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MakerDAO and the multichain thesis
the Tally newsletter, issue 113
welcome back to the Tally newsletter, your weekly source for DAO governance insights. i'm coolhorsegirl and i’m so happy to be here. 🟣
MakerDAO is going mulitchain. it looks like we can’t discount Solana as CEO rune announces it as his top pick for the transition. this move could set a precedent against chain tribalism, and the reasons for it are worth diving into.
Gitcoin has got a proposal for governance budgeting newly funded by the GCP and Diva Staking is hitting the ground running with some decision-making on incentives for early users. let’s get into it 👇
🤿 deep dive: MakerDAO and the multichain thesis
the 5th and final phase of MakerDAO’s “endgame” is the launch of a native blockchain dubbed “NewChain.” why’s this needed? “to allow the ecosystem to use hard forks to gracefully recover from the most severe form of governance attacks or technical failures,” says CEO rune christensen.
his pick: Solana. he gives three reasons: (1) the technical quality of the Solana codebase, (2) the resilience of the Solana ecosystem having survived the FTX blowup (and their very close relationship), and (3) the examples of the Solana codebase being forked and adapted to act as appchains already in existence. yeah–i was also surprised. the second-most-liked comment on the post is a simple “please tell me this is a joke.”
but there are things to be said about going multichain. the multichain thesis advocates for interoperability and collaboration between different blockchain networks (like Ethereum and Solana), rather than relying on a single blockchain for all dapps and transactions that come out of one project.
in a lot of ways, multichain screams efficiency. we know Ethereum prioritizes security over high-speed (and cheap) transactions. Solana has that low latency we miss out on in Ethereum but it’s at the expense of security, among other cons like centralization concerns. if MakerDAO’s priorities align with Solana, the ecosystem should, theoretically, be more efficient, which would (again, theoretically) result in a better user experience.
as MakerDAO embarks on this ambitious journey, it reflects the broader trend of a multichain future where projects are not confined to a single blockchain. it’ll be interesting whether this sets a precedent for other projects or if we all stick to the chain we know and love.
⌛️ onchain proposals
summary: using the GCP process to fund base operational governance, since the DAOops workstream has closed operations. this will fund S18 with ~$20k.
voting ends: september 14th
🔵 Diva Staking
summary: provides 1.30-2.50 DIVA/ETH/day, higher for earlier participants before & after Diva mainnet launch (30 day prior & until 5 months after) with a capacity of 100 ETH.
voting ends: september 15th
summary: enables transferability for DIVA tokens, with the exact ETA to be determined, but at latest at the end of the Early Stakers' initiative as described in DCP-01 and outlined in DIP-02 (pending approval).
voting ends: september 15th
📝 what we’re reading & listening to
📄 The Endgame or the Beginning of Infinity? by BanklessDAO
an editorial about what it means for MakerDAO to dissolve its current structure in favor of one built of subDAOs, using the efficiency gained via its initial centralized model as a foundation for progressive decentralization.
🐦 Maximize Ownership, Minimize Governance w/ Jess Walden on On the Other Side
if you’re a believer in decentralization, you’re probably against complete hierarchy, but what about consensual hierarchy? they discuss this, among other contradictions to common web3 thoughts, like decoupling governance and ownership.
🐦 40% of Nouns are are quitting the DAO and claiming a refund by hunter solaire
the effects of the recently passed Nouns fork are happening, and they have some major implications for NounsDAO and potentially DAOs on the whole. hint: who can turn down 15 ETH?
💫 DAO talk: it’s not a DAO, it’s crime || DT weekly ep. 54
🤭 meme of the week
and, what you’ve all been waiting for: zkSync is live on Tally. and more chains, coming soon.
~ coolhorsegirl 🐴
p.s.- this was my submission for the egg-off of 2023 with my friends in Edinburgh. gotten really into eggs of the poached variety lately. i placed 3rd of 11.