GnosisDAO Governance Summary ~ 11 June 2024

Hello Gnoseers!

Before we jump into the GnosisDAO Governance Summary, let's take a moment to note the highlights of the recently concluded DappCon 2024.

DappCon wrapped up this year with record ticket sales and attendance. Thank you to the Gnosis community, to our sponsors and speakers who always make DappCon a standout event on the Ethereum conference circuit. DappCon 2024 emphasized openness and accessibility in digital infrastructure and the internet across seven themed tracks; Infrastructure/Scalability, AI, DeFi, Payments, RWA, Privacy, and User Adoption. DappCon is an important yearly event for the Gnosis community - a diverse group of people dedicated to accelerating the adoption of Ethereum. Berlin, as a significant location for Ethereum's inception, is also an ideal location for our community to convene year after year.

For Gnosis, DappCon was an opportunity to showcase the state of its ecosystem with the official launch of Metri along with keynote presentations about Circles and Gnosis Pay. After years of building resilient and open infrastructure, Gnosis is finally in a position to offer the public highly usable products built on top of its battle tested tech stack.

Built on Gnosis Chain, Metri offers reliable self-custodial management of crypto assets. As an onchain self-custodial wallet operating within the Gnosis ecosystem, Metri allows a wider set of users to access decentralized financial applications.

Metri’s onboarding and transaction authorization processes are streamlined through Passkey integration, leveraging WebAuthn, while Web3 Connectivity enables seamless interaction with decentralized protocols and exchanges.

“The unveiling of Metri signifies a pivotal moment in the Gnosis 3.0 roadmap, marking the transition from infrastructure development to user-centric, onchain application,” Gnosis co-founder Friederike Ernst said. “As the gateway to this new era, Metri embodies our vision of democratizing the benefits of DeFi, serving as a comprehensive mobile-first solution on decentralized and open platforms.

Research and development will always be a primary driving force for Gnosis. However, the current Gnosis 3.0 roadmap is focused on user adoption and growth. Metri provides a low friction onboarding experience to other core Gnosis products like Gnosis Pay, Circles, and CowSwap. Our community can also register their chosen identity across all of these applications by using GNO domains, a recently launched product from Gnosis called Genome.

Critically, DappCon 2024, as it does every year, allows Gnosis and the wider Ethereum community to convene and discuss the extent to which we've embraced the foundational values of access, privacy and credible neutrality in the infrastructure and products that we're collectively building. Values that are implicit to a world that we're building because we believe that it has something of real substance for everyone, regardless of their identity, economic power or station of birth.

Circles 2.0

Martin Koppelmann outlined the vision for Circles 2.0 at DappCon including a proposal for how Gnosis can perform a large scale growth program combining the use of Circles and GNO incentives. Circles is a decentralized social monetary system built on personal currencies and a trust-based social graph.

Vitalik Buterin joined Gnosis co-founder Friederike Ernst for a surprise fireside chat. The two discussed the adoption of crypto and took questions from the audience.

Sebastian Burgel, new VP of Technology at the GnosisDAO, announced the launch of GnosisVPN at DappCon - the first Web3-era VPN powered by the HOPR mixnet.

Thank you to everyone who made DappCon 2024 possible!

Let's jump into the governance summary - there's a lot of exciting proposals in the pipeline!

⚡ Snapshot ⚡

GIP-100: Should Gnosis DAO conduct a $30 million buyback program?

✅ Passed Quorum 10 June 2024

We suggest allocating approximately 5% of the Gnosis DAO assets, primarily SAFE, ETH, and stablecoins, to fund a $30 million buyback program. This proposal is aimed at bringing the price of GNO above the book value.

Goals

• Transfer value to long-term holders by acquiring GNO below its intrinsic value. The acquired tokens can be utilized for the growth and other initiatives of the DAO.
• Signal to the market a commitment to establishing a valuation floor for GNO that consistently exceeds its book value.
• Attract attention to the DAO's products and community by enhancing the investment appeal of the GNO token.

Execution
To maximize the efficiency and minimize the risk of frontrunning, we suggest dividing the $30 million into two equal parts, each allocated to a certain strategy:

1. $15 million for CoW-TWAP order, executed at any price below the dynamically-calculated book value over a six-month period.
2. $15 million at the full discretion of Karpatkey, enabling them to capitalize on the most advantageous opportunities.

While the framework and main details of the program are outlined in the proposal and elaborated on in the forum discussion, we believe the exact details of the asset composition, trading venues, and methods of financing buybacks (e.g., converting altcoins to ETH to be used in the program through market makers, OTC, or onchain), should be managed by Karpatkey. This delegation aims to minimize value leakage and ensure optimal execution.

GIP-101: Should karpatkey and StableLab Establish a Delegate Program v0 for the GnosisDAO?

⚖️ Voting Concludes 14 June 2024

This proposal aims to prevent the GnosisDAO from encountering challenges related to reaching a quorum on its proposals, preventing the hindrance of effective decision-making and governance processes. This program is designed to improve quorum participation, increase community engagement and strengthen the governance processes of the GnosisDAO, leading to more effective and inclusive decision-making.

This proposal suggests electing ten delegates through a transparent and democratic election process to increase the DAO's ability to reach a quorum and enhance the community's participation in decision-making.

Each selected delegate will receive 5,000 GNO from the DAO Treasury, empowering them to represent the community's interests and contribute actively to the governance of the GnosisDAO. This delegation will last six months. This proposal distributes temporary voting power only.

🦉Gnosis Forum🦉

GIP-102: Should GnosisDAO provide financing for the new GnosisVC ecosystem venture fund? 

Phase-2 Proposal Closes 24 June 2024

GnosisDAO should finance the new GnosisVC fund to promote further ecosystem growth and product lines in the selected target verticals.

GnosisVC fund will raise a total of $40m, wherein GnosisDAO will invest $20m and the remaining $20m will be raised from external LPs.
GnosisVC will invest in early-stage projects to accelerate the development, adoption, and growth of DApps and fintech integrations strengthening the broader Gnosis Ecosystem.

GnosisVC fund will deploy into early-stage projects in line with the existing Gnosis 3.0 thesis with a focus on RWAs, Decentralized Infrastructure, and Financial Payment Rails as target verticals.

GIP-103: Gnosis DAO allocate 8k GNO to fund a USDC incentives program? 

Phase-2 Proposal Closes 18 June 2024

The USDC token on Gnosis Chain (currently available by bridging from Ethereum through the Gnosis Bridge) is not compliant with the Bridge Token Standard, established by Circle in November 2023. With the objective of growing the USDC bridged into Gnosis, and the ultimate goal of Circle taking over the token and converting it to native USDC on Gnosis Chain, we propose to create an incentives program of up to 8k GNO.

✍️ Gnosis is Hiring!

🦉 GnosisDAO

Legal Associate (also remote from Europe or the UK)

Freelancer, Full-time United Kingdom, Germany (Berlin), Gibraltar

🦉 Gnosis Chain

Discord Moderator

Freelancer, Full-time Remote

💳 Gnosis Pay

Card Program Manager

Permanent employee, Full-time · United Kingdom

Senior Software Engineer

Freelancer, Full-time · Remote

Financial Crime Analyst

Permanent employee, Full-time · United Kingdom

Social Media and Community Specialist (remote EMEA)

Permanent employee, Full-time · United Kingdom, Remote, Germany (Berlin), Gibraltar, Portugal, Germany

🪙 Metri (Gnosis Wallet)

Senior Web3 Software Engineer - remote from Europe

Freelancer, Full-time · Remote, Germany (Berlin), Gibraltar

💿 Erigon Recruiting

Blockchain Core Developer (Erigon, Go)

Freelancer, Full-time · Remote

More info -> here

🙏 Thank you

Come say, hello in the Gnosis Chain Discord!

See you onchain!