incentives until V2 rollout.
    • Further discussion to continue in the forum.
  • Developer Update by Shane:
    • V2 Bonder architecture implemented and tested.
    • V2 SDK updated based on feedback.
    • V2 Explorer and other off-chain tooling receiving updates.
    • V2 contracts implementation ongoing.
    • Discussion on public communication of progress.
  • Community Engagement:
    • Highlighted importance of keeping Hop narrative active.
    • Calls for more frequent communication to maintain momentum.
    • Encouraged community feedback and support for promotional efforts.
6 Likes
25

Meeting Minutes [Jul-10]

  • Grant committee nominees:
    • RXPWNZ:
      • Long-term contributor to Hop, over three years.
      • Background in community support, technical contributions.
      • Emphasizes grants that benefit Hop protocol directly.
      • Suggests focusing on technical contributions and utilizing messaging with V2 release.
    • ChaseOnChain:
      • Newer member to Hop DAO.
      • Background in product and marketing for P2P loan protocol, NFT projects, community management.
      • Experience in both receiving and distributing grants, including technical and marketing initiatives.
      • Advocates for supporting builders and bringing in new talent.
    • Alexios:
      • Long-term but less active recently, early liquidity provider.
      • Experience with dYdX grants, including SEO, community management, marketing.
      • Emphasizes the need for marketing the grant program itself and establishing a professional, perhaps more private, application process.
  • Chris provided development updates:
    • Latest version of Hop V2 being deployed, enhancing routing through multiple chains.
    • SDK to be updated, preparing for audits and mainnet deployment within the next six months.
    • Shane is representing Hop at EthCC in Brussels.
4 Likes
26

Meeting Minutes [Jul-24]

Grants Committee Discussion

  • Congratulations to Rxpwns, ChaseOnChain and BobRossi for winning the Grants Committee election.
  • Proposal to have an open call later in the week to discuss RFP list creation and outreach initiatives.
  • Coordination for a time to discuss details further.
  • BobRossi and other attendees agreed on a need for improved grant committee operations.

ARB LTIPP & Hop Grants Update (BobRossi)

  • Updates shared via governance forum.
  • Dashboard created to track usage.
  • Spent 104,000 ARB tokens primarily for incentives and bonder/gas rebates.
  • Encouragement to continue messaging for increased usage.
  • Potential follow-up social media post/tweet suggested.

Collaboration with Berachain - (Homme co-founder)

  • Expressed interest in integrating with Hop.
  • Shared positive remarks about Hop and the potential collaboration.
  • Discussion about frequently asked questions and integration possibilities.

Proposal from Contrax (Soheeb)

  • DeFi platform aiming to simplify user experience.
  • Special mention of Contrax vaults integrated with Hop.
  • Proposal for collaboration with Hop for mutual benefit.
  • Encouraged the community to evaluate and respond to the proposal.

V2 Developer Update

  • Current focus on contract logic simplification and consolidation.
  • Token mechanics and front-end/sdk updates underway for V2 support.
  • Emphasis on ensuring readiness for protocol deployment.
4 Likes
27

Meeting Minutes [Aug-7]

ARB LTIPP Hop Application Update - BobRossi:

  • About a month left for the ARB tokens usage.
  • 183,000 ARB tokens used out of 500,000.
  • Encouraged people to use tokens or they will be given back.
  • Low gas fees currently, benefitting end users.

Grant Committee Update:

  • Brainstorming ideas internally and externally.
  • Technical grants deferred until V2 release.
  • Focus on marketing grants and rewards programs over short-term.
  • Suggested creating metrics dashboard for better data tracking.
  • Encouragement for community ideas and feedback.

Development Update:

  • Contract side simplified for security and ease of use.
  • V2 bonder logic running on production with V1 contract interactions.
  • SDK demo page improved for easier testing by integrators.
  • V2 tooling and finance improved with bug fixes and optimization.

Follow-Up Questions by Sinkas:

  • Inquiry about ARB token sales and USDC usage.
  • Questions about HIP-040 proposal not being executed.
  • Discussion on DAO treasury management and liquidity provision.
  • Suggested better tracking and reporting of DAO operations.
4 Likes
28

Meeting Minutes [Aug-21]

Multi-sig Election:

  • The second cohort of multi-sig signers has been more efficient compared to the first.
  • Current multi-sig signers include theGreg, RXPWNSs, FourPoops, Olympio, and the Francom.
  • Importance of either re-electing the current group or opening up for new nominations.
  • Encouragement for anyone interested to nominate themselves in the Governance Forum.
  • Compensation details for multi-sig signers were clarified.

Arbitrum LTIPP Update:

  • The Arbitrum grant is nearly completed with about 35% of ARB tokens used.
  • Program expires in early September.
  • Bob Rossi and Shogun were commended for their collaborative efforts.

Grants Committee Update:

  • The Grants Committee is working on an RFP list, which needs a final polish before public sharing.
  • Collaboration proposals in the pipeline aiming to involve more users.
  • Upcoming engagement with grantees and community members expected.

V2 Developer Update:

  • Emphasis on progress in routing functionality for multiple chains.
  • Fresh deployment testing for improved efficiency.
  • Anticipation for revealing more details shortly.

Service Provider Relationship and Compensation:

  • Discussion on the delayed launch and its impact on service provider payments.
  • Ethereum Labs has been operating with a smaller team and reduced payments, requiring realignment moving forward.
  • Expectations for DAO to evaluate the work once details are shared and possibly adjust compensation accordingly.
3 Likes
29

Meeting Minutes [Sept-4]

Hop DAO Multisig Nominations:

  • Nominees mentioned: ChaseOnChain and Sinkas.
  • Olympio will no longer be part of the multisig.
  • Snapshot vote for the new nominee will be set up soon, likely a straightforward process.

ARB LTIPP Program Wrap-up:

  • Discussion on the conclusion of the ARB LTIPP Program.
  • 85% of the granted 500,000 ARB tokens were utilized, largely for AMM and onboarding fees.
  • Return of unused funds and potential retroactive compensation for contributions, particularly for key contributors like BobRossi and Shogun.

Grants Committee RFP List Updates:

  • Updates from ChaseOnChain and RXPWNS on the final stages of the RFP list.
  • Discussion on publicizing the RFP list through various channels to increase engagement.
  • Coordination needed with Shane and Chris for access to official communication channels.

Delegate Incentive Program and Head of DAO Operations:

  • Incentive program rewards are set to be distributed soon, after a six-month lock.
  • Franco’s term as head of DAO operations ended on August 28th; discussions on self-renominating and inviting others to apply.

Developer Update:

  • Shane detailed progress on deploying core functionality and continued testing.
  • Chris added thoughts on the simplification of deployments and additional periphery items being developed.
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30

Meeting Minutes [Sept-18]

Grants Committee Update:

  • RFP (Request for Proposals) list finalized and ready to be shared.
  • A blog post to be published on Hop’s Mirror and Medium accounts.
  • Accompanying tweets for marketing and community engagement planned.
  • Pending: BobRossi to handle forum post indicating open submissions.
  • Coordination needed with Shane and Chris for posting on official channels.
  • Action: Chase will share the blog post draft for feedback.

Head of DAO Operations Update:

  • Role term ended on August 26.
  • Open to feedback for improvement and new nominations.
  • Reporting cycle for delegate incentives being processed.
  • Announcement of the next reporting period covering March to present.

Delegate Incentive Reporting:

  • Rewards from the last cycle to be distributed soon.
  • Increased rewards with a six-month vesting period.
  • Working on the next cycle, aiming to post soon.

Multisig Signer Update:

  • Welcoming Sinkas as the new multisig signer, replacing Olympio.
  • Coordination needed to add Sinkas to the multisig and relevant communication channels.

Developer Update:

  • Focused on handling edge cases and detailed error handling for Hop V2.
  • Customization options for bonders being developed to improve efficiency.
  • SDK interface being refined for external users.
  • Progress towards a minimal viable product, aiming for later this year.
  • Upcoming audit phase once contracts are finalized.

Community Engagement:

  • Encouragement to participate in Hop protocol and bridge-related discussions.
  • Potential to help build hype for the V2 launch once closer to the release date.
3 Likes
31

Meeting Minutes [Oct-16]

Grants Committee and Outreach:

  • Finalizing a promotional post for Twitter and the blog to boost grant visibility
  • Limited responses received so far; ongoing efforts to increase outreach
  • RXPWNS reached out to potential applicants without significant outcomes
  • Anticipate more applications once the official post is live

DAO Operations and Delegate Rewards:

  • Significant progress on contracts and off-chain infrastructure, targeting release by year-end
  • Introduced bond/liquidity fees and message fees to enhance competitiveness
  • Head of DAO Operations role still open for nominations
  • Delegate rewards are nearly finalized with adjustments for token price fluctuations
1 Like
32

Meeting Minutes [Oct-30]

Grants Program Update

  • Officially live.
  • Community encouraged to like and retweet the expo for awareness.
  • Timeline: 2-week application period, followed by a review period and fund disbursement.
  • Applications to be submitted in groups to maintain momentum.
  • Initial applications under review; potential collaboration with Dune.
  • Gitcoin expressed interest in partnership for grant handling.

Head of DAO Role

  • No new nominations received.
  • Current host willing to continue; a snapshot vote will determine next steps.
  • Importance of maintaining DAO operational processes emphasized.

Delegate Incentives Program

  • Operates on six-month incentive cycles.
  • Key requirements: voting participation, effective communication, and maintaining a minimum Hop Delegated Token threshold.
  • Final incentive calculations being prepared for community review.

V2 Update

  • Contracts are functionally complete and operational.
  • Unit test suites and security measures are being enhanced.
  • Bonder improvements include customization options and MPC signing for distributed custody.
  • Integration completed for SDK, testnet, front end, and V2 Explorer.
2 Likes
33

Meeting Minutes [Nov-13]

Marketing and Application Update

  • Reminder for everyone applying to reply to Shane’s post for official application tracking.
  • Discussion on current applicants and projects including Greg’s work, T-shirt marketing, and a video series.

Dune Dashboards

  • Discussion about dashboard development and V2 focus.
  • Consideration of grant application maintenance requirements.

Grant Application Process

  • Proposal for biweekly application review periods to ensure fairness.
  • Discussion on potential grant amounts and application groupings.

DAO Operations Election

  • No new nominees for Head of DAO Ops; current head is open to continuing role.
  • Encouragement for participation in voting for the position.

Delegate Rewards

  • Query about minimum delegation amount affecting eligibility.
  • Plan to review and potentially adjust the framework based on feedback.

V2 Development Update

  • Progress on contract audits and simplifications in bond withdrawal logic.
  • Aim to complete V2 development by end of year, with audit feedback phase to follow.
  • Plan to share details in upcoming community calls.

Regulatory Environment and Future Outlook

  • Positive regulatory developments are expected to benefit the project.
  • Anticipation for success in the next 6 to 12 months.
3 Likes
34

Meeting Minutes [Nov-27]

Grants Program Update

  • 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 didn’t align with the DAO and protocol’s 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 Arbitrum’s 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 “abstain” 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 protocol’s 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 “abstain” 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.
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35

Meeting Minutes [Dec-11]

  • Key Announcements:
    • Upcoming Q3 2024 report on Hop Protocol to be released soon.
    • Discussion on Bob Rossi’s retroactive funding proposal.
      • Key points include the decision on 10% vs 15% funding and vesting options.
  • Grant Discussion:
    • Proposals on vesting vs. non-vesting payments and their economic implications.
    • Mention of a competitor listed on Binance, prompting reevaluation of listing strategy.
    • Issues include CEO documentation and legal status of tokens as non-securities.
  • Grant Committee Update:
    • Decision between Shogun and Take-a-Breath for the dashboard grant.
    • Take-a-Breath chosen for alignment with DAO and community contribution.
    • Focus on funding future applicants with remaining budget.
  • V2 Project Update:
    • Ongoing internal audit of contracts with no new features, focusing on bug fixes.
    • Preparation for public audit and announcement.
    • V1 maintenance efforts included USDC bonders and internal dashboards enhancement.
  • Future Schedule:
    • Next meeting proposed for January 8th due to holiday conflicts with Christmas Day.
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Meeting Minutes [Jan-8]

  • Grant Program:

    • Applications are being processed, with some approved and others rejected.
    • Consideration for partial upfront funding versus milestone completion payments.
    • Emphasis on ensuring grant recipients are rewarded primarily in Hop tokens to encourage ecosystem alignment.
    • Suggestions made for having dedicated committee members oversee grant milestones and completion.

  • RLTIPP Grant Request:

    • Grant request spearheaded by BobRossi, previously on hold, is planned to move forward to a community vote.
    • Options for the grant distribution include several percentage combinations of immediate or vested compensation.

  • V2 Development Update:

    • Contracts are stable and undergoing an internal audit in preparation for an external audit.
    • Integration of components like the hop-node and SDK is in progress.
    • No decision on external auditors yet, but aim is to secure a top-tier firm for credibility.

  • Competitive Landscape Discussion:

    • Overview of competition from decentralized and centralized bridge solutions.
    • Hop Protocol positions itself as cost-competitive with centralized bridges while mitigating security risks.

  • Community Participation:

    • Introduction of a decentralized bonder network with opportunities for community participation in V2.
    • Encouragement for community involvement in testing and running nodes.
2 Likes
37

Meeting Minutes [Jan-22]

  • Grants Committee Update:

    • Discussion on identifying a single point of contact for grant submissions to streamline communication.
    • No update on new applicants; possible check needed by other committee members like RXPWNS.
    • Previous discussions noted on grant distribution in HOP, not USDC.
    • Suggestion to provide community updates on grants committee activities via governance forum, including metrics such as approved grants and available pool amounts for transparency.

  • V2 Development Update:

    • Internal audit of contracts ongoing, focusing on edge cases identified during the process.
    • Plan to follow with an external audit, starting with one group and potentially expanding to include an audit contest for community involvement.
    • Funding for audits potentially from reserves, working with the DAO for further support.

  • Ethereum Ecosystem Discussion:

    • Potential positive impact from new regulatory frameworks on Ethereum and possibility of real-world use cases increasing as regulations evolve.
    • Anticipation of more rollouts with Ethereum’s Layer 2 solutions, with public companies like Coinbase leading infrastructure development.

  • Cross-Chain Connectivity:

    • Current cross-chain bridges observed but potential improvements considered via state proofs to ensure secure consensus validation.

  • Open Discussion:

    • Encouragement for community feedback through Discord or governance forum to enhance development and operations.
1 Like
38

Meeting Minutes [Feb-19]

  • Grants Program Update:

    • Current focus on tracking applicant progress and confirming compensation amounts.
    • Rejected SEO optimization proposal (deemed unlikely to boost volume/users).
    • New proposal to deploy Hop on a new chain (postponed until post-V2).

  • V2 Development Update:

    • Internal audit ongoing; edge cases addressed, bond withdrawal logic simplified.
    • External audit discussions with Spearbit; Optimism grant application submitted to fund audit costs.
    • Aim to finalize contracts and release whitepaper/audit code post-audit.
    • New V2 tokenomics proposal to include fee mechanics and protocol integration.

  • Regulatory Environment and Future Outlook:

    • Positive regulatory clarity under new U.S. administration. Discussion on projects enabling fee-switch.

  • Events:

    • Team members considering attendance at ETH Denver (tickets secured).

  • Community Engagement:

    • Request for public grants program update (applicant status, rejections, RFPs).
    • Encourage feedback on Hop Forum for governance proposals.
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39

Meeting Minutes [Mar-5]

  • Upcoming Payments
    • Delegate Incentive Program payments, Arbitrum LTIPP retroactive grant, Head of DAO Operations payments, and Grant Committee member payments aim to be distributed within ~2 days.
    • Qualified delegates for Q2/Q3 2024: BobRossi, Olympio, RXPWNS, Take-a-Breath, Sinkas. 0xLevi and theGreg excluded due to unmet communication/delegation thresholds.
    • Recipients must confirm payment addresses via forum thread.
  • Grants Committee Updates
    • Hogant’s T-shirt proposal delayed due to HOP price drop requiring fund recalculation.
    • Applicants contacted for progress updates.
    • RXPWNS’ moderator payment structure adjusted to 65% stablecoins / 35% HOP via Snapshot vote.
  • Hop V2 Progress
    • Native ETH support added to contracts to avoid wrapping/unwrapping.
    • Audit application submitted to Optimism DAO; external auditors on standby if needed.
    • Off-chain infrastructure being stress-tested against final contract versions.
  • Market/Competitor Developments
    • Across raised $40M in funding, highlighting VC interest in interoperability.
2 Likes
40

Meeting Minutes [Mar-19]

  • Grants Committee Update:

    • T-shirt grant application delayed due to HOP price drop and communication issues. RXPWNS coordinating with Holand to finalize funding amount.
    • Retrospective grant for theGreg’s note-taking and automated tooling pending disbursement. Tool plans to integrate Venice AI’s speech-to-text API once available.

  • V2 Development Progress:

    • Internal audits ongoing for simplified contract architecture, yielding efficiency gains.
    • Hop node (bonder) successfully tested with USDC and V2 contracts; off-chain infrastructure stable.
    • Awaiting Optimism Grant Committee decision on Spearbit audit funding. Contingency plans include direct engagement with Spearbit or other auditors.

  • Bonder Network Decentralization:

    • V2 contracts support open bonder network with HOP staking requirements.
    • Initial launch to start with a single bonder for stability, expand post-launch.

  • Liquidity and Partnerships:

    • Discussions about on-chain liquidity solutions and market maker partnerships.

  • Community Engagement:

    • Encouragement for community to review public code (Docker Hub/GitHub) for bonder logic and V2 progress.
    • Plan to share audit updates and contract details in upcoming calls to boost transparency.

  • Regulatory and Funding Opportunities:

    • Optimistic outlook on regulatory shifts enabling VC/MM partnerships.
    • Hop DAO open to exploring funding avenues post-V2 launch, including grants and strategic rounds.
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