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the Tally newsletter, issue 114
welcome back to the Tally newsletter, your weekly source for DAO governance insights. i'm coolhorsegirl and i’m so happy to be here. 🟣
the first Nouns fork has its critics and its evangelists. XXXad
this week, proposals come from Aave, Dope Wars, and NounsDAO. let’s just say that things are getting fiery(!!) after the fork. here we go 👇
🤿 deep dive: fork yeah!
the first Nouns fork has executed. (if you need more info on what exactly that is, check out this previous newsletter.). the “last minority protection mechanism” now allows groups of Nouns holders to exit together into a new instance of their protocol, preserving momentum in the ecosystem while protecting the minority from the majority during contention.
anyone with a Noun can start a fork. forking is a big decision, considering the substantial treasury (~28,000 ETH) at stake. those who choose to fork together then join a forked DAO. if they leave the forked DAO can take their proportional share of the treasury with them in return for their Noun. critics argue that this could incentivize holders to fork solely because they see a fork as a better financial deal than remaining in NounsDAO. and this, of course, deprecates the Nouns treasury fork by fork.
proponents of forking argue that it “gives people the onchain right to exit for those who truly need to or want to.” Nouns has a lot of sub-groups building products aimed at the proliferation of Nouns (like this cafe, or this whisky). maybe this is just formalizing subDAOs? similarly, forks in DAOs are often implicit since anyone can redeploy an open-source code, and Nouns is making forks an explicit feature of governance—accessible by just clicking one button.
regardless of your thoughts on the topic, the fact is this: Nouns is now a multi-party system. since Nouns (the art) is in the public domain, no group has more ownership over the meme itself. that means that this system could see some friendly competition where different forks can experiment with new features, configurations, and goals. it could breed innovation (especially needed in this bear market that has affected Nouns, like most projects, to some degree). it could also damage the book value of Nouns beyond repair. we’ll have to see.
⌛️ onchain proposals
summary: rescue mission was created to support users of the Aave ecosystem who mistakenly sent tokens to the wrong smart contract addresses. this proposal outlines the final stages ‘til implementation.
voting ends: september 22nd
😊 Dope Wars
summary: the game is looking more legit by the day. this proposal is to fund part 3 of the Turf Builder with $6150 (additional), intending to release the first MVP for the game product. passed on Snapshot.
voting ends: september 22nd
Summary: 90k USDC + 1 noun to create still shots with Nouns muppets of “everything that captures the visual world” of a noun. Think of Dorothy, the lion, the scarecrow, and the tin man marching hand in hand on the yellow brick road. it captures what the wizard of oz is all about. with this proposal, the same could be done with nouns.
Voting ends: september 22nd
📝 what we’re reading & listening to
fresh off the Nouns fork, Owocki and Cedric talk how successful exit options are architected, the potential (re)evolution of coerciveness, and hit the basics of blockchain to discuss some of onchain governance’s most troubling questions.
🐦 DAI’s biggest holder by 0xngmi
the biggest holder of DAI is an EOA address where people just send money to get governance tokens of the main univ2 fork on pulsechain, and it’s not a burn address. that means that there is 278M sitting in someone’s wallet.
🐦 doing a "headless swap" via swp.eth by limes.eth
DO NOT MISS THIS ONE. this, and the forum post linked, is crazy. and super decentralized. built on ENS is one of the coolest (and most useful) tools I’ve seen in crypto in 2023 (and maybe ever, dare i say?).
💫 DAO talk: all the way DAOd up || DT weekly ep. 55
🤭 meme of the week
on Tally, the Arbitrum Security Council Election is live! round 1—during which you can register as a candidate and vote for candidates to qualify them for round 2—lasts until september 22 (this friday). you can find out more about how to participate in our docs.
and don’t forget—if you’re in new york this week, hit us up! we’d love to chat.
~ coolhorsegirl 🐴
p.s.- met Tommy and Frisson in person this week in NYC!! was a long time coming, and i can confirm that Tommy is no short king (he’s 6’3, really). here’s us at a metal bar.