cool. So we'll give it another minute or two before everyone joins. While we're waiting for everyone
to join,
syncas, will you be able to record this call? We'll start the recording in a moment. So if you don't want to be on camera, please turn off your camera.
Uh, Alex, by the way, since if you're kind of like taking ownership of the cold, you can also record probably now that your co host next to the bottom to end the call, there should be like this, three dot menus you click on that there should be like, manage recording, and it's like, recorded and uploaded to the like, Drive automatically, so you don't have to worry about setting anything up. Basically,
I just had trouble getting in. But anyways, we will get started here, and I will also drop the link to the to the governance Call tracker momentarily.
So this is a notion document. So
okay, all right, recording has started.
You apologies, I'm having a hard time. Synchous, would you mind posting the notion tracker link into the chat? Because I'm having trouble with the chat right now. Cool. So in the meantime, we're going to go ahead and get started with all the teams that need to present today, because there's about 18 teams, and we only have an hour and a half, even though we did go over last time. And before that, I will briefly give you guys an overview of what to expect this call. We just share my screen, and while I'm sharing it. So this is the 19th governance reporting call they started a year ago, led by the LTB team, but we've changed it recently to be more about reporting and less about just straight discussion. So what that looks like specifically is in these calls, you can expect to get a status and a quick run through of all of the live initiatives that that are currently going on the Dao. So the overview is this. This is provided positive, helpful overview the dao's initiatives we want to nation within the Dao. And the structure is kind of these main questions where, like, what's the background on it? What were your goals for the month? And then what, how are you tracking on those? Now, to be clear, this is less like, this is less about being oversight and like, being really stringent on people. It's more about ensuring their success and risk variation. So think about it more like an incubator, and because we all have a vested interest in these projects doing well. Now, the scope of the calls today, as I said, these are the live initiatives. So everything that has passed tally, and we also have included the functions, a couple of the function of the Dao. So we'll have an update from Jonah of regen finance on the fine on kind of the finance function, and Clifton will share a little bit on on marketing. Now, this also means that the bi weekly calls that Clifton runs are are more live proposals, or proposals in the development, whereas these are the live ones. Now here, lastly, here is the agenda, as you guys can see it, I'll post it in the group chat, or I'll post it in the telegram.
And with that, we will start with Jonah. If you're on the call, would you mind stepping up or sorry, Jono, I keep calling you. Jonah,
thanks, Alex, Hey everyone. Good to see you all so apologies. This is a bit of a repetition of the Treasury working group call that we had, but I'm going to run through the same points for the purpose of people who weren't on that call, the goal of which is just to give everyone sort of a high level run through on the finances in arbitrum, with a particular focus on the month of August. That was the focus of that of the report that we prepared. But we also have some high level figures on the Dow in total. So in Treasury, there's 3.1 6 billion ARB that is in the treasury wallet itself, with an additional 300 million ARB spread across some of the other initiative funded wallets. Majority of that is in the GCP wallets. So that is a total of about 3.41 6 billion ARB held across all Dao controlled wallets. How we define it, there's then 33 million US dollar equivalents, majority of that is under the STEP program, and 15k worthees. So if you convert the entire Treasury balance into a US dollar equivalent, just for the purpose of comparison, odd makes up 96% of the dial Treasury again, with the caveat that we can't value that at live market prices. But if you were to assume live market prices, ARB makes up 96% of the dials Treasury in terms of transaction fees in the month of August, 835 eth were collected. 29 eth, of that relates to r1 base fee. So therefore the net fees collected by the dial 806 eth, or 3.8 million ARB, at an approximate exchange rate expenditure of 26 point 5 million ARB. So that related mainly to the slip bridge and the halt tip programs. So that if we look at for the month of August, there was a net outflow of about 22 point 7 million ARB. That's under the assumption that we convert the entire inflow, the sequence of fees into ARB and expenditure all in ARB as well. So based on that high level kind of analysis, the main areas that we've identified that probably warrant further focus and further discussion would be, number one, the need for some level of operational spend hedging. What we mean by that is that there are lots of operational costs within the DAO that are defined in USD. So if it's a service provider, if it's a fee, it's defined in US dollars, but it's still settled in ARD and what we've seen is across a few initiatives, if the price of ARB falls, even if there is a buffer included in the ask, if the price of ARB falls by too much, we're in a position where service providers or contractors cannot be fulfilled. Basically, the fee is not able to be fulfilled by the ARB that was allocated to it. So that was the first discussion we wanted to kind of raise. Was the need to have some level of stable coins to hedge against operational expenditure that people can draw down on. The second point that we've raised a few times we wanted to raise again was the use of unproductive eth in the dial. So there's about 15,000 eth with 5000 eth earmark to go to what's past tally now to go to the foundation to run the bold validator. So there's about 10,000 eth sort of left after that. And I know there are discussions happening in the background, but it's something we wanted to raise again, the potential, potential to convert that into more productive eth, generate some yield for the DAO and potentially cover some costings or invest it across other protocols, or whatever these that will be. The third point was on the sensitivity of of the dials finances to our pricing. So we've seen as the price of our falls, the Treasury balance falls materially based on the 96% of the dials Treasury is sitting in its native token. So that's what you know, programs like step are aiming for. But we wanted to reiterate the need to reduce the price sensitivity to the R token. And then the last kind of point you wanted to raise the discussion would be on Dao wide budgeting, or a direction to take. So, to date, 12.3% of the daos initial ARB allocation has been allocated to proposals. There are all kinds of unlocks coming with, you know, the initial team involved in arbitrum, with investors, tokens that were locked up are now coming unlocked. So we wanted to kind of start discussions, to start framing expenditure in reference to how much I was being introduced into the ecosystem each year, almost viewed as like an inflation rate, and how we can align a budget with how much I was being introduced each sort of year, month, quarter, whatever time period we define. So those are the main points of our token for reports. I'm going to drop the link to the full reports here. You're welcome to have a squeeze through that and feel free to add any comments or questions in the chat, and I will respond as best I can. That was the main point I wanted to cover. Alex, thanks, sure.
And I will, I will add that I have been as I've been looking through all these initiatives. I'm trying to incorporate more of the token Flow Report to understand the current status and how many funds have been allocated and all that. But that is a place that we're trying to look to see to make sure we can tie in token flow with the current status of each initiative. So next up, we're going to have Clifton with a little bit on marketing.
Sure. Thanks, Alex. So two points I want to raise. So first up, it's arbitrum presence in Singapore, right? So met a lot of you guys in Singapore, had a great time. So we hosted our beavers alongside other events like shifai, like azuki arbitrum party and rug radio. So we have had quite a lot of good engagement, and right now, we are in the process of getting some metrics in. So I think this three thread pretty much covers all of the activities where arbitrum had a presence for the week of token 2049, right now, Taka, who leads our marketing team, is working on understanding how we fared from a metric standpoint across all these different events that we organize and we will present all these metrics to you guys once we have a good sense of what they are. So that's the first point. The second point is that the foundation has actually contracted a marketing analytics firm to create a framework to evaluate campaign efficiencies for any future incentive or growth programs related to arbitrum, right? So this marketing analytics firm actually used the arbitrum adventure that was hosted by Trader Joe, I believe, and they have created a pretty good framework to understand whether the campaign actually did reach or acquire valuable users, whether it drove effectiveness in moving sustained, valuable actions for arbitrum, and understanding you know, which ecosystem has actually the highest conversion event for for arbitrum. So there are a lot of good learnings in this framework. And in this case study that was done on the arbitrum arcade that was hosted by Trader Joe. I've managed to get Robert to who runs the marketing analytics firm, to join the next GRC call, which is 25th of October, to share a high level walk through of what the framework kind of looks like. And the DAO is free to kind of leverage this framework to iterate on and use for evaluating its future program. So this is just a learning that we wanted to pass on to the DAO, and hopefully the DAO can kind of use this framework that has been created to the best of its abilities. So yeah, we'll get Robert to jump on the next governance call just to share what he's built up.
That's it. Thanks Clifton. And then on the third one, just kind of dividing up a little bit between finance, marketing, operations on operations. It's a lot of this stuff, right? How are we doing as a whole, across all the initiatives, in general, if you look at the interest apps, a lot of things are kind of on track. I will tell you, though, that it's really hard to tell what is on track, because we don't necessarily define very well in the tally what done looks like and what their KPIs are. So things are looking like they should be done. It is still a little bit unclear of whether or not they have been successful to help arbitrum, but that's something we can come back to at a later point. So if anybody wants to know more about the current live operations of the DAO, check out this, this, this this, this governance tracker, and feel free to ask me any questions, and we'll continue to iterate to get better on that. Now we'll get into the actual live initiatives. We're going to start with frisson, who is going to talk about ARB staking, and then about and then about expanding the tally. Support person? Are you there? I
Yes, I'm here. Cool.
And actually, will you? Will you start with the expanding the tally support, and I will, I'll share my screen for you.
Yes, happy to
great. Oh, and actually, sorry, sorry first, and I apologize. I just remember that. So the way we're going to do this with these initiatives is I'm going to give a quick overview, and we're flipping these. We're flipping these initiatives a little bit because they ran so long last time and we gave so much background context this time, we're just going to give a quick TLDR of where the initiative is at. We're assuming everyone knows what the initiative is, and if you don't, then go in and read some more. I'll give a brief overview. I will ask a pointed question to to frisson, and then, and then we'll have a few moments at the end for anybody to ask questions, but it'll be max four to five minutes per initiative. So So basically, on the expanding tele support, as person put here, it's about 90% complete. And the biggest thing was that it could have been more complete, but because you guys have because you guys have kind of taken extra time to fully address the outstanding items that OCL in front row, that's the reason why it's been delayed from a time perspective, but it's because you guys are ensuring more of the making sure everything is secure. So So now, in general, one thing I wanted to confirm for us and is that you all of your spend has been done upfront. You guys have already received the funds. There's nothing else that needs to be done from a spend perspective, and you guys don't need any more funds, correct? That's right,
and I'll clarify like it's not that the entire deliverable is held up by by addressing the governor upgrade proposal outstanding items we've actually completed and shipped. 90% of the work. The remaining 10% is one specific deliverable of adding the cancel functionality and flexible voting to the arbitrum governors that we ended up canceling. Ironically, like, you know, not on chain, but canceling on tally, the proposal to address some of the outstanding technical items and
in all of these features that get shipped. Would you mind dropping the link to the screenshot so people can see them in the forum? Because correct, if I'm wrong, they actually are live on tally,
right? Yes, that's right. And
would you also mind dropping the links to the research reports that you guys will
publish yes in the like, in the chat of this call yeah
in the chat, or actually, just drop them in the chat and then add them to the to the tracker, and then, does anybody else have any questions on the expanding tally support? Yeah?
Cool, I will note that. Yeah, so really, no other questions, and I guess first and last thing is, do you expect this to be done by next governance call?
I think we're, we're still thinking through that, what kind of, what the best path forward is to address the kind of technical items raised by by off chain labs. So I guess my answer to that would be, I don't, I'm not sure yet.
Cool Krzysztof. You want to go ahead, we
got left. Look, I don't want to go into details right now, but I believe that this whole topic requires a bit more discussion. The topics right was raised by, like, I would say that the topics raised a bit more complex than just like, the few things that are left, because, like, one thing is that you need to develop this. And the other thing is, how do we manage actual these changes that are, you know, becoming a critical part of our arbitrum stack. So this requires additional discussion. And simply, as delegates, we could prepare for having those discussions like, it's not as easy as parik has to just take some two more things and we'll be good, but most of the work is probably on our side right now.
Yeah, if I were to maybe take a step back, I would say this is the first time that an external contributor, or a contributor other than offtain labs or the foundation has tried to make code to the core governance contracts of the arbitrum Dao. And you know, we learned that there's some that we we learned that, you know, there's more we need to do, as Chris highlighted, to make sure that those changes are in line basically with the processes that have been developed by off chain labs and to get the entire Dao comfortable and kind of de risk on those changes. So it's, it's some process improvement, you know, in addition to addressing a few outstanding items, as Chris highlighted,
awesome. So I'll, I guess we'll take that, as you do Kristen and Krzysztof, to figure out what the next steps are for some of those process improvements, and how we can actually get the DAO to figure out those steps. But for now, for now, it seems like this has is, is on track things, but it's blocked by things that are a little bit outside of your control. Cool. Anything else Kristen or Krzysztof. Cool Kristen, you will go up next with the with the ARB ARP staking, which is a new initiative. And for those of you guys who don't know, the ARP staking is kind of more exploratory based on based on how we can add more utility and kind of align the governance for in person, correct, if I'm wrong, but it just started on September 9, and your guys' big Things are that you have, this is the full amount that you guys are asking for. You guys are on track with everything the especially if there's a working group next week, correct, or, sorry, tomorrow, correct. Yes,
I would say on a high level, we're on track. This does present or, I think, you know, ultimately deploying ARB staking actually should potentially run through the same process we need to define for shipping at, you know, new code, new sort of governance code that we just at the Smart Control contract level, which we just discussed In the expanding Cali support for arbitrum. So I think in terms of the smart contract development and ultimately deployment of the ARB staking contracts, I did want to flag, which I think I did in here, I wouldn't be surprised if we end up actually creating the proposal or deploying the ARB staking code a couple weeks to a month later than is outlined in the proposal, because we sort of learned a lot about what that process takes through this governor upgrade proposal that we deployed as part of the expanding tally support proposal, which happened Like after we created the ARB staking proposal. So we sort of learned, you know, about some process improvement that we need to, we need to do, you know, in conjunction with the DAO and the foundation and off Game Labs for actually deploying the ARB staking contracts. And so that's the one thing I would highlight, is like development is going well and on track, just from, like an engineering perspective. But I think we still have some work to do. As Chris highlighted on what is the process and what it's going to what is it going to take to actually deploy the contracts with full alignment? So I did want to highlight that now, kind of at the beginning stages of of armed taking based off of the learnings that we have from the the Expand tally support proposal that we just discussed, yep,
and, and then can, can you explain, uh, just briefly elaborate on what, on what the working group will cover, and how that's different than the development that you guys
are working on? Yep, yeah. So development is, is, is, you know, primarily the smart contracts for the staking system, as well as a bit of front end integration and development on karma side, the working groups are more at the strategy level. So there's two key questions that we highlighted during the process of gathering feedback on the ARB staking proposal. One is, where should the rewards come from, and to what extent or what amount of them should be shared with stakers? And then the second one is, how does this staking system integrate with delegation? A key part of the proposal is that rewards eligibility is to some degree contingent upon active participation in governance, or being delegated to someone who's actively participated in governance to kind of close the loop and create true incentives for token holders to care about whether governance is is successful. But there's a lot of nuance that goes into like, what that means, right? So you know what, what is, what defines eligibility, what is the definition of active participation in governance? So the what we outlined for the working groups is to basically come up with recommendations on both fronts that we can then discuss with it out
cool and and so we'll give one minute for anybody to ask questions. I will highlight, though, that some of this data is messed up, and that's my fault, because I incorporate everything into notion at the last minute to make it easier for people. But I will update this, and at the end of the month, the at the end of September, I will send out the tracker, again, fully updated and kind of consistent data across all of the all of the initiatives, because one of the things that you'll find reading through all our tallies is that there's very little consistency in how we create the proposals, and makes it difficult to create and track against all the initiatives. But with that said, any other questions or Tristan on the ARB staking and and if not, we can also save them for the working call group tomorrow. Person what time is the working call group
tomorrow? It's at 4pm UTC, perfect on the governance calendar. And yeah, we're we are doing the work of the working groups in the arbitrum delegates channel. There's an ARB staking WG sub channel that you can keep an eye on if you want to follow along. And
last question for you first, and you guys already paid all the funds. Correct?
Yeah, as in, the funds were delivered to tally for development already from the Dao. Yeah, perfect. We funded it directly through a Dao proposal. So,
yeah, cool.
So now we completed ARP staking, and we've completed the expanding tally support. Now we'll go to srijith from Quest book, who I think just joined because he has to leave early.
Are you there? Hey, yeah, like, Yeah, I'll take it up Rohit, my colleague is also here, but had a sore throat earlier, but got better, so I'll take it up here. So, yeah, so,
so I'll give the quick overview, and then, and then ask you a question, and then we'll and then we'll open it up to everyone. Basically, these are the three so quest book, as everyone knows, the big risk that it had early on was that it only got funny 3.3 million out of the 4 million. But these were the goals that they had for for September, to execute a demo day, loss of feedback threat, and start development at Quest three. Unfortunately, as some of you may know, Sri this was in the hospital, so things were delayed a little bit, but because they're ending in October, they are on track to still complete those. They're still on track to complete those. Anything else to add quickly, sure this before I ask you a couple of questions. No, cool. The the last question I have for you is, I know you talked about it, will there be an analysis on kind of how the grants have done overall, like when it's completed, on like, how the grants have done overall, or, like, any, any, any success stories beyond just the demo
day? Uh, yeah. So with the feedback thread, we're going to go, we're doing a detailed report on the status of all the grants, and if any have, you know, gone to, like, raise funds or got any other grant from anywhere else, and it, we're trying to collect as much data as possible, and we'll share that in the feedback thread with that report that we share
cool. And then if anyone wants to dive deeper into there, you can check out this, this notion. I will open it up to questions, and while we're waiting for people to come with questions. Sri, this, if there is anything else you want to add about the current status or any of the other things that are going to work on, please go ahead. Yeah,
it says 680 K disperses, grants, which I added, but actually there's a little, I think it's close to a million now, but there's some issue with the safe API. That's the reason it wasn't updated. But yeah, we will update that soon.
Cool, and you guys are on track to have everything dispersed by the by the by the end of October, correct.
Uh, no, that there. Everything will not be dispersed by the end of October, because some will take more time. But based on the current proposal, we haven't a few like we have some extra operational funds to keep this current program, as in just reviewing the existing approved proposals past the like October deadline for a couple months where all the grants will be dispersed by
then, cool. Oh, so it won't actually end by October. It'll just, it'll it'll still keep going on.
So yeah, we'll stop accepting proposals by then, essentially, and post anytime, and we're actually going to stop accepting proposals. Accepting proposals within the next week or two, because we've already gotten enough proposals to allocate funds to. And yeah, that's the status. Will
you make sure to make that update and make that if you guys are stopping grants. And then lastly, I'll say, please publish every or please let everyone know when Demo Day is coming. And then, obviously, they asked all the delegates to provide feedback once the feedback thread is live. Does anybody have any questions for quest book or sridhat Before we move on to the next one? All right? Um, cool. Thank you. Sudhirth. And then the next one is, we have the Security Council RAM, are you there? Hey, yes,
I'm here. So I'm sure many of you guys know that we're currently in the nominee selection phase of the security council election process. So for context, a Security Council is a committee of 12 members who are signers of a multi SIG wallet which can perform both emergency and non emergency actions to uphold the daos constitution. They are therefore responsible for combating any critical risks associated with the arbitrary protocol by making time sensitive and emergency response decisions. Therefore, it's very important to understand that the Security Council is a key part of the security and in securing the arbitrum ecosystem. So yeah, I would kindly like to remind all delegates to vote for their preferred candidates. So there were 39 candidates who submitted their profiles on Sunday, and delegates now have until Sunday, the 29th of September, to nominate their preferred candidates in order to be eligible for the final round of voting. And yeah, in order to be eligible, each candidate requires 8.6 million supporting their candidacy. And yeah, the more qualified candidates we have who are arbitra maligned, experienced, responsible and skilled security expertise. Expert, sorry, the more secure the arbitrum ecosystem will be going forward. I'm going to share some resources in the chat, including the link to the voting UI on tally. We had a governance call yesterday where many of the candidates actually excuse themselves. So if you'd like to watch that back, you can in the second link, there's also a guide on what makes a good candidate. We've listed a few characteristics which we believe makes a good candidate. And if you don't know what the Security Council is or how the election process works, you can refer to the last resource that I sent. Thanks. Cool.
Any any questions from the audience on the Security Council?
Awesome. And I would like to add, if you've tried to vote and you've, if you faced any difficulties in doing so, please feel free to reach out to myself, Clifton, or a representative from tally, which I suppose would be present.
Go ahead. Go ahead. I want
to chime in here real quick. It's pertaining to the Security Council, but not on the elections in particular. So Security Council actually initiated an emergency action to upgrade arbitrum Nitro to Version 3.2, point zero on all networks, arbitrum one Nova and zipolia yesterday, so no funds were ever at risk, and this emergency action essentially resolves three things, right? So one, there is a mispricing issue that was identified for stylists, which could have caused a denial of service attack. The second issue would have actually allowed for a malicious contract to cost notes to crash. And third, there was a mispricing error in which stylus contracts were overcharged for slope operations. So right now, we are working on a post mortem alongside Security Council, and it will be made available as soon as it's ready. So the armtrum devs Twitter account actually posted about this. We are working on a forum post as well, and once the postmortem is out, we will be posting it on the forum. So here's the thread that summarizes the action that was carried out by the Security Council. And if anyone has any questions, please feel free to GM myself or Patrick,
awesome. Any other questions on the Security Council? Great. I will. I will highlight that RAM created a really good table that gives you a sense of what is a good versus a not good candidate, and that can probably help you decide on who to vote for. So next we are going to either Sid from the ADPC or Christian from event horizon, whoever is there first. Hey, I'm here. Christian, awesome. So just quickly on event horizon. Event Horizon is one of the new, newly live proposals. For those of you guys who don't know, Event Horizon almost creates a sort of sub Dao or a place for they become a new delegate with 7 million, 7 million ARB. Sorry, my timer goes off. They become a delegate with 7 million new ARB, and they just became live, and the arbit multisig just sent over their their their funds. Christian, if you want to give everyone a quick background on how Event Horizon works, and then we'll get into your progress and your goals.
Yeah, yeah, sure. So event horizon is you explained it pretty well where, essentially the Dow has delegated seven mil Harb to us after the passing of the recent proposal. What we do is, anyone who means a free sold on NFT and plus a they have to have a get coin pass for sewer resistance can vote on any of the proposals that arbitrum has to determine how the whole blog votes. And so there's a functional vote multiple for any of the anyone who wants to participate. Anyone can admit so, you know, someone is a large delegate can mean and someone who's small commit. But the relative increase, percent, wise, for the small guys is significantly larger, so it generally helps out the little guy. So that's, that's basically the product. We have a couple initiatives that we're working on, where we want to use this as an opportunity to onboard new, not only voters, but eventually delegates. So we're talking some university groups that's a little bit further off. So just talking about specifically what we've been doing recently. I mean, the last this September, the goals were passed, proposal past snapshot, which is an amendment, because we had an oversight committee that we that we passed an amendment to to wind down and return the funds that we're going to go to fund that oversight committee. All that was successfully passed. All the funds were successfully returned. Oversight Committee has been wound down. All the funds are now in the MSS that includes a sentinel ARB, which we do not have custody of, the Dow, retains custody of that. It's been delegated to the event horizon, public access, voter pool, and everything's live. So from I think the last transact, the last signing of the delegation was like last night or this morning, depending on your time zone. So we now have the delegation. And from this point on anything that goes live on snapshot or tally, you can vote through Event Horizon if you have a pass. So all that's good looking forward. We there's a couple things we want to focus on. We want to give a brief update on the forum, just saying, hey, all the funds are where they need to be. But then also just a new thread altogether to be thank yous and you know, roadmap and what to expect looking forward. We also want to set up community calls. We're thinking probably bi monthly is a good cadence, so once every other month, just to because we're gonna, we're gonna be trying about out a bunch of stuff. We're gonna have to focus a lot on, on marketing, on working with University blockchain groups and some other things. And we want to get some feedback from the DAO as we build and experiment and try and break things, and hopefully not too badly we break things and go from there. So community calls on the roadmap as well for October. What else I do want to act with? Yeah, Alex, go for it. Yeah, I want to work with the arbitrum, whoever runs our marketing at arbitrum, because I want to set up some like amas or Twitter spaces to basically get people to make more passes, start using the product. Because, you know, marketing has always been our weakness, so that's something we want to we want to focus on and also call to everyone who's on the call, please go to event horizon. Dot, vote and mid to pass and just check out what we're building. I'd appreciate that. And Franklin, dot, yeah, and that's it. Start the partnership with some of the university blockchain groups. That's that's looking ahead. We have a hand from
Matt. Matt, go ahead the 125,000
or whatever the amount was for the Oversight Committee, sent back to the Dow or sent to the MSS,
I think that's a good question. I'm not, I wasn't running that. Yeah, who you guys run the MSS, do you guys have that on you now? Or do you guys send that back already from the MSS,
which I should, I'm
sorry, the the arbitrum, the the the the over the the amount of funds for the oversight board that were sent back from event horizon. So
there, there's, there were three groups of types of funds. One was the funding for development for event horizon. The other one was the funding for the oversight committee itself, and then the third one was set, the ARB for delegation for use in event horizon. The funding for the for Event Horizon development got sent from the event horizon oversight committee multi SIG to event horizon. Event horizons multi SIG, the funding for the oversight committee got sent back to the Dow treasury, yeah, directly back to the the ARB Treasury in the Dow because we're because the program is utilizing the MSS, so there's no need for that additional funding. Then the 7 million ARB that would be delegated to Event Horizon got sent from the Oversight Committee, multi SIG to the MSS multi SIG for event horizon, and then the MSS multi SIG for event horizon, delegated it to Event Horizon.
Thank you Friesen, and thank you for the MSS for handling all that side of things. I know there's a lot of transactions, a lot of lot of signing. That's it on my end. Also, it was nice to see a lot of you guys in Singapore. Hope to see you guys probably in Denver would be the next one for me.
I will, I will make two last call outs. Is that one they it's, it's unclear what the objective, or the KPI here should be like, how to ensure success. And I was talking with, with with, with Christian last night about how to define that. So if anybody has ideas of what success looks like for event horizon and what that means for arbitrum, we'll come back next time with, with more on that. And second thing I'll call out is they, because everything has been delegated, they should be able to now vote on three, on the three new proposals that are that are impending, which can be really good for arbitrum, because we've had issues kind of with with with voting recently. So since there's no, there's no if there's any other questions, please drop them in the chat. But for now, we will move on to to ADPC. Hey, Alex, yep, go ahead, sir.
You're gonna Are you were gonna, are you giving a one minute overview or,
oh yes, sorry, sorry about that, actually. Sid, why don't you go ahead?
Sure, yeah. So
overall, from our perspective, yeah, in terms of running the subsidy fund, the applications will open at midnight UDC on Monday, 30th of September, we held a Twitter spaces yesterday. We had a call with all of the security service providers that have been whitelisted on Monday to walk them through the entire process. And we also did a bit of a marketing sprint this week share it across the delegate channels. Would love all of you guys to you know, if we share that tweet as well to encourage projects to apply, we've gotten 44 declarations of interest from projects that want to apply for subsidies. And we've also published publicly the notion hub, detailing the security subsidy fund, including all of the application processes, review processes, etc. We also finished working on the application form, and that will go out directly to all of those projects that have expressed declarations of interest in an email on literally the second the applications open, the applications will run for a period of two weeks until 2359 UTC on the 14th of October, after which there'll be a six week review and discussion period with projects. And you know, the entire process is explained within the notion hub as well. With regards to the second, the ADPC phase two, the proposal is going to be live to vote on on tally from tomorrow at 1525, UTC, we've incorporated, like I mentioned yesterday, on the on the call, we've incorporated the feedback that the community requested on publishing a more detailed budget. And also, you know, around the RE elections aspect for the, you know, after this second term is is done. And, yeah, you know, overall, I think, unless I missed anything, yeah, I think that that's, that's the overview of what we've been doing,
yeah. And, and two points to clarify, one, not currently getting paid for the subsidy fund that would come with the new the new ARDC part two. ADPC, sorry, in the in and on the subsidy fund, you will finish accepting, you accept application 14th of October. So if any of your friends or anybody you recommend they should apply, and then I know you guys are doing a marketing sprint. You guys are working with the foundation correct to Yeah,
marketing. We've sent that over. I think Clifton and Ron had a look at it, and we've, yeah, we've communicated that to them.
And then lastly, how many teams are you expecting to get for the subsidy fund?
I mean, to apply? You mean, Yep, yeah. So we've already gotten 44 declarations of interest, right? So hopefully all of them apply, and, well, hopefully a few more that haven't filled out that that declaration of interest also apply, because that is not really a prerequisite to apply. The only thing that they will have to fill out is the application form, and yeah on the white listing of auditors, it's still the KYB process is still ongoing with the with the foundation, I think that, like most of them, are kind of done, and the the foundation is going to be sending across the agreement soon, but that is slightly out of our control. We've been trying to push that a little bit as well as much as we can, and that is in our capability. Yeah, Joe,
you want to go ahead?
Yeah. Sid, knowing how most parts projects work, you know they need funds for us. You know the security audits at times that are more on their schedule. Are you finding that you're getting any feedback, like, hey, we appreciate that these funds are available, but it would be great if we could have them available, like, on our our timing. Or how is that working out?
Yeah, so I think that this is a bit of a concentrated experiment, right? Because we couldn't, we didn't, we couldn't do a, you know, multiple cohorts at this point in time, because it's a pilot phase. I do think that that is going to be a point of feedback. And that was one of the things that was raised yesterday in the Twitter spaces as well. I think that one of the important things for us right now is to is to fund projects that, or like, to subsidize projects that require audits at this moment in time. Because, firstly, like, we don't want to just, you know, give out subsidized audits that, you know, they'll, they'll just, like, do that at some point in the future, and it becomes a little bit more difficult to track. And overall, I think that, you know, I we are going to use this as a as a way to judge the success of, like, this initial of the initial subsidized audits and and then take it from there. I do think that, yeah, projects would obviously want to be doing that on their own timescales. And, you know, we don't want to only have this forever, only be like in this one two week period where if you need an audit, you can apply if you don't need a lot of bad luck. So overall, like over time. You know, expanding this may make sense. And also, one thing I'd like to point out is that we are going to be pretty strict in terms of, you know, the projects that apply, because only if we see a need will we allocate the spending of the funds. Because we do not want to just fund things for the sake of funding them, because we have a, you know, a budget allocated towards it. We think that it's better actually, to not fund something that we think is not worth funding, rather than just funded for the sake of, you know, meeting some, some, some, you know, KPI, or funding of, you know, disbursing the funds. So I think that that's not a success metric that that we want to use. We want to over index and quality rather than quantity.
Sure. Thank you. Sid, oh, sorry, Joe. I'm gonna, I gotta, I gotta cut you off there, because we're gonna move on. And I just wanted to highlight the one last point on the whitelisted auditor, on the allow list of auditors, Clifton or RAM. Do you guys have any update of the them going through the KYB process?
I have not been following up on this. I will follow up and let you guys know that's
okay, even I have an update. I think, I think that, like most of them, I think that like 10 or 11 of them have finished KYB there were, like, a couple of there were a couple of them who were facing some issues. So we tried to get that sorted by like scheduling individual calls with them, and then I think that the agreement will be sent over. But we have been following up pretty regularly with them, including asking the auditors to actually DM me a status of their, of their, you know, where they are in the process.
Cool. Thank Thank you. Sid, so, so next up we're going to move on to Martin. I know you have to run Martin for curve if you're there. More step sorry, Martin, go ahead. Hi,
hello. I can maybe comment a few words what I'm doing with Tom grant. So we're going to, I use them to bootstrap, like lending markets on arbitrum, basically, curve lending markets. And this has been the intention, basically, of the grants. And the grant has been much partly, half to half. Half of it is coming from the arbitrum Foundation, and the rest is coming from miter of the founder of curve, and I'm managing this. And, yes,
and, and you mentioned that. So, so, so far, you guys are on track, right, that most lending markets have been bootstrapped, but that this is actually running until January, right, because of Michael's our vesting.
Yeah, basically it's the case. He, he or he pre spended some of the arbitrum on the lending markets before the grant. We got the grant, so we have to wait till he gets the same amount or vesting as the arbitrum Foundation gave us. So 20, 150k basically, so we're going to extend it until January. And it makes sense, because bootstrapping landing market, it's not very expensive. So it's also like finding markets and good markets to to have to which is wealth bootstrapping them. Because if you put any market, you only have to pay for the supply side want. And after some time, you can stop revolting the markets. And then the natural rate is kicking. So I'm looking for other markets to add. And if anybody of you have any token who are very used on arbitrum, or projects you know, you can contact me, and I would like to help you and open a market on on lending market.
And so, just to be clear, you are asking for projects that are interested in bootstrapping a landing market to return to. You know, I
could help and use the arbitrum we got from foundation to bootstrap landing market, if some of projects are interested to be on on Lama land, basically cool. If you play with the arbitrum we got for bootstrapping the markets, basically
cool. And then for anyone who wants to see, this is kind of the the overview of the project. And can Martin, can you give this? Can you give us one more time, like the one minute overview of what this project is and what the objective of it was?
So basically, curve as a market, and it's a single side landing market. So it's like siloed you have curve you see in one side and collateral on the other side as arbitrum token, basically, and you can open any market. It's like permissionless. Basically, everyone can open a market. But one bottleneck is you need a price feed that it works well. This is the reason why it's also not so fast adding new markets, because you need to have price fits for this token and to have to be a good quality. And basically it's about bootstrapping the market. Because it's not like a pool, a name and pool, normally you just pay and you pay incentive for the for the liquidity in the pool. But for lending market, it's different, because at the start you have to attract the supply side, which I say that's like curve USD. So you pay for this curve USD, then people bring their own collateral and can lend out the curve USD. And then after some time, if there's curve USD in this market, which you attract with the arbitrum, you give as a reward. Then you stop giving rewards to the this dedicated market, and then the natural rate kicks in, so you don't have to reward them all the time. You can just stop, basically at some point. And I did like, I'm now on I'm now, I'm working on bootstrapping a TB TC market currently, and it's the same game I just repeat basically over and over. Awesome. Well,
thank you so much. And we this the first time, Martin, I have communicated just the other day, so we will fill this out a little bit more. And, yeah, and I suppose
the link link, and there's like a dedicated table there you see many calculators did, and which marks I did, a reward to basically send, sure,
all right, Martin, you're at time. Please, please, please, post that that Google sheet that you have. And then next up we have ARDC by synchous, or sorry, step by by davansh, and then ARDC by synchous Devons. Are you
there? Yeah,
thanks for bringing me on earlier. Even Sam is on as well from Steakhouse. So I think since, like, the main updates are that now we've got the vote cleared. So the foundation is sending over an agreement to Steakhouse, and most, but not all of the providers have completed KYC, so we should begin like we should investing and really soon, but that's the extent of my knowledge. Maybe Sam can just quickly introduce himself. Sam. Are you all?
Hey everyone? Yeah, I'm on this is Sam from Steakhouse, happy to be working as the program manager for the STEP program. My backgrounds and traditional finance at investment banks and previous set of hedge funds. And Yeah, as soon as the investments get distributed, we'll be putting together the report and posting our first update. So looking forward to
that cool and then, and Clifton, I believe you also have an update on step as well, right on compliance,
yeah, so office six providers, all six have completed onboarding, and the investments will probably be made over the next one or two weeks. This one or two weeks is essentially needed to do necessary testing before deploying the full amount. So just to get more insights, we need to confirm that we can cut we can custody the investment token. We do test transactions, and then we'll confirm the ability to custody this from the test transaction, and then subsequently, we will make the full investment. So that is on the provider side, and then on stakehold side, we are sending them the finalized agreement. So once that's done, we'll work with them to get the deposits in, and we will officially get the program started cool. And so once,
I think three months is a good time, like three months from recommendations, I think things are getting started. So decent timeline overall.
So So I think from now on, Sam, if it's okay, we'll ask you to take on the the lead of this, and Devon, you can kind of ask as acts as a steward, and then in the following months, we'll just talk about how they're performing in general. And we'll be able to kind of keep, keep track of like, of like, how these items are performing, and making sure everything's okay. Does that sound good? Sam works for me. Cool. Um, anything else, Sam, devonge Clifton, or anything else from the community? Any
questions? Um, and Sam and Devon, Clifton, yours are good on this. All right, we're gonna move on to ARDC syncas. If
you are there,
yes, I am here. Can you hear me?
Yes, sir.
So let's go quickly
over ADC, I suppose, like I'll assume that everyone knows what ARDC is. If not, you need to do your homework, alright? So on October 1, so that's six days from now, or seven the ARDC reaches at the end of its mandate. So the initial ARDC was for like six months and October 1, we conclude the six months after officially having started on April 1. Right now, openzeppelin, the security member of the ARDC, has concluded all their active workstreams and they have delivered all their things. Delphi digital has concluded all their workstreams and have delivered all their things. Blockworks is working on a retroactive analysis of lpipp. This will expand beyond the deadline for the ARDC so it will not be finished by October 1, but blockworks is committed to seeing that through and finishing it. And I, myself, as a member of like LTB and Representative like the DAO advocate for the ARDC, will also work alongside them with feedback and make sure that it is delivered at some point in October, probably in the next in the first two weeks of October, or something like that. But I'll have to sync with which block works on that. But yeah, just to ensure that it will go beyond the deadline for the ARDC, but it will be delivered, and I will see to it. Then chaos labs will be finalizing their last work stream, which is on treasury management risks and an outline thereof. They went a little bit. They had a small delay because there were some concerns around time boost proposal that their initial ARDC research on time boost didn't fully cover. So they had to elaborate on that a little bit more, and they had to go back and forth with the off chain labs to make sure that their whole like response and addressing of the fact is correct. So that has been done and has been published on the forum as a response to the concerns under the original proposal as well. Now go ahead, Alex, if you have any questions.
Yeah, I was gonna say. And I just wanna make sure we get to arguably the most important thing. This was something that Jono brought up at at region about balancing the payments. Could you just elaborate on what that means to make sure that we can actually finalize ARDC, yes, let's,
let's go over that. So first and foremost, I have to know that there was a gap in the original proposal. And basically what ended up happening is the payments to the members were denominated in USD, but the payments were being made in ARP and with ARB price decreasing over the past couple months. Basically, the ARDC multisig didn't have enough money to cover the compensation for all the members. In USD terms, the members like after basically we didn't have enough money to cover the last two months, the members all agreed to finalize ARDC without receiving compensation for that, like the pre agreed compensation for last two months. And instead, we'll just be using the ARB that we have to pay up to the ARB cap for each member. So each member, for each member, there was an applicable arbitrum ARB cap. So let's say in if the arbit lab price started increasing instead of decreasing, there was a cap of how many, how much ARB each member could get, so as not to have, you know, potentially overspend for each member. So right now, since we didn't have enough US dollars to cover the cost of the RDC Members, we're basically paying them up to the ARB cup. So any ARB that's left over right now, and the exact amounts are basically right now. The Treasury the ARDC multisig has about 214,000 ARB. Delphi digital will be sending back around 38,000 ARB that was basically over their respective cap. So they've been paid over their respective cup in ARB. So they will be returning that. And with the return funds, we're going to have 20, 253,000 ARB of that 235, will be paid out to members until they reach their respective Arbi token cup. And then there will remain 17,500 10,000 of which are earmarked for the multi SIG, signers of the ARDC multisig. And there will be a total of 7536 are that will be returned to the Treasury.
Awesome. So we only have a minute left here. So does anybody have any questions on the ARDC for syncas Cool. The one question I do want to ask is, I know so given that the new ARDC two is out, you guys are going to publish an overview of all the ARDC work accomplished of a six month term. You as the DAO advocate, are going to publish any analysis on how it went, what worked, what didn't, or, or, or, will that be incorporated into the ARDC two part? Yeah,
so I will be publishing an overview of ARDC and all the deliverables we conducted as ARDC, as well as, like the monthly update for September, that will be done within the first week of October. And we will not be publishing, like an analysis of the ARDC as the ARDC members, instead, we let that up to delegates, probably as as L to beat on our own, we might create like such an analysis as like delegates, though, but not as the delegate for the RDC, and we let everyone just assess. My ask for from delegates is that they read the overview that we put out as ARDC of all the deliverables so they can assess on their own and decide for their own whether it makes sense to support ARDC v2 if they want to see any changes how it worked, what didn't? You know, those kinds of things. So once the report goes out, I'll publish on telegram. Please, just make sure that you read
it. Awesome. Um, all right. If there's nothing else on ARDC, we will move on to the next one, which we did curve. We've done ADPC. We did step, and then now we are on the delegate and center program by Jan Luca and GCP by Dan and then we'll go to GCP by Dan Peng, Jan Luca, if you want to go ahead.
Hello guys. How are you nice to be here, so I'll be quick. Let me check for the here it is. So we've currently in the last day of voting tomorrow, it ends about of the second iteration of the delegate incentive program. We are currently in the seventh month of life of the first iteration, the first month of the two month extension that was recently approved. For you guys to know, every one of you that already passed KYC and a we and will receive, and if you guys receive compensation for the next for the next month, you will have to sign an amendment with the arbitrum Foundation. So it might happen for some of you if you qualify to receive compensation for the next month. So there was a lot of debate around proposal into the last month. It was quite a busy month. We thank you all for all the debate. There was a lot of debate. Thanks to that debate, we could graph the 1.5 version of the program, which is currently winning the election. And and Well, we hope that after the snapshot ends, we can keep debating this to go through tally and just start working on the second iteration of the delegate incentive program. Besides that, there are no much more updates for that, but if you guys have any question, please let me know.
Yeah, sure, go ahead. You
Hi guys. I just wanted to know if there is news concerning new service provider for the KYC. Remember this seminar, there was an issue with fractal ID. They leaked a lot of KYC details in belt, and I was affected, and I'm currently going for some consequences for my personal data. So I wanted to know, like various new service provider for the next phase of this program.
Well, actually, that's something that arbitrum foundation should answer, because we are not in charge of the KYC program, but we are just trying to help to make the program, the the KC process, as smooth as possible. But ultimately it's on the average foundation for the KYC providers,
Clifton or or RAM. If you guys are there, could you guys answer mcfly's question?
Sorry, I didn't get the question. Could you repeat yourself?
The question
is, if there's any update on train, on changing the KYC provider, which was previously fractal, because McFly was like, some of his personal data was put at risk. So are we still using fractal? Are we using something else
for now, based on my knowledge, it's still fractal, but let me check internally
and McFly, I'll take us a to do to either you know, to communicate with you or communicate with you or communicate with the foundation to make sure that there's updates on that, and you have my DM if you need it. Does that sound good? McFly,
no. Thanks, Alex.
Cheers. And the last question I had for you, Gian Luca, on the arbitrum Multi SIG, was, what is the status of the arbitrum Multi SIG, transitioning to the arbitrum multisig.
We finished, finished the first payment of the August, August compensation of the regime program. We know that there are still some guys that are completing their KYC process, but ultimately it won't be. It will be the funds will migrate to the multi SIG in the in the next weeks, probably we're gonna pay. We're gonna wait a few more days to see if there are more KYC process completed, and after that, hey, Katzen can answer that question better than me. Yeah, sure. Go ahead.
Ken worries I was gonna call it later on, but yeah, I'm already moving the bunch to the new MSS multisig. Like all of the KYC delegates have already been paid for it, so we don't have any pending payments on that end. But there are still other delegates that haven't been KYC yet, so we still have to pay those, but the new multisig will handle that. The MSS multisig will handle that. Nice,
awesome. So any other questions for the dip, otherwise, since, Sincerely speaking, we might as well go to the multisig information. Ken,
yeah, sounds good. I'll keep it brief, but basically, one second, where's this stuff? Yeah, basically, we have already four multisigs. The point, I mean, for counting, like the MSS payroll multisig that we're using, what for the payroll, and also like to make payments to region. Apart from that, as I was mentioning, we're going to use an MSS multisig for the delegate incentive program the extension. Currently, we're migrating the funds from the old MSS to the from the old multisector to the new multisig for the two months of the extension. And they also, like, the program also intends to use like, in case the proposal, the proposal assets for the 1.1 or 1.5 they also intend to use the NSS, but that's gonna, we're gonna cover that later, I guess. Apart from that, also, as it was mentioned before, event horizon, like the multisig has already been funded, and transaction for the delegation has already been executed. And then on the adbc payroll, the multisig is already, has already been deployed, but we're still waiting for funding. If like, the proposal passes.
And one thing I will say, so the three chairs the multi SIG are Kat and myself and frisson. I'll be honest, a bit a lot more work than we anticipated. We are now. We have our own task list, and we're meeting weekly to make improvements, but we're looking we're creating process flows to ensure security, both for ourselves and all the signers. We're actively trying to find all of the multi SIGs that are out there to transition to the average multi SIG. But we will provide a more update for a better update for the end of September, and push all the way through. I will call out that I think transitioning everything over wasn't wasn't oversight that we did not like has not been addressed well enough, and it wasn't the responsibility of chairs, but we have been stepping up to do it. And if anybody has any recommendations on how to create best practices or process flows for the multi SIG, please reach out to me, because we love to nothing. Love to create those. Any questions on the arbitrum Multi SIG for Kat and myself or frisson, you
cool.
Anything else? Ken?
Oh, no, nothing else on my end.
Thank you, sir. All right, next one up. We have Dan Peng from GCP, and then we'll go to incentives with Matthew Stein. Awesome. Can
I share my screen? I don't think you have the latest updates, but also says I'm not allowed to share my screen.
Let me meet you. Co host. Then awesome. You.
Good,
sweet. So the last month has been dedicated towards finalizing a lot of the infra that we covered last month. So huge progress on the finance rails. We do have a bank account set up now tied to our entity. There has been planning around moving funds there so that we can complete some Fiat based transaction needs. We have been behind the scenes just making sure that the pipeline continues building. So did go to token 2049, Rick Johansen went to create blockchain week. We have a long list of potential partners of studios and publishers that we're having conversations with, really focusing on kind of the shortest term opportunities that we think will generate both ecosystem growth but also potential ROI in the future. And spent a lot of time honestly in the last few months, just interviewing game builders, both in arbitrum and off of arbitrum to gather data that will help inform our thesis. So we have a ton of that sitting in our internal docs, and obviously we'll be reviewing with both the foundation and offchain labs to make sure our notes kind of make sense, and we gather as much historical data from the existing team members. I've been focusing on gaming as well. Hiring has not finished, so I think of hiring complete the next few weeks at this point, I do have David Bogart here, who can give some background into the infrastructure, stand up, hiring and other topics as well. He is with off chain labs, leading gaming and also part of the council in terms of spending. No new significant spending we are. We do have some pending costs going out to the ITC, which served for two months in the interim before we had a council, and then also to the council who has now been around for about two months. So those payments are not processed, set, but they will be going out soon. No new risks or issues, I would say we are probably about a month behind compared to the tally proposal. I do want to kind of just reestablish expectations by creating an updated roadmap, given some of the blockers and things that we've seen. I think David Bogart also had some perspectives he wanted to share about the timelines and what we've seen from similar programs. So David, I'll pass it to you for a second if you want to jump in.
Yeah, thank you, Dan, yeah. I'm David Bolger, and I'm on the Council for the GCP. We've been working really well with the working group to identify the hiring needs, and hopefully moving from working group stage to actual fully standard, up full time employee period at the GCP in the next week or two, or going well. So yeah, the council's been working really well together on that with the working group, and I think it's been around four months since the tally proposal passed on this as a huge fund, and it needs a lot of proper setting up, which has been which is what's been happening. I did get some perspective from a similar sized program, which was game seven by bit do that was in 2021 it was 500 million actually, for gaming. And that that went from the funds being allocated to first full time higher was eight months. So whereas the GCP is maybe a month behind at four months, it's not too bad, relative to what we we have an example of
Thank you. David and Dan, I know we're almost at time, so Matt, I'll give you I'll give you a second. I will just call out that this is another example of having to stand something up brand new in the DAO, and something being almost like a pilot, and having to test out and create all these new things in the same way that tally got delayed, not for any file their own, but just because of new things trying to get through the Dao. So take time in the Dao. Matt, go ahead. Oh, sorry, sorry, David. Go
ahead. One very quick line, the council and the working group will have lessons learned from it, and they'll share it with the appropriate point,
as far as the hiring process and its delays, is that an open process that anyone can apply for, like, if there was a gaming person, a 16 Z or something that was interested, would it be worth sending to them? Or is, is it kind of past that point and not worth like exploring other other people to be on the team there.
So the the AIM has been to get the really key members that started this up, the core, the sort of core members get them hired, which is currently two people that will be receiving an offer this week, or going well, or verbal offer, and the the the rest of the hires will be tip over tenders, all going to plan. That's the plan. So, yeah, if you know anyone a 16, do you send them over
cool and the person sent it to is David, yourself, or Dan, or
either, yeah, that was good. Yeah,
awesome. If there's nothing else on GCP, we will move over. Since we're a little bit backed up on time, I restructured the the the agenda a little bit. So next up, we have incentives, because that's a hot topic. Matt, if you wanna go ahead,
I Yeah, hey, everyone, do you want to share your screen? Alex, or do you want me to share my screen? Yeah, I can share my screen one moment.
So while I'm sharing my screen, do you want to give the just the one minute update on your status compared to last month?
Yeah, so we're getting really close to being completely done with the pilot program and the STIP bridge. The last things we're waiting on is being sure all the data is complete. So we're basically like 90% done with all the bio B updates. The only ones missing there are mostly due to technical difficulties. Some people had their data either deleted or they got, like, locked out of their accounts or things like that. And then the open block dashboards, we're getting closer to done with. Most of the delays there are. The teams just have to update their queries to match the open block requirements exactly, but those teams are working on that and resubmitting and having their queries like reevaluated, that should all be done in the next week or two, and then the two bounty reports, the research bounties, those should be submitted by the end of September. Those will both be submitted onto the forum and then claiming back all the unused ARB. So for the pilot program, we've gotten back about four and a half million ARB so far. There should be a few more teams sending funds back. So overall we spend with that. I think 45 million ARB was allocated towards incentives. We ended up using about 30 million, and then about four and a half were returned. So ended up only using about half the incentives we plan to for stippy. That program just recently ended, so not all the teams have sent the money back yet, but we're working on that that should be done by the end of the week. There was a lot less unused ARB in that program because the teams had previously used incentives. They were a little bit more on top of like distributing them in a timely manner, and also they got half the ARB they got in the previous round, so it's more likely they used all of it. So there we recovered about 260,000 ARB. And then there's still some ARB that was is still in the he besting contract. So for that, the multisig will have to, like, manually claim and send that back. So that'll take a little bit longer.
Imagine is, are you working with blockworks to do all this analysis? Are you doing it yourself? Who, who's, who's going and making sure that we're getting all the claimed ARB
so we can do the ARB that's like, either hasn't been claimed or just sitting in the wallets that they were like initially sent to, that's easy to track. If people are, like, hiding the funds. That's not something though, like LTIP Council can really investigate, or we don't really have a data team doing that. So if block works, can help like that, as they did in dip, that would be great, but
then sorry to be able to talk with blockers get that figured out. But So basically, once all those funds are recovered, we'll send all that money back to the ARB Treasury, and the only outstanding payments from the multisig are once the bounties are completed, we'll send the other half of their payment to those two teams, which is about 60,000 ARB. And then, right now, the retroactive rewards is live on the forum. People can apply for the next two weeks to get retroactive rewards for any contributions they made to the pilot program. So that's a maximum of 100,000 ARB that the Dow will vote on how to spend in about two weeks. So that vote ends on october 17, I think, and then after that, they'll have to pass compliance. But then all the fun should be able to be returned to the Treasury. We can probably send all the like unused art back before that, and then just leave the 100,000 R for the retroactive rewards, which might not even be spent at the DAO votes to not spend that. And I think that's pretty much it. So the like, only kind of ongoing thing is the retroactive report. So if anyone made contributions to the IPP that they think benefited the DAO, please apply on the forum. And any delegates, please, like, check out that forum thread, give feedback from people that are applying. I think so far, we've only had one team apply, but it'll still be open for like, two more weeks. So I'm guessing we'll have some more teams apply. Then
we have about 30 seconds. If anybody has any extra questions, please drop them in the chat. We can have Matt respond there, just we can get through everybody else. Next up, we have incentives. Lino, if you want to go ahead real quick, just do a quick two minute overview, and we'll leave two minutes for
questions. Yeah, absolutely. Can we switch the view to the update from the party. Thanks. Thanks, Alex, yeah, so we're progressing nicely with our objectives since last month. The main highlights are that we set up the market consultation process for the optimum veg initiative we managed to conduct to essentially release market consultation that can create collect feedback on it, which includes kind of a very high level view on thesis and portfolio construction, to be clear. And this is linked in the update here, but we clear this and not the recommendations of the group. Rather, these were the kind of the rough ideas that were meant to spark the discussion during the market consultation. This is working nicely. So far, we've conducted five interviews with with fund managers, and we on track to do 10 more in October. And we've also identified, so far, 20 builder teams we want to engage with over 20. Actually, there's a few more that registered. As of today, both of these things are still open, and we can invite more people. So we encourage anybody here that thinks there is somebody we should speak with to use the registration link or just introduce us. Yeah, beyond that, we continue our work on thesis development, and in the next period, in October, we able to open up draft discussion where we'll start with some workshops next week, which would pop up on the governance calendar later today. And, yeah, that's, that's the, there's essentially the September update going forward for October, I already touched on a few of these things. We want to complete the 15 consultations with fund managers by the end of October, and do at least 20 with builders, where some of them would probably trickle down into November to get up to 30. To get at least 30 of those done as well. We want to start collecting feedback on, well, not start, but we want to collect a lot of feedback on the thesis. And I guess around portfolio construction, we've started drafting a snapshot draft, which would, we don't necessarily need to put that for a vote in October, but we want to essentially align with other Dao initiatives and movements and see when we can consult the DAO on the overall direction for venture, hopefully leading to proposal to a tally proposal drop by the end of the project. Yeah, and that's there's a plan for October,
and we'll stop nearly no. Does anybody have any questions? Is
this being designed in a way that it's expected to be the Dow's primary investment vehicle for all different types of endeavors in the future, or just for venture like, for example, if we wanted to do like, strategic, liquid investment into a protocol on arbitrary like it's open that already, that's something that you think long term, would fit within the AVI or or not.
I think it will go in either direction. Yeah, I mean, I think there's this aspect to that. Well, there's the management aspect to it, and then there's the administrative aspect to it. And the question here is kind of, within Avi, the main purpose is for us to figure out how we're gonna manage an overall investment strategy across all investment initiatives, and then how do we track benefits without beyond financial results? So from that point of view, we can incorporate that consideration of that fund within this, within this initiative, then, from an administrative point of view, interval, from a kind of legal, administrative point of view, whether this needs to be under the same legal entity or not, I think is still an open question across the board. And you can make the same point around m&a and so on, and I can elaborate on that, but probably not the right, the right space to do it. Happy to follow up in, yeah,
you good Matt with that or another question.
Yep, that's it. Thanks. Cool.
And I will highlight that the word that they're creating in the directional snapshot, it might not be a full on completed structure of how we're going to do everything, because there's still other open questions that are that that like, you know, Opco and board and all these other things, but it's directionally kind of which way we should go. Any other questions for for Avi before we move on to the next one will be Avi? Entropy, Matt, I guess since you're up, you are next. And then we'll do interface for transaction quenta and funding.
Cool, yep. I'll try to speed run through this. Do you want to move over to our notion page? Yep, but I can just get right into it. So we had eight goals for September. Six of them have been reached, and two of them are on hold. So leaning into the on hold ones, because I think that that's the most important thing to update the Dow on. We were working on and completed a rough draft of a canonical oversight committee. So oversight committee that could be reused across different initiatives. For example, it could sit on the GCP, and it could also sit on opcode. It could also sit on the ABI. And once we completed a draft of that for feedback, we had multiple legal teams review it, and there were significant regulatory concerns around this structure. So to give some insight there, it could be that, you know, this structure was deemed something that was like an entity of some sort, and because it was, it was superior to most of the DAO initiatives, it could be deemed superior to the DAO itself, and bring on quite a few concerns surrounding, you know, arbitrum Dao status and arbitrum token status and whatnot. So that proposal is completely on hold, likely will not continue. But that said we are still exploring if it's something that might make sense. But I think the base case is that that does not move forward. It's unfortunate that a lot of work went into that. Brick did a great job on that. The whole team spent some time on that. But, you know, it will continue to happen. That said we are working on putting processes in place that will reduce the number of times this happens, and the effort that we put towards things that don't end up going in the forum, the event strategy has been completed and posted in the forum, the code of conduct is been has been completed and is going through internal review. So back to our processes that we're creating, you know, due dates internally, followed by two to three days of internal review, where the team looks at it, followed by delegate review, and then finally being posted on the like, private delegate review, and then finally being posted on the forum. So you can expect the code of conduct in the forum in the next few weeks. The liquidity, the orbit liquidity proposal is also on hold. So this was specifically working with one partner, and as we started to receive some feedback on this proposal, we found out that there is another delegate who's currently working on an RFP towards a similar goal, and additionally, we thought that it fits pretty well within the treasury management proposal that we've also just completed. More on that in a minute. But because of that, we decided that an RFP would likely, or an RFP type structure would likely, end up working out better for the DAO than choosing one specific partner to post the proposal. Our main goal with that was to start the discussion about how the DAPP could be supporting the decrease, the decreased friction between bridging between orbit chains, and that will be achieved through the proposal Max is working on. So that is also on hold. The vision, mission goals is on the forum, and we post on snapshot. Soon it's getting sprint over the finish line that has been passed through snapshot. There was a lot of good feedback on that. So it was awaiting being posted on tally. Again. More on that in a second. We did hire a data analyst successfully there, starting in December. Really, really excited about this one. He's probably a top five crypto on chain data analyst in the space, like, really, you know, renowned guy. So super excited as he starts and we can share more about who that person is, and an Opco proposal we didn't just start working on, but actually have completed, which is also going through the internal review process. As far as spending, we've not been allocated our first month's payment yet. September 1 was our official start date. So we will be billing for September come the end of this month, per the terms of our, you know, per the terms of our, of our proposal, that it'll be $100,000 a month until we scale to a team of seven or no rush to scale. So anyway, it's continuing, although it was only two out of eight initiatives that were put on hold. We'd like to reduce this in the future. So we're creating internal structures, as I mentioned, that will hopefully allow us to flag things that won't move forward even earlier in their life cycle, then after the first rough draft is completed. So yeah, that is pretty much done and being formalized, and we need to make another hire specifically as things that we actually have an executive or execute, or a role, that a role within the proposal itself, so not just creating the proposal, but also actually facilitating it in some way. So for example, in the style of sprint, we're sitting as the project manager and a member of the evaluation committee. As roles like this continue to increase, we need to make sure that we have capacity to continue working on new initiatives as well. So goals for October, as I mentioned, Opco, the initial rough draft has been completed, going through internal review. It'll be ready for, you know, a private group of delegates to review come the end of this week, or even earlier. So depending on how many rounds of feedback it goes through with that, you know, with with a group of delegates, it'll be posted on the forum, I would say within two weeks. Is a good estimate. It could be three. The delegate code of conduct is in a similar position, but should be able to be posted much sooner, I would imagine. So we are expecting to get that through snapshot as well, not just posted, but also through snapshot. Treasury Management is a proposal that has already been publicly shared with people that joined the call this morning, but it is not on the forum yet. It should be on the forum like as early as Monday. The sleuth, which is a whistleblower program, is another one that's going through internal review right now. It basically allows anyone to anonymously report misuse of funds that originated with the Dao. So we'd also like to get that, not only in the forum, but also pass through snapshot and the stylus sprint, like I mentioned, is currently going through some small changes before going to tally. And the main hold up there is that we wanted to add two more people to the evaluation committee, so just waiting on their confirmation and then additionally debating adding a retro public goods funding section, but initial feedback has been not super excited with that idea, so likely will to decrease friction. We'll be continuing with it more close to as is, than adding quite a few different aspects to it. The events proposal for an events budget for an event's budget for 2025 is currently on the forum, so we're hoping get that through snapshot in October, and then we were tasked by a delegate with entering the incentives conversation. First, we need to see what the appetite is for like among delegates for entropy to be involved in those conversations, because there are already quite a few sophisticated and competent actors working on it. But that said, like, we do have a vision for kind of, like, you know, what the steps to move forward with incentives are, and we think that step one is, like the DAO defining their A, the budget and B, the desired outcomes of incentives, so that, then, you know, those with the competency and designing the program can actually design the program to the goals that the Dao has already set within the budget that the Dao has already set. So we think we might be able to be valuable within those conversations. But like I said, we need to make sure that delegates see that we have a like, a large, marginal impact on that conversation before dedicate resources there, just given that there's plenty of other stuff no one is working on, and that is one that people are already working on sorry for taking so much time here. But finally, like our only ask of delegates and contributors is that you have ideas of things that entropy could, that could be doing that would be valuable, things that we're doing now that you don't think are valuable, please feel free to always like share feedback with me or anyone on our team.
Awesome. Any questions from Matt, or if there are any questions for Matt, you can drop them in the chat, or go to their biweekly office hours or ask them for them. Next up we so we're over on time. So we got a drop. Go ahead. We're going to go Thrive interface. Quenta, and we already finished the funding disruption. Joe, if you were up to do for thrive, or if Ben or Katrina or Katrina are there,
sorry, skip my unmute on, yeah, Katrina was going to take it for us. And you know, I have to deliver news to everybody here that I am, have already left thrive. So this is my first public notice of it. There's no no bad blood or issues. It was just a good timing with the end of this proposal period five, stop planning putting in a proposal immediately going into October. They're going to take a step back for a minute and reassess. But all the deliverables should be coming in this month. I know the final report is looking really good. We got tons of data. A lot of work went into it. I mean, we're talking we got contract addresses and like GitHub, from a ton of them, we used open source observer and force analytics. There's already a few of the, you know, Independent reports, but the aggregate report of everything will all be on the forum pretty soon, and I can't filled out the GRC. There is she on the caller? Yeah, she's
sorry. I
think my mic wasn't working, so when I responded
over to you, so you see your voice here, yeah, sounds good.
Thank you. All right. So for we are in the last couple of weeks of our milestone, M, 1b, right now. So we're wrapping everything up. We are wrapping up payments. We're about 88% paid out, out of the allocated funds that we set for projects and programs, and we're planning to be done by the end of the month. So fully paid out, dependent on milestone delivery. Of course, there's a couple milestones still outstanding. We are doing a cut coach, grow assessments of all our programs and projects, to be more specific, of the top five projects of each program, and we're using the drive platform to do so. So we are we actually have the reviews in, but we are doing the analysis right now, and we will be publishing that at the end of the month, same with the final report, so that will all feed into that. We also have support from foresee analytics and the open source server analyzing contract data, GitHub repos and things like that, so that'll feed into our Thrive Impact Report. And yeah, and the next proposal right now is on hold. I know that Daniel is working with Christoph and others on Yeah, putting a proposal that is much more simplified than our previous one that was Yeah, an experiment in pluralistic grants, exactly. And then we are going to return some funds to the DAO that were either unallocated or allocated and will not be spent because the program got cut or rescinded their grant agreement, things like that. And that number is around 550k for both m1, A and M, 1b milestones. I think those are the biggest points. But if you have any questions, Alex, I'm happy to take them.
No, I think, I think you elaborate on all them and and in the amount of AR will be returned at the end of December, at the end of October, at the end of September,
I would say mid October, probably awesome. That's it,
unless anybody has any other questions, and we can get to quenta and to the wake of labs. Great. Thank you so much. Three. Thanks, Joe,
yes. I'm here. Hello, everyone. Alex, can I share my screen real quick?
Yes, sir. One second,
I'll make you a co host. Is it? Is it Gonzalez, who wants, all right, you are added as a co host there. I am
sorry about this. I will be really, really brief, so there's no problem. I will keep a clear order, updates estimated time to completion, a demo and a small ask for you. So as mentioned in previous calls, the development of this project began on June 10. We have successfully achieved nearly six milestones so far, quick review about the milestones. Milestones one, two and three were focused on tech discovery, while milestone four and five were more related to the sign and UI. Currently, we are finalizing my zone six, which focus on enhancing documentation so any team can bring this front end live. We can take us really, really quick overview here, but well, we just need to add some hyperlinks to it. Better than talking about milestones is to talk about a demo. So now we are going to see that. I know if I heard this before here in the call. But Well, the interface looks like a bridge the DS that an end user is able to send a transaction to be withdraw asset from arbitrum to Ethereum without paying the gas on the arbitrum chain, the end user will pay through Ethereum. So it will be a particular kind of breaches the bridge that let you include, or at least forcing cloud transaction. That's why you will need to pay much more gas than an arbitrum transaction. Some nice features that we added because of this function, you will need to to wait at least 24 hours to properly submit a transaction, and we let end users create a reminder everything is well explained in the update trail forum. So if you need something, or do you have any ask, you can reach me.
What else here?
And to finish this, the only thing that we need, my only request, is that if you're able to try the app, that app, please try it on testnet and give us any feedback. It could be related to the UX UI, text, code experience. If someone is willing to read, to read the GitHub documentation, or have a question about that also reach me out so we can improve that.
Mind dropping the link,
yes, of course, I will drop it here in the chat. What else, if you want to keep track of the process in the firm, in the original firm, is everything. So you can also comment something there, or whatever you need. That's everything for today.
Awesome. Thank you so much. There's no questions. And then everyone's just asking you free to drop the link and we'll make sure that we get you some people to test it out. And then lastly, if quenta is on the call, would love for you to speak, and if not, I'll just quickly show what they have and drop their notion link while that's happening. If anybody has any feedback on how we can improve these these calls, I'd appreciate it. You can just drop it in the chat, or you can say, tell me, and we can kind of go from there. So if you guys can see my screen, basically, cuenta is another program similar to curve, that is another incentive program, and they they're successfully launched on arbitrum. AJ from quenta will fill in everything here, but they are supposed to wrap up by mid October. So on the next call, it'll it'll be their last update, and you'll be able to see everything. But basically, they may have all the data on their number of new, unique users, etc, but they it seems like it has gone really well with quenta and perennial I will also send this notion link to this page specifically at the end of September. But other than that, I will stay on for a few extra minutes. If anybody has any questions or feedback, I'd appreciate it, because it's a lot to get through 18 different proposals or initiatives and get feedback from everyone and try to hurt all the cats. So would appreciate if anybody stayed on and gave me gave any feedback Other than that, that's it for now, and I will follow up with the next steps as and kind of this notion tracker so everyone can look at it async. Thank you so much. Applause.
Any any feedback from anybody else while people are leaving. I think one thing that I noticed that I will do differently is have more weekly, bi weekly syncs with people to check in how they're doing compared to the status. So we will make this notion tracker more of an iterative status update of how things are going on a weekly, bi weekly basis. I realize it's just way too much work to try to do it on a monthly basis and get all the feedback and hurt everyone. So I'll try to make it consistently a notion. Other than that we might I'm going to reach out to a few people like Klaus disruption, Joe, other people like that on how to improve and what information we should be tracking. The third thing I realized is actually just of a bigger upfront issue that our tally proposals. We use them as whether something is done, but the tally proposals don't do a good job explaining what the objective or the KPI is, or how this how this thing will help arbitrum towards an arbitrum towards an arbitrum objective, right? So you can imagine how these these proposals could tie into the mission, vision values, or even shorter term goals that we might figure out in GovHack, or we might figure out through this arbitrum offsite, it's very hard to see whether or not something has been successful or is successful, or is really helping arbitrum, because we don't understand what the overall objective of what we're trying to do with arbitrum is so so for me, those are the three things are, one, do bi weekly weekly, bi weekly syncs to iterate on, on what data to capture and how to allow people to make it easier for them to input everything. And three, think about how we can get, how we can tie these more to our overall, higher level, level objectives of arbitrum or whatever we're focused on, any other feedback from others who are participants or go ahead,
I can add some. I think that idea that you bring through telegram chat, that was maybe we can record a loom was pretty cool to match the amount of time that the meat has. But maybe what we can also do is like you can split in in two separate calls to teams. I mean several groups in one and several groups in the other one. Maybe we can do like open call, if someone want to join and listen to the projects in the other call, it's a good idea to be there. But maybe you can, with that, realize if the projects are on track, and we don't need to be one hour or more than that in a call. I think, I think that's helpful, at least my case, because I need to pay attention to the proposals. I like that, and maybe I stopped working because of that. That's my stuff. That's
that's fair. I think one of the, one of the open questions is, what is the what is the role of delegates to listen in on all this information? Do the delegates need to, need to have this amount of depth for every project? And the answer is probably not. The delegates probably need to know what is happening, like, what it is about, whether it's currently tracking, and then, like, maybe three lines or four bullets, I think my work is to make sure everything is tracking, provide feedback, give helpful information, like like an incubator type, but then be able to communicate to the delegates here's where it's at, and provide those learnings so that future projects, future initiatives, improve. That's a fair point. Anybody else? All right, there's no other feedback. I will let everyone go, and I'll be probably following up with you guys individually on how we can improve these but for now, I appreciate you guys, and I will, I will, I will talk to you guys later. Oh my, go ahead, man. You have a question. Go ahead. Sir, Nick fly. All right, I'm gonna guess it was an accident. All right, guys, talk to you
