Arbitrum Approves ARB Staking Proposal

Quick Take

• Arbitrum staking proposal approved.
• Arbitrum Coalition proposal.
• Aave V2 Ethereum Market paused.
• Voting opens for RetroPGF3.

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Arbitrum Approves ARB Staking Proposal

Arbitrum governance approved a preliminary vote to allocate 1% of the total ARB supply in the Arbitrum DAO Treasury, amounting to 100 million ARB tokens, to establish a staking contract. The contract will distribute native yield to ARB token lockers across a span of 12 months. The initiative is separate from Arbitrum STIPs. The staking mechanism serves as an alternative to revenue sharing, which has legal complexities. Notably, staking will not serve the purpose of economic security. A new coalition would also be tasked with data collection and auditing of the staking contract. Before staking can be activated, the proposal must pass through a formal onchain vote on Tally.

Arbitrum Coalition Proposal

Voting is now open for a proposal to establish the Arbitrum Coalition, which includes Blockworks Research, Gauntlet, and Trail of Bits. This initiative seeks to perform research and development for the Arbitrum DAO, aiming to enhance the DAO's decision-making process with thorough research services over a 12-month period. In return for their services, the coalition members are requesting compensation of 2.2 million ARB tokens. The funding request has sparked debate due to its significant size, which is equivalent to an annual salary of up to $1.3 million for each participating role. The proposal is contentious, currently holding a 57% approval rate. Voting ends on November 10th

Aave V2 Ethereum Market Paused

Following a validated vulnerability report, the Aave Community Guardian has paused the Aave V2 Ethereum Market. Select assets on the Aave V3 markets on Polygon, Arbitrum, and Optimism have also been frozen. No funds are at risk, and users can still withdraw and repay positions in frozen markets. Markets not impacted include Aave V3 on Ethereum, Base, and Metis. The Liquidations Grace Sentinel, a newly implemented safeguard across all networks under protective measures, introduces a grace period that temporarily halts liquidations, providing users with time to manage their positions. A governance proposal is underway to upgrade Stable Debt Tokens to enhance security. The Aave Community Guardian is a group of community-elected members within a 6/10 multisig that holds the authority to enable certain protocol-level controls in emergency situations. Latest: Multichain Stable Debt Token Upgrades

Voting Opens For RetroPGF3

Voting is now open for Optimism’s RetroPGF Round 3, a third retroactive public goods funding round in which 30 million OP tokens will be distributed to projects that have contributed to Optimism Collective. A total of 145 badgeholders, which are part of the Citizens’ House, will vote on the allocation of funds. Over 600 projects providing public goods have been accepted into the round, including ETH Daily! Voting is open between now and December 7th.

Other News

• Frame testnet is now open for all
• Notional V3 is now live on Arbitrum
• Fake Ledger Live on Microsoft App Store
• CoW Protocol fee experiment proposal
• New ENS proposals open for voting
• Introducing OP Reth client
• Sablier Cliff streams
• PISMA airdrop announced
• Yearn releases yPRISMA
• Llama raises $6m seed
• Nethermind RPC for Starknet
• Introducing Show Up Protocol
• Hardhat v2.19.0 release
• Nimbus v23.10.1 hotfix release
• The Concept of Relative Trust Networks
• HMT response on crypto asset regulation

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