The first governance call was a great success with over 40 people in attendance. We thank our community for showing such enthusiasm and hope to continue to engage in this fashion over the coming weeks.
Agenda Item #1: How to proceed with the iETH rescue program?
- (a) Lower the exchange rate
- (b) Increase the exchange rate
- (c) Allow anyone to participate
Community input: Badri N. expressed the opinion that the main barrier to a better conversion rate was a lack of awareness about the program, and that efforts to increase awareness should be made before making the exchange rate less favorable. No further input was given by the community. The team largely concurred with Badri, leading to an announcement that the iETH program would continue at the same rate for the next week, upon which time the rate would be changed to be less favorable.
Agenda Item #2: Discuss the Governance Bootstrap Program.
The team revealed some of the participants in the governance bootstrap program. The program’s intent is to stimulate participation in the governance of the protocol by bringing relevant perspectives to bear along multiple verticals using long term financial incentives. These verticals include:
- Expertise in understanding liquidity pathways
- Having a generalist understanding of the ecosystem
- Expertise in smart contract security
- Prominent engagement with traders, especially those using margin.
Some of those already involved include Kain Warwick, Loi Luu, Alison Liu, Symbolic Capital, DeFi Dad, Alex Masmej, PieDAO, Andrew Kang, the Bankless community, CryptoDog, and Pentoshi. Proposed members include dxDAO, Tarun Chitra, Tom Shaughnessy, and Gaunlet.
The community did not express any strong support for new inclusions.
Agenda Item #3: What to expect leading up to relaunch
We enumerated some of the items that could be expected between now and relaunch. These include:
- A Staking explainer and a fee sharing calculator
- The asset risk assessment framework
- A comprehensive Security page
- Protocol audit reports
- A list of assets available on launch day
- A formal Bug Bounty program
- AMA with Chainlink
- Appearance at the Smart Contract Virtual Summit
- The trader compensation program launch
Agenda Item #4: How should the bZx Builder Fund be used?
Various options were discussed, such as using it for security audits. It was also proposed that it could be used to fund new projects that have a clear route to driving cash flows to the protocol. Whether Idle.finance, which drives lending volume to the protocol, would qualify for a grant was also considered. The community did not come to a consensus regarding the proper use of the bZx Builder Fund. This will be a continued topic of discussion in subsequent governance calls.
Agenda Item #5: Community AMA
Various questions such as the impact of vBZRX on the token economics of BZRX, whether there were any plans to move to other chains, and which assets could be expected to be supported on relaunch were asked and answered.
Thank you again everyone who participated. The next community governance call will take place on August 7th, 2020 at 9am PST. We will have a special guest from 0x speaking about their newest exchange aggregator interface, Matcha. Take a look at the video below for more information: