Tnorm
@t__norm
Followers
1,215
Following
2,281
Media
105
Statuses
891
Building better incentives @boost_xyz . Incentives rants @arbitrum . NNerds @optimismgov . prev: Gov @messaricrypto .
Joined July 2019
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I'm thrilled to announce that I will be joining the
@questprotocol_
team to support their mission to launch the first decentralized incentives protocol!
The role taps into a major focus of mine: Understanding how incentives fit into network and protocol growth strategies.
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1/ We're entering a new era for network incentives.
I've watched L2s navigate the balancing act of giving grants to protocols and setting clear network objectives. I believe networks will benefit from a new approach to incentives:
Direct-to-Contract Incentives
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9/ Check out our most recent Governor Note if you're interested in DAO governance and incentive designs or want to hear a fascinating story of power and money.
It goes into the saga, its implications, and the outcomes in great depth:
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@AaveAave
responsible for half of Optimism’s current TVL btw…juiced up on 5.3M OP in incentives.
If you build it they will come. Since
@optimismFND
started Season 1 of it’s Governance Fund the network has flipped
@arbitrum
TVL (w/o staking).
What is the Gov Fund and how has it allocated incentives?
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Yesterday marked 5 months since the first post of
@arbitrum
Incentives WG.
I found myself reflecting last night, feeling relief that STIP has passed, awe at what the WG accomplished, and deep gratitude for the frens and experiences gained along the way.
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@TrustlessState
@arbitrum
@banklessDAO
BDAO asked for 1.8M ARB to develop and translate a series of educational videos, podcasts and articles.
For context:
@trailofbits
,
@gauntlet_xyz
, and
@Blockworks_
asked for 2.2M ARB for a year of engineering, quant, and research analysis and got chased out of the room.
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8/ Thankfully, the DAO was able to come to terms with the whale in a Peace Treaty proposal that ends voting today.
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Super excited to see
@Rocket_Pool
and
@HopProtocol
partner to support L2 bridging for RETH with $50K in incentives per chain.
Excited to see how this affects the supply share increase of RETH on L2s.
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Arbitrum DAO is on the verge of approving its first-ever grants program.
Over the past few months, the DAO has been flooded with proposals - with the top four alone seeking over 22M $ARB, 5% of which is earmarked for administrators.
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GM Arbitrum.
Appreciate you
@mikelauofficial
!
The Smol is vibin 🎧
@t__norm
@DisruptionJoe
GM!
@smolverse
Smol Tnorm has arrived! Hope ya like it! If there are any changes you want just hit me up! EEEEEEEEEEEE 🔥❤️
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Played around with some Dune delegate data via
@pandajackson42
and
@optimismFND
and found some of the top delegate addresses that are active on both
@arbitrum
and
@OptimismGov
.
@OlimpioCrypto
absolutely crushing with over 8% delegated voting power on Arbitrum 👀
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If you build it they will come. Since
@optimismFND
started Season 1 of it’s Governance Fund the network has flipped
@arbitrum
TVL (w/o staking).
What is the Gov Fund and how has it allocated incentives?
Today, Optimism has $2.25B in TVL, with $1.12B in DeFi protocols, with a >100% gain in the last week alone. People are still underestimating the potence of $OP incentives, which have only just begun.
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Over the past few months, I've been trying to understand how DAOs can better utilize blockchains for data storage & code execution.
This thread explores the tools being developed to tackle these issues, and their potential implications.
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Kudos to
@LidoFinance
DAO for some outstanding financial disclosures and accounting – it's impressive!
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You either die a service provider, or live long enough to see yourself become a protocol
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With under 100K ARB,
@questprotocol_
has blown away the team’s network fee KPI for Phase 1 🤯
Quests have generated a staggering 97.7 ETH in network fees, making up 6.4% of all
@Arbitrum
fees since Dec. 26th and hitting a daily high of 27.4% of all network fees on Dec. 31!
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7/ The events that transpired can only be described as an arms race, as
@Balancer
stakeholders, Humpy, and community stakeholders like
@AuraFinance
fought to obtain enough governance power to defend their interests.
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Some insights w/
@raholloway
on
@rubicondefi
's $OP distribution:
• Incentivize high-demand assets for capital efficiency
• Boost long-tail assets to accelerate growth
• Blend quests and rewards for optimal impact
• Align incentive programs with product trajectory
🧵🪡
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The
@arbitrum
DAO is here!
Let's dive into each entity's roles and responsibilities and the smart contracts that tie them together...
Today The Arbitrum Foundation is extremely excited to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, alongside the launch of $ARB.
1K
3K
8K
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Season 2 of the
@OptimismGov
Governance Fund is kicking off. To celebrate,
@raho
and I put together a free and comprehensive report on all things OP Governance.
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2/ veBAL was launched to align token holders with DAO objectives and protocol revenue.
But what happens when incentive systems create unintended consequences?
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6/ Unfortunately, Humpy accidentally trapped their capital in an illiquid tetuBAL pool, forcing them to double down on their position and protect their gauge strategy at all costs.
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Wait...
@raholloway
is joining too?
Excited for
@raholloway
and
@t__norm
to be joining the RabbitHole team today.
They've done excellent work with Optimism and Arbitrum on L2 incentives, and now they can pair their expertise with the best toolkit for incentive programs (
@questprotocol_
) to help grow protocols!
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Shoutout to
@thegrifft
,
@Dmars300
, and
@Goodluck_ngl
for including
@raholloway
and I in their OP RPGF 3 Lists!
A large part of our OP RPGF submission comprised Optimism Incentive Grant Analyses built using open-source
@DuneAnalytics
data from
@OPLabsPBC
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IMO a sustainable program should introduce LESS bureaucracy and build on technology to design systems that leverage mechanisms for what they do best:
People: to provide vision and creativity.
Markets: to drive optimization and efficiency.
Code: to manage transparency and trust.
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Tensions boiled as Humpy's governance activity escalated, and the DAO struggled to compete with his voting power, bringing multiple proposals to re-vote and resulting in a controversial strategy to decrease the friction of unlocking Aura's total governance power.
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Awesome to see this article make it to the desk of the
@LensProtocol
team.
If anyone’s building gov applications (specifically on-chain forums) on Lens I’d love to connect!
1/ "DAO operations occur across many social protocols, including Discord, Discourse, and Twitter. Using Lens for their forum, DAOs could track their organization's debates, contributions, & consensus processes"
@MessariCrypto
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My call to delegates when the weekly mid-curve prop hits the forum.
STIP was a shitty proposal, but it was supposed to serve as a stopgap against more bad ideas, not catalyze them 🤦♂️
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A DAO masquerading as a business.
Vs.
A business masquerading as a DAO.
After spending a considerable amount of time building in both the Arbitrum and Optimism ecosystems, it's very apparent how opposite the approaches are (bottoms up vs. top down)
Will be interesting to see how each plays out
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Yesterday,
@element_fi
updated their Element Council Governance framework and shared a roadmap for the future of modular on-chain governance.
Let’s go under the hood to learn why Council is important and explore Council’s specific governance use cases.
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Watching the visual of our RPGF stream is one of the most satisfying experiences I’ve had in crypto.
It’s like watching a shitcoin pump; but instead of adrenaline it’s just satisfaction.
Introducing Distribution Pools – the latest Superfluid Protocol feature, enabling scalable one-to-many streams 🚀
Yes, you could already open many streams from one account! Optimism's treasury has over 350 open right now 👀
But this is different! Read on 🧵
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Between STIP and RPGF the number and quality of crowd-sourced dashboards/analytics on governance alone has been rad.
Bullish open data.
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Tryna push my indie frens over the line.
If you're a solo RPGF contributooor sitting below quorum drop a profile link below
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Stepping back from both OP and ARB (particularly the backfund and LTIP) has been a necessity for my mental health.
Between joining
@rabbithole_gg
, refocusing personally on friends and family, and reflecting on last year’s challenges, I feel both energy and ambition coming back.
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Expect to see more Cosmos gov coverage from
@MessariCrypto
this year 👀
Nice article by
@ajscolaro_
The vote to onboard
@Neutron_org
as the
@cosmos
Hub's first Partner Chain secured via Replicated Security has recently begun
Let's break down the Cosmos Hub's governance history and how the governance discussion around Cosmos Hub
#Prop792
has evolved 🧵👇
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Following a vulnerability disclosure and as part of BIP 177, Balancer is moving pools paired to bbaUSD to an
@eulerfinance
bbeUSD pool. This introduces some healthy competition to
@Balancer
's boosted stable pools, which Aave previously dominated.
Balancer's Great Pool Migration is underway ⛵️
A full scope of the plan and actions Liquidity Providers are able to take can be found ⬇️
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Huge! Amazing to see such high quality talent apply to lead on the council.
Arbitrum is built different.
Super excited to see Arbitrum's Long-Term Incentive Pilot Program out on Snapshot! 🙌
Front-running our post to share that
@treasuregov
plans to vote FOR ✅ to fund LTIPP with 45.8M ARB.
Will also be tossing my hat into the ring to run for council. Application on the way! ✍️
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Since the BB-Euler pool launched on Feb 14:
BB-Aave-USD TVL is down $15.7M.
BB-Euler-USD TVL is up $25.4M.
If Euler can siphon $7M more from the Aave boosted pool we’ll be looking at the first bb-USD flippening 👀
Following a vulnerability disclosure and as part of BIP 177, Balancer is moving pools paired to bbaUSD to an
@eulerfinance
bbeUSD pool. This introduces some healthy competition to
@Balancer
's boosted stable pools, which Aave previously dominated.
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17/ At a program level, we believe incentives should function more like a marketplace than a council.
Grantees are incentive managers, who independently run experiments, leveraging both a shared user funnel and granular parameters for targeted incentive design.
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Genuinely think it’d be cool to see an
@arbitrum
protocol use a part of their grant on the
@boost_xyz
tool stack.
Once contracts are integrated it’s permissionless tooling. A team can run any user-focused campaign w/ custom parameters and whitelisting.
Attention protocols ‼️🔵
The Long Term Incentive Program (LTIPP) is active, and it's time to apply!
Make sure to submit your proposal in the
@arbitrum
forum to be assigned an advisor - either
@jojo17568
@castle__cap
@SEEDGov
- and receive their support 🫡
After applying,…
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The race to deploy Liquid Staking Derivates (LSDs) on L2s has just begun.
@LidoFinance
and
@kadmil_eth
recently published a proposal outlining Lido’s technical strategy for stETH liquidity on layer-2.
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Thursday also marked the announcement of
@Optimism
RPGF, officially ending another chapter of a chaotic, but productive, summer w/
@raholloway
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18/ We're building rails where any entity can reward any user. A no-brainer for network incentives.
This vision represents
@questprotocol_
moving forward, but we see ourselves as one cog in a complex machine.
If you are interested in building this vision please reach out!
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On Optimism, $OP incentives are having a dramatic effect on protocol liquidity.
@Rocket_Pool
recently received over 600K OP in incentives for their liquid staking derivative, rETH.
Meanwhile, Lido’s application was notably snubbed from voting.
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Major congratulations to the Element Council team!
1/ Council Kit, v.0.0.1 is now released.
Council Kit is the SDK for launching, building and maintaining DAOs and their governance systems on demand
It is fully documented with video and code tutorials, and a customizable, themeable UI
🧵👇
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With an independent long-term program on the horizon, I also couldn’t be more excited to push the boundaries of Arbitrum infrastructure even further.
Last year, the DAO accomplished something extraordinary. This year, I hope we can help the DAO build meaningful infrastructure 🙏
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But from the many personal and professional lessons learned, perhaps the biggest were the lessons of campaigning and coordination.
DAO governance is exhausting. It’s staggering the number of people and hours it takes to create a proposal from nothing and push it forward.
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The chief DAO complaint from protocols on Arbitrum has always been: “bureaucracy”.
In DAO context, this “bureaucracy” is simply an attempt to solve trust issues by designing processes and frameworks that enforce this trust between stakeholders.
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Week 3 is in the books and
@rabbithole_gg
continues to drive huge numbers of onchain action! 🐰👑
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3/ At their core, incentives are simple:
1) Identify a desired outcome.
2) Select an action that leads to this outcome.
3) Provide a compelling reward to execute this action.
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@pseudotheos
@arbitrum
It’s complex, but at its heart it’s one governor contract for the treasury, and a governor contract that routes through an L1 timelock for all contract changes.
Feel free to read more about the structure, process, and design in our recent article
/10 The Governor Contracts, and therefore voting, occur on the Arbitrum One Chain.
The Non-Constitutional Governor Contract retains control over DAO assets. The Constitutional Governor Contract & Security Council can control Core Arbitrum contracts, via the L2 and L1 Timelocks
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@cburniske
@Balancer
Balancer is also dominating L2 w/ Lido and BAL incentives. Largest holder of wstETH on Arbitrum.
50% of the wstETH on Arbitrum is in LPs: Curve (20%) and Balancer (30%).
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It’s an obvious reminder to reexamine the efficacy and sustainability of the DAO’s programs and goals.
Protocols need support now. Programs like STIP and LTIP fill that need.
But STIP was a compromise.
As a community effort, it was unprecedented. As a program, burdensome.
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En route to well over $1M in total Network Fees!
It looks like
@boost_xyz
might be hitting it's KPIs...😅
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Feeling subtle changes...less-noise, less-grift, you've already started to forget about the ARB treasury's existence...
Burnt-out cuz the work, politiking.
Those still around and committed to providing structure, value over contracts will get funded next.
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Lastly, the folks who’ve carried the torch of the backfill and LTIP w/ StableLab including
@savvyalexlumley
@NFT_Djinn
@bobbay_b
Happy protocols, happy DAO 😅
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It’s honestly refreshing to see clean, effective content marketing from a DeFi protocol. Well done all around.
Just over 4 months ago,
@rocket_pool
began to leverage Aura and its sizeable influence over the
@balancer
eco.
Rocket Pool’s rETH LSD has seen growth (400% increase in liquidity) on Balancer since then, enabling deeper integrations across DeFi.
Let’s take a deeper look 🧵
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Gov nerds assemble
We're launching ten $100,000 grants for building prototypes of a democratic process for steering AI. Our goal is to fund experimentation with methods for gathering nuanced feedback from everyone on how AI should behave. Apply by June 24, 2023:
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4K
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Now that
@AaveAave
e-mode for ETH is here…curious how these leveraged ETH products develop (both pre/post withdrawals)
1/12 LSDs are all the rage on CT these days. What is the best way to get exposure to LSDs?
If you’re an ETH maxi like me, getting leveraged exposure to ETH staking rewards is the way to go. How? Tokenized strategies like $ETHMAXY and $icETH
All Dune sources listed below
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Looking ahead, this is the problem that I’m most excited to solve.
I believe the contracts at protocols like
@questprotocol_
will play a critical role in this infrastructure.
I’m super excited to bring partners onboard and design experiments that put this code to the test
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I’d also like to acknowledge a few folks who’s support and effort during early STIP deserve recognition:
@DisruptionJoe
,
@coinflipcanada
,
@stonecoldpat0
,
@SirBootsOfIron
,
@raholloway
,
@0xfrisson
,
@realdumbird
,
@goforlindsey
,
@l2beat
,
@ameeradmi_eth
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Plurality Labs and
@DisruptionJoe
are funding some great initiatives.
If you're a go-getter with ideas to solve these problems come to
@arbitrum
DAO and get involved!
Not many L2 communities w/ opportunities like this for individual contributors.
These are the 4 high-level priorities of
@arbitrum
DAO
The items below are what Plurality Labs is funding or looking to fund.
@Treasure_DAO
@OlimpioCrypto
@ChainLinkGod
@coinflipcanada
@l2beat
@0xfrisson
@blockworksres
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Are DAOs a safe environment for investors?
5M tokens were effectively confiscated from Yield Guild Games (YGG) after the Merit Circle community voted to reverse a seed round investment deal - all due to a lack of engagement.
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And a special shoutout to
@mattstein111
who’s put the squad on his back for basically the entire operations of STIP and LTIP.
I really hope
@StableLab
is paying this mans because he deserves it 🙏
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11/ Direct-to-Contract Incentives aim to bypass this bloat by streamlining infrastructure and establishing a permissionless incentives marketplace.
So what are Direct-to-Contract (DTC) incentives?
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On-Chain Voting has started on the
@tribedaoxyz
TIP 121b proposal. A crucial piece of the FEI unwind which, if successful, would provide Full Hack Repayment for Rari Hack Victims.
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Identity, reputation, and attestation tokens can provide deeper insight into a users data, credentials, status, contributions, and accountability. DAOs like
@POKTdao
and
@OptimismGov
are already experimenting with these types of tokens today.
Imagine AWS or Microsoft Azure (centralized cloud providers) going offline 😵
~1.1 Billion websites would say "ERROR 404 NOT FOUND"
Decentralized Physical Infrastructure Networks such as
@POKTnetwork
are becoming critical for protocols to decentralize and avoid this possibility
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In addition to a number of folks who shared professional advice, opportunity, and mentorship over the summer:
@Flynnjamm
,
@charliecfeng
,
@paulsengh
,
@MSilb7
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Took down the thread to avoid confusion as the proposal was withdrawn, but an interesting conversation nonetheless on composability, migrations, and DeFi!
Balancer is a liquidity juggernaut, so definitely excited to see how it all plays out :)
This fellow moves fast! 🫡
The lack of USDT on Aave v3 Ethereum presents an issue with creating a new bbaUSD. The coming "bbeUSD" with Euler represents the best near term option until we're unblocked on the new bbaUSD.
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A long time coming...One of the most granular alerts products available.
You can get alerts when new forum discussions begin, receive hand-written summaries, filter by taxonomy, importance level, etc.
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2/ Direct-to-Contract Incentives address traditional program shortcomings by enabling the direct incentivization of any onchain contract.
To understand what this alternative structure enables, let's explore the history of DAO incentive programs to date:
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8/ To more aggressively align protocol grants with network objectives, an alternative approach is to adopt an objective-based program which aims to force network alignment by requiring adherence towards specific objectives and KPIs.
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@Rocket_Pool
appears to be focused on prioritizing integrations. If they can meet Aave liquidity requirements, might rETH see similar growth following its approval as
@Aave
collateral?
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4/ For L2s, these onchain actions vary in granularity. Actions vary in specificity, from a general tx to LP'ing a specific asset pair on a specific protocol.
The more parameters you add, the more specific the action is and the desired outcomes become.
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$GHO all-in on Aave w/ the Messari Gov Team
1/ On Jul. 7, 2022,
@AaveAave
protocol introduced $GHO to the Aave community.
$GHO is an Aave native multi-collateral backed stablecoin, pegged to USD.
Let’s explore
@AaveAave
's Stablecoin: $GHO in this Governor Note from
@raholloway
&
@___TomasM
. 🧵
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This (and a few other things) can and should be re-examined post RPGF
#2
.
Props to
@francisgowen
for taking a stand. Will be interesting to analyze the projects that delegates funded…
Can VC-funded companies create public goods?
As a badgeholder for
@optimismFND
retroPGF
#2
, this question has been posited by community members looking to ward off funding from bigger projects.
It's a toxic attitude - and it's wrong.
Here's why (1/7) -
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12/ DTC is the concept that ANYONE can create an incentivize for ANY onchain action.
When built on scalable infrastructure, this degree of modularity creates a new design space and a playground for innovation in network-level incentives.
For example...
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Looks like the Merit Circle DAO will incorporate after all. The new regulatory framework will consist of The MC Purpose Trust, Merit Circle Ltd., MCDAO Ltd., and Orange Pill Ltd.
Read more on Messari Governor:
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@CoinbaseWallet
@CoinbaseSupport
do you have a solution for the ciphercore error on your wallet? Please DM. I can’t make transactions on polygon due to this error
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10/ Unfortunately, alignment comes at the cost of bureaucratic bloat and SP capture.
It’s a feature of complexity. Councils, SPs, reviewers, and advisors lobby for roles, and obfuscate some level of both the purpose and the process.
(IMO this is human nature - no ones fault)
arbitrum governance has a huge cancer that is growing larger and larger every day
the only way to salvation is recognising the absolute grift that is happening from quite a few governance participants
absolutely embarrassing
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Combining on-chain identity & on-chain forums can bring unprecedented transparency & operational data to organizations, allowing DAOs to connect contributions, identities, and ideas across the entire governance process.
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5/ Historically, networks have leaned on projects (dApps) to incentivize user behavior.
The thesis is that empowering projects inherently benefits the network.
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