DXdao Month(ish) in Review Oct/Nov 2020

Another busy month-ish in the books for DXdao. Sorry for the delay, I was waiting for election results :upside_down_face:. Anyway, let’s dive into activity across the past month-ish in DXdao products, governance and community.



Omen had its best month ever, on the backs of the US Presidential election and the release of the ETH2 staking contract. There was over $1.2m Dai traded in the “Will Joe Biden win the 2020 United States presidential election?” market and an additional 149 WETH ($70k) traded in an ETH-denominated market of the same question. Prior to the election, Omen’s Biden odds (64%) were lower than political modelers. Omen, along with other prediction markets, may have presaged the tighter race that followed.

As early returns started trickling in on election night, Trump’s odds on Omen shot up as bettors believed Trump’s success in FL suggested a repeat of 2016. His odds retraced sharply in the early hours of the day after the election, after more returns suggested that Biden had enough votes for an Electoral College win.

Now comes market resolution, where Omen distinguishes itself by using a decentralized arbitration process, relying on reality.eth and Kleros for its Oracle. There were several great write ups on prediction markets and the election that featured Omen. Exciting times ahead.

The election wasn’t all that was happening with Omen. Some other great markets that have closed or seen action lately:

In other Omen news:

Check out the Omen Dune Dashboard for the latest stats on Omen

Swapr (formerly DXswap)

In late breaking news, DXdao is rebranding its governance-enabled fork of Uniswap to “Swapr”! Thanks to those in the community that submitted names and voted.

Swapr is an exciting development for DXdao as it’s the first time it will govern the core contracts of a DeFi protocol, and to our knowledge, will become the first DAO to launch a DeFi protocol. Compared to other AMMs, Swapr can adjust the swap fee through governance, raising it or lower depending on the trade pair. Swapr will also have a small protocol fee, which will be sent to the bonding curve to support the price of DXD.

To incentivize Swapr LPs, the community is considering a new concept dubbed “Conditional Farming”. DXdao would fund Omen markets that a specific Swapr liquidity pool would maintain a certain threshold, and then issue “Yes’ to LPs of that pool. LPs should be incentivized to keep their funds in Swapr, so they can redeem the reward from a “Yes” outcome. will utilize Omen for “Conditional Farming”.

For a full rundown of Swapr and the schedule of proposals needed for launch, check out this strategy document and the video of November 6’s DXswap/Swapr strategy chat, which goes over this doc in detail.

Check out the Github project board for the latest and stay tuned for a launch announcement!


After launching six weeks ago with free, instant and secure ERC20 transactions, Rails is exploring other opportunities might arise as a front-end for Loopring’s ZK Rollup. Loopring’s upcoming v3.6 release features two exciting possibilities for Rails:

  1. An AMM that supports Balancer’s curve (A^aB^B…*Z^z=Constant) and allows multiple tokens in the same pool with different weights. More info here
  2. Ability to send funds on Rails to any Ethereum address, even if they don’t have a Loopring account yet.

Additionally, the community is discussing how to create wrapped Omen tokens for popular markets that could trade on Rails. As the industry deliberates on the move to L2s and higher-throughput chains, Rails serves as a beachhead for DXdao’s journey into Layer 2.


Over the past weeks, Mesa saw $6.7m in trade volume. USDC and WETH were the most popular tokens for trading, accounting for $2.7m and $2.1m respectively, followed by Owl ($964k), GNO ($341k), Dai ($307k) and Fuse ($145k). You can check out more Mesa stats on the Dune Dashboard.

Fuse’s volume was from its IDO on October 24. There was a hiccup early on in the sale because of lack of OWL liquidity, but Fuse successfully sol 18% of its token supply. Fuse just announced that it has activated delegation in their DPoS validator protocol.

Elsewhere on the Mesa IDO front, Prime DAO is conducting its IDO starting tomorrow, running through November 30. The community is currently in discussions with Colony.io, a soon-to-be-released DAO platform from a team that’s been talking about DAOs since before they were called DAOs. Last Monday’s Biz Dev call had a great overview of the project and discussion on the possible sale on Mesa.

Lastly, Mesa is now live on xDai!


The fall has been a time of governance developments across Governance 1.0 (day to day functioning of DXdao), Governance 1.X (iterative improvements to governance structure), and Governance 2.0 (long-term structural changes to role of REP and DXD).

Gov 1.0

The past 30 days were some of the busiest in DXdao’s history with 37 proposals passed.

Category Aug 16 - Sep 15 Sep 16 - Oct 15 Oct 16 - Nov 15 3 month total %
Worker Proposal 15 13 22 49%
Token List 4 5 7 16%
ENS Domain Resolver 2 3 4 9%
Reimbursement/Expense 5 2 4 11%
REP Award 6 6 0 12%
Bounty 5 0 0 5%
Other 0 0 0 0%
Total 37 29 37 103

Worker proposals have increased as new contributors have come on board (~15 contributors have received funding over last 6 weeks). Some work has been project based (Blockrocket and Sunfish) and classified under Reimbursement/Expense.

In terms of ETH payments:

ETH payments Aug 16 - Sep 15 Sep 16 - Oct 15 Oct 16 - Nov 15 3 month total %
Worker Proposal 138.8 125.1 209.7 82%
Reimbursement/Expense 32.0 28.5 45.9 18%

And then REP distributions:

REP distribution Aug 16 - Sep 15 Sep 16 - Oct 15 Oct 16 - Nov 15 3 month total %
Worker Proposal 13337.17 8981.1 15215.1 58%
REP Award 11587 12974 0 38%
Bounty 2399 0 0 4%

Thanks to DeepDAO for easy to use DAO data (and downloadable CSVs)

Elsewhere in Gov 1.0:

Gov 1.X

Gov 1.X developments are experiments with DXdao governance, outside of the core Alchemy interface. To experiment with faster and cheaper governance, the community deployed a DXdao clone on xDai. There were a few issues with the first deployment (ask @nylon if questions) but a new version has been redeployed, which should be another signal mechanism for the community. It can also govern Omen and Mesa on xDai. The new xDXdao can be found here.

There continues to be development on a DXD Voting guild. Contracts are in testing. Elsewhere in Gov 1.X land @AugustoL laid out a vision for an DXdao Voting Dapp

Gov 2.0

At the end of October, REP holders approved a signal proposal to establish the “Governance 2.0 Working Group”. The goal of this group is to find a solution that aligns long-term interests between REP and DXD holders. The group kicked off their first meeting at the beginning of November and plans three additional meetings over the next 6 weeks.

Participants come from throughout the DXdao community. In addition to regular contributors, the DAOstack team, Delphi Digital joined alongside others with only a limited knowledge of DXdao.


DXdao is an active member of the Panvala League. Panvala League’s communities stake PAN tokens to earn donation matching capacity from Panvala’s quarterly inflation. During the recent Gitcoin Grants round, DXdao launched, “DXdao’s Panvala League DeFi Community Awards Grant”, which raised funds for a variety of projects aligned with the mission of DXdao.

Notable winners include Radicle.xyz for the Decentralization Award and Rotki for the Infrastructure Award. Check out Sky’s run down of all of the winners from the DeFi Community Awards Q3.

Elsewhere, DXdao is excited to welcome @1kx into the DXdao community. 1kx is an investment fund and they have sponsored the upcoming Gitcoin Grants Hackathon and have allotted two bounty slots for DXdao community to incentivize developers to build on DXdao products. Please submit your ideas on the thread. Current ideas include an IDO-specific front-end for Mesa and DXdao dashboards on Arweave.

Bits and Pieces

Want to contribute?

Sorry for the delay!


Wow, that’s such a great reflection – thanks Chris! I believe this kind of content is incredibly valuable for educating the Ethereum ecosystem from a DAO perspective and a great chance to further grow our reach – we should think about setting up a newsletter and sharing those monthly insights?


Just to echo the above… fully agree. I enjoy these summaries so much!

Awesome content, such a shame that people have to know the forum in order to find/see it.

It’s on Medium now for easier sharing!

But would love to have any thoughts or discussions here.


Think that’s a great step.

Also saw the tweet and the post in the discord etc. I feel that’s quite important.