28 October 2022: Special Edition: API3 Spotlight
Product team starts second audit, token swap with PrimeDAO underway, Aragon DAO governance consultations occurring every Friday
Top 3:
Product team reaches a huge milestone of starting their second audit this week! Testnet launch is right around the corner, so the team is busy housekeeping and polishing things up before launch.
The token swap with PrimeDAO is underway. $50,000 worth of ANT is being swapped for $50,000 worth of PrimeDAO’s native token, D2D.
Friday Socials have been repurposed to discuss Aragon DAO governance. We will start with an overview this week, then dive into Rules, Guidelines, and Practices in the subsequent weeks through the end of November.
Plus a special spotlight of how web3 infrastructure provider API3 uses Aragon!
Product Team Update
Huge milestone: our second audit started this week! Our developers have been busy supporting auditors with insights and documentation, as well as adding functionality to our SDK to work with real on-chain data.
At the same time, we were caught off guard by the suspension of some of our testnet services using Rinkeby. This blocked development at the beginning of the sprint, but our developers took this as an opportunity to migrate everything onto Goerli. Within days, we were able to quickly resume development without much coding time lost. Yay!
With testnet launch approaching in the news few weeks, the team is spending all their capacity on housekeeping and polishing the last few bits before launch. We’re excited to show you what we’ve been working on!
Votes
Follow-up on a recent vote:
The token swap with PrimeDAO is in process. The swap for $50,000 worth of ANT for D2D was approved by ANT holders last week.
Proposals
Follow-up on Future of Governance post:
Friday Socials have been repurposed to discuss aspects of Aragon DAO governance. The agenda:
October 28: Overview
November 4: Rules
November 11: Guidelines
November 18: Practices
A forum post will go live shortly after the session on the Aragon DAO forum to discuss the topic in greater detail. Please come prepared by reading this blog post introducing Aragon DAO governance.
New post: Karma weight decision-making
Brent opened up a discussion around using the Karma platform to determine paid delegates and paid contributors.
Network Highlights
🎨 Adri, our designer who has been with Aragon since day 0, was featured in this article (in Spanish).
🎥 New Youtube video from the Dtech team on how to navigate Aragon Client.
The ZK Research team released three new articles:
We featured Solidity Guild, one of our DAO Experts, this week on Twitter:
Catch up by listening to the Twitter Space here:
If you’re not familiar with our approach to governance yet, read this thread summarizing it:
Events
AMA with one of our DAO Experts, Exponent: Wednesday, November 2 at 4pm UTC. Set a reminder here.
CTAs
Prepare for the governance disucssions by reading the blog post on Aragon’s approach to governance. You can also check out the tweet thread summarizing the topic.
Set a reminder to attend next week’s DAO Expert AMA.
Special Highlight: How API3 uses Aragon
Web3 infrastructure provider API3 uses Aragon to secure their treasury.
API3 provides a network of first-party oracles - run by data providers themselves - to connect any API to any on-chain smart contract. An oracle “talks” to a smart contract, giving it data from the outside world. Oracles are necessary for smart contracts to have the data they need to run their operations.
Founded in 2020 and with more than 150 data providers already partnering with the protocol, API3 is one of the key infrastructure providers powering web3.
The API3 token and DAO are central to how the protocol creates trust between API providers and dApps. Not only is the API3 token and DAO a governance mechanism, it is an economic mechanism to provide coverage (and therefore trust) to dApps relying on the data.
With security and reliability at its core, aragonOS was selected as the first building block, and highly customized to make the DAO work to the protocol’s whitepaper design.
From the basic building blocks of aragonOS, API3 has innovated to adjust for the needs of how their protocol should function:
Staking - Staking is central to the API3 protocol because staked tokens are used to fund optional coverage for API3 datafeed subscriptions.
Delegated voting - 11% of the voting power in the API3 DAO has been delegated. API3 delegated voting is very fluid and organic. A delegate is an unpaid position that can be held by any DAO member.
Statistics - The team built a DAO tracker to track statistics on staking, delegation and more.
Voting power - The Aragon Voting app was customized so that voting power is determined by the API3 staking pool (how much you stake is how much voting power you have, instead of using a MiniMe token)
Proposal gating - They added a 0.1% voting power requirement in order to create proposals, to ensure those making proposals are vested in the long term interests of the DAO.
With approximately 6,000 participants and $52m (held in a combination of USDC and the native token) managed in the DAO treasury, these customizations make API3 one of the largest and most innovative DAOs built from aragonOS.
Read the full blog below and give API3 a twitter follow!
Have a great weekend!
—the Comms team