DXdao: Month in Review
September was tamer than August, but only slightly. The pace of innovation and activity in the DeFi and DAOs space continues to accelerate and DXdao is right in the thick of it. September was filled with product developments, governance discussions and community engagement. Let’s dive in.
Rails, a layer 2 payment app, is live! A proposal to set the Rails.eth content hash to the latest version passed on October 2. Rails is built on top of Loopring’s ZK Rollup and enables instant gas less token transfers. The app is slick and kicks off DXdao’s adventure into the Layer 2 landscape as high gas on Ethereum’s base chain prices out smaller transactions. Great product along with some stellar marketing, and of course, the memes and hashtags, #GetOnRails.
Omen continues to see activity in its most prominent markets:
- Will Ethereum 2.0 Phase 0 launch before 2020? - currently 75% Yes
- Will Joe Biden win the 2020 United States presidential election? - currently 62% Yes
Like the rest of Ethereum applications though, Omen has struggled to grow with stubbornly high gas prices. Two initiatives were started last month to ease the pain:
- Sponsored Transactions with Authereum - DXdao teamed up with the smart contract wallet Authereum to offer free transactions on Omen. Authereum v1 just officially went live yesterday, so hopefully it will bring more users to Omen. Check out this handy video of getting started with Authereum and DXdao.
- xDai! - Gnosis Protocol (the back-end for Omen) announced plans to deploy on xDai, an EVM compatible proof-of-stake sidechain with much higher tx output and much lower tx costs. An xDai compatible version of Omen is currently in the works, which could greatly increase Omen trade volume and # of users given the native xDai Metamask Integration.
Check out this Dune dashboard for the latest Omen stats.
Mesa, a decentralized exchange that uses batch auctions, has seen $13.1m in trade volume over the last 30 days. Mesa has also been impacted by Ethereum’s high gas prices, but it has started to carve out a market niche as the go-to place for fair IDOs (Initial DEX Offering).
dHEDGE, which bills itself as a ‘Non-custodial mimetic trading for synthetics’, conducted on IDO for their DHT governance token on Mesa on September 17, and saw more than $9m volume on Mesa on that day alone. Check out dHEDGE’s roadmap and latest updates.
Upcoming IDOs on Mesa:
- API3 - starting on October 15 & ending on Oct 29
- FUSE - starting October 22 & ending on Oct 24 and also using a sigmoidal bonding curve, DAOtalk thread
- Aluna Social (ALN) - already added to the token list, but IDO date still TBD. More info here, and on DAOtalk thread
Other Mesa news:
- Mesa passed 1000 Twitter followers! Now up to 1,145
- Mesa earned revenue! 10k OWL for the MTA sale now in DXdao treasury
- xDai deployment should alleviate gas concerns for Mesa and allow for smaller auctions
DXswap has not launched yet but the past month was full of activity as the community gears up for mainnet. Events in the market, namely the launch of Sushiswap and subsequent launch of the UNI token, have altered the launch strategy. Rather than focusing on attracting liquidity with DXD rewards, the community is focusing on leveraging DXswaps advantage: governance.
The community approved the DXswap Launch Parameters and audits were completed for the DXswap Scheme Contract and DXswap Core, Periphery, and Deployer Repositories. Mainnet deployment is imminent and an updated UI is in the works.
47 proposals were passed in the last 30 days - a very active month for DXdao governance. Many were worker proposals; 12 DXdao contributors have worker proposals that have passed in the past 30 days, across development, design, marketing and biz dev.
Important proposals that passed in the last 30 days:
- DXdao Manifesto - a document that aims to encapsulate the history, ideals and principles of DXdao. Coming soon to a DXdao home page near you and currently available on IPFS.
- 5 Point Plan - an initiative to address concerns raised by the community, particularly DXD holders around Budget Transparency, Onboarding and Community Development, the Bonding Curve, Product Roadmaps, and Governance 2.0. Check out the full doc.
- Worker Compensation Guidelines [revised] - an update to the original guidelines to make them simpler and align worker compensation more directly with DXD. Guidelines can be found here.
xDXdao on xDai is here! Check it out. Great work by @Eylon and the DAOstack team to coordinate Reputation Mapping (for REP holders with Gnosis Safe wallets) and GEN <-> xGEN Token Bridge. There are already live proposals on xDXdao and a proposal from mainnet DXdao to fund xDXdao $10k in ETH and 3k GEN. This will be a great way to test bounties and marketing campaigns at lower levels and also experiment with GASLESS VOTING (on signal proposals at least).
Community REP Boosts is a great initiative spearheaded by Sky to proactively reward community members’ positive contributions to DXdao. Over 11 addresses were awarded REP in the past 30 days as part of the first batch, from long-time contributors like @fin , @Eylon and @chen to more recent contributors like @CLCL and @Delphi_Digital.
If you know of a positive contributor to DXdao who deserves REP, nominate him or her!
For the latest updates on all the governance happenings, check out the Ongoing Governance Initiatives spreadsheet.
Bits and Pieces
- Three Proposals for Governance, Bonding Curve, and UI/UX (Delphi Digital)
- DXdao & Status: Partnership exploration document
- DAOstack’s L2 research on scaling governance
- Make the DXDao become an active governor in today’s decentralized protocols to start generating revenues
- DXdao MultiCall Schemes (in Alchemy)
- Analysis on treasury spending, bonding curve + impacts on DXD secondary market
Want to contribute?
With so much going on with DXdao I’m sure I missed a lot. Corrections and additions (& feedback!) welcomed below.