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CryptoEconomic Research

DeFi Protocol Governance Report | April 2022 | Week 1

by Laurence SmithApril 1, 2022
Governance Report APR2022 Week 1
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Proposal: OpenZeppelin Security Partnership – 2022 Q2 Adjustment V2

Created: March 28th, 2022

Passed: Not yet but looking likely,
132,642 COMP For,
0 COMP Against 

What does it do: Updates OpenZeppelin’s service fee and replaces the existing COMP stream with a Sablier stream. 

Why: At the beginning of every new quarter OpenZeppelin, who provide the Compound DAO with security services, update the service fee payment as calculated via the formula in the proposal. As it is the beginning of a new quarter this proposal will update the service fee payment. 

Takeaway: OpenZeppelin will continue to provide security support to the Compound DAO, with the next updates to occur next quarter.

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Proposal: Add MAI to Aave V3 on Polygon, Fantom, and Avalanche

Created: March 29th, 2022

Passed: Not yet but looking likely,
28K AAVE For,
4.2K AAVE Against 

What does it do: Adds MAI, the first and largest stablecoin project on Polygon and Fantom, to Aave on Polygon, Fantom, and Avalanche. 

Why: MAI is deemed to be a good borrow or collateral asset due to it being the largest native stablecoin on Polygon and Fantom. By listing MAI it will connect Aave to the communities on these chains. Additionally, MAI is a highly crosschain asset, with availability on 19 chains through canonical bridging.

Takeaway: It’s looking like MAI will be onboarded, bringing in deeper connections between Fantom and Polygon communities with Aave. 

Sushi Swap

Proposal: Enter the Stargate [Signal]

Created: March 28th, 2022

Passed: Not yet but looking likely,
6.4M SUSHI For,
770 SUSHI Against 

What does it do: Implements Stargate’s Omnichain native asset bridge into Sushi, which will allow for Omnichain token swaps. 

Why: It is currently an extremely time consuming and negative experience when swapping native chain tokens against non-native ones, requiring multiple steps with various third-parties. Stargate’s Omnichain solves the bridging trilemma. 

Takeaway: Looking like Stargate will be onboarded and with it will be improved efficiency in cross-chain swaps. 

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Proposal: [Temperature Check] Deploy Uniswap V3 on Moonbeam

Created: March 31st, 2022

Passed: Yes,
8.3M UNI For,
1K UNI Against 

What does it do: Deploys Uniswap V3 to Moonbeam. 

Why: Moonbeam is a polkadot parachain with EVM-compatability. This allows it to act as a port-of-entry for Ethereum-native apps to participate in the Polkadot ecosystem. 

Takeaway: The move will open up the Uniswap community to the Polkadot ecosystem, pushing forward Uniswap’s vision of being a leading product in a multichain world. 

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  • MakerDAO
  • Rari Capital

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