Threshold muscled up trying to get wBTC. GnosisDAO is not a fan of censorable DAI.SafeDAO is generating $2.5 million in revenue.
After a quiet summer, governance activity on DAOs has begun to accelerate.
DAOs, or Decentralized Autonomous Organizations, are digital collectives that manage crypto projects.
These digital communities are collectively governed $22 billion 2,400 in treasury funds in crypto projects.
Delegates have the power over DAOs to recommend and vote on governance proposals that can have far-reaching consequences not only for their respective projects but for DeFi as a whole.
News Puts together the major DAO moves from the last 24 hours.
Saving wBTC
Threshold Network wants to save WBTC, a form of Bitcoin issued by BitGo, that can be used in DeFi apps on Ethereum.
Threshold is a BitGo competitor and mints its own Bitcoin variant on Ethereum, tBTC, but its $200 million The market size pales in comparison to wBTC $9 billion.
So, why is a minnow planning to take over its massive competitor?
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Because BitGo is controversial Plans The move to transfer ownership of wBTC to a joint venture that includes Tron founder Justin Sun has led to centralization concerns among major DeFi protocols that expose the popular token.
Threshold's DAO is now considering a proposal From one of its representatives to reduce its own supply by 15% to fund BitGo's $36.4 million acquisition of wBTC.
If approved, Threshold will contact BitGo with a merger offer between their respective Ethereum-based Bitcoin tokens.
Removing DAI
BitGo isn't the only company making waves in DeFi.
MakerDAO's rebrand Sky is sparking reactions from DeFi communities.
GnosisDAO, which controls the Ethereum side chain Gnosis Chain, is rethinking the use of xDAI as its gas token – the token used to pay transaction fees on the blockchain.
XDAI is a form of DAI, a dollar-pegged stablecoin issued by MakerDAO.
As part of its rebrand to Sky, MakerDAO has created a new version of its stablecoin called USDS.
The rebrand isn't just a name change – the USDS smart contract includes code that allows Sky to freeze the token and impose geofencing restrictions, something DAI doesn't have.
For some GnosisDAO representatives, it is runs erratically Decentralized ethics of gnosis.
GnosisDAO may opt for other decentralized alternatives including LUSD and RAI.
Some representatives are pushing for the project's own native token GNO to become a gas token on the blockchain as the standard in DeFi.
$2.5m revenue stream
SAFE Protocol is a DeFi custodian protecting over $100 billion in crypto funds.
Its DAO, SafeDAO, is planning to monetize its smart account platform.
DAO representatives discuss a proposal Establishing specific revenue streams to fund the activities of the Safe Ecosystem Foundation.
The first proposed revenue stream includes licensing fees for third-party apps that integrate the project's safe wallet.
The proposal estimates $2.5 million in annual revenue from the licensing fee system.
Osato Awan-Nomayo Our Nigeria based DeFi representative. He covers DeFi and technology. To share tips or information about articles, please contact him here [email protected].
Related Topics Decentralized Autonomous Organization (DAO) Maker
