GnosisDAO Governance Summary ~ 13 October 2023

In crypto, sometimes a week feels like a year. That's usually a feeling associated with the highs of the hype cycles that visit our industry. The bear market is a great time to build and that's exactly what we've been doing. So much so that it can be difficult to stay on top of all the recent developments. Between the launch of Gnosis Pay, the recent listing of sDAI from SparkLend, and AI teams building novel use cases on Gnosis Chain, Gnosis is taking advantage of this time to focus and develop.

A recent Twitter thread from a community member confirms the sentiment.

The biggest headline from this week was from MakerDAO. They announced that SparkLend, their first functioning DeFi product developed by a SubDAO, went multi-chain with it's launch on Gnosis Chain.

SubDAOs are specialized divisions within MakerDAO. They create their own governance processes, specializations, and products. This allows MakerDAO to streamline workload and facilitate rapid parallelized growth.

The Spark SubDAO developed the Spark Protocol - a DAI-focused fork of Aave v3. SparkLend allows users to earn interest on DAI deposits via the DAI Savings Rate (DSR) and facilitates decentralized borrowing using DAI as collateral. Gnosis Chain is Maker's first cross-chain instance of SparkLend. Block Analitica is reporting that a total value $14.85M has been supplied on Spark with $616.14K borrow since the launch.

Last week we reported that Agave integrated Savings xDAI on Gnosis Chain, allowing xDAI holders to easily access the high-yield DAI Savings Rate (DSR) from MakerDAO on Gnosis Chain. In addition to Agave, a native money market platform on Gnosis Chain, sDAI is now available on SpendLend!

How sDAI works can be tricky to follow so here's a quick recap. The DAI Savings Rate (DSR) is an addition to the Maker Protocol that allows any DAI holder to earn savings in DAI. It is a premium reward by MakerDAO for users depositing DAI, bolstering user benefits and rewards in the ecosystem. sDAI tokens represent DAI stablecoins deposited in MakerDAO’s DSR module. With the launch of sDAI on Gnosis Chain and SparkLend, users can now deposit xDAI to receive sDAI on Gnosis Chain.

For a more comprehensive dive into how the DSR works, check out Maker's blog post on the topic. Between Agave's integration of sDAI and the launch of SparkLend, thanks to the hard work of karpatkey, the DeFi ecosystem on Gnosis is growing quickly.

🦉 Gnosis is Hiring

VP of Technology + Smart Contract Auditor

Gnosis is looking for a VP Technology to ensure the overall success of our initiatives including Gnosis Chain, Gnosis Pay and CirclesUBI. Apply here.

Gnosis is also looking for a highly skilled and experienced Smart Contract Auditor.

☎️ GnosisDAO Community Call with Project Shutter

The GnosisDAO Community Call took place this week. Luis Bezzenberger from the Shutter Network joined as a special guest. We talked about the Shutterized Beacon Chain being developed for Gnosis Chain. The Shutter Network is an open-source project that aims to prevent front running by using a threshold cryptography-based distributed key generation (DKG) protocol. Check out the recording of the call for more info!

🙏 Thank you

Come say hello in the Gnosis Chain Discord. Join us for the next GnosisDAO Community Call on Thursday November 9th , 2023 at 3PM UTC / 5PM CET on the GnosisDAO Twitter Spaces.

See you onchain!