HAI: airdrop & call for delegates
the Tally newsletter, issue 130
welcome back to the Tally newsletter, your weekly source for DAO governance insights. i'm coolhorsegirl and i’m so excited to be here. 🟣
we are thrilled to announce our partnership with HAI in their DAO launch! right now, you can delegate to yourself or someone else to begin participating in governance, and register as a delegate yourself to begin campaigning for delegation.
also, $86m. that’s how much one of Arbitrum’s recent proposals would spend on a long-term incentives program. we’ll cover this follow-up from STIP and a proposed change to the Arbitrum constitution. let’s get into it 👇
🤿 deep dive
Tally has partnered with HAI—a multi-collateral fork of RAI on Optimism—to launch their DAO! and today, airdrop and delegation for $KITE is live! HAI is actively seeking value-aligned delegates to register and begin accumulating delegations.
HAI uses a “controlled-peg” system, meaning HAI’s value is dynamically managed, different from most traditional stablecoins with a fixed price target. to participate, users can contribute various types of collateral to the platform, which then allows them to generate HAI in return. HAI is pegged to a redemption price that is adjusted by a PI controller mechanism. if HAI's market price rises above its intended peg, the controller responds by implementing a negative interest rate (and vice versa). this means that HAI's price remains stable and aligned with its peg, adapting to market conditions in real-time.
$KITE plays a key role in maintaining the stability of the HAI ecosystem, serving both as a governance token and a protocol backstop mechanism—if a user's position faces liquidation and all fails, from the liquidation process to the protocol's surplus buffer, KITE steps in. new KITE tokens are created and auctioned for HAI to cover bad debt.
once you claim $KITE, you must delegate to yourself or someone else to participate in governance. speaking of, HAI is looking for delegates! if you want to directly impact HAI governance, you can register as a delegate here. the DAO will control the $KITE treasury, the addition of new collateral types, stability fees on those collateral types, and PI controller parameters.
have a look at their docs for a deep dive into HAI’s governance model, objectives, and how individuals can contribute to the ecosystem's growth and stability. you can also check out their Twitter and join their Discord to stay up-to-date with protocol and DAO happenings.
⌛️ onchain proposals
summary: LTIP would distribute 45M ARB to support protocols on Arbitrum that missed out on STIP and run for 12 weeks. it aims to learn from STIP's limitations, introducing a council and advisors to guide and improve protocol proposals, offering more creative freedom in incentive plans.
voting ends: february 17th
summary: this proposal aims to refind the election process for the security council, introducing a new application stage and a requirement for candidates to sign a transaction, ensuring fairness, technical compliance, and proof you’re a human, not a smart contract. with this, it extends the election timeline to 49 days, aiming to address current process flaws by preventing early applicant advantage.
voting ends: february 24th
💫 DAO talk
🤭 meme of the week
of course we’re coming to ETHDenver! the Tally team will be there from february 25th onwards—DM me to set up a meeting or catch us at our booth. there will be merch!
~ coolhorsegirl 🐴
p.s.- for the first time in a few years, i’m visiting my hometown in southern california leading up to ETHDenver.