PrimeDAO Q1 2024 Update

This thread summarizes the state of PrimeDAO at the start of 2024.

Guided by the Q1 Ops team, PrimeDAO resumed its Research and Development, with mixed results, while seeing its total non-D2D holdings increase by over $7,000.

Summary of Q4 developments

  • The ve8020 Launchpad powered by Balancer launched. Multiple test of veD2D where deployed on Arbitrum. However, due to product limitations which where not foreseen: 1. An extremely minimal UI and 2. Not native-support of BAL/AURA staking reward distributions, the solution has not been adopted by PrimeDAO yet.
  • Hosted two stakeholder meetings to gather product and vision input
  • Collaborated with SupremeDAO (see thread for details) to develop a D2D-USDC strategy based on their new PowerPool powered product. Due to technical blockers, SupremeDAO hasn’t been able to launch their product yet, however the last update was that it is extremely likely they can launch in Q2 and still aim to build their first strategy around D2D.
  • Collaborated with Inverter (see thread for details) to spec out improvements of the ve factory system based on the modular approach of Inverter. Design and development will continue in Q2 2024, especially after the limitation provided by the ve8020 Launchpad.
  • Operated the rETH / D2D Arbitrum gauge in Balancer Governance and successfully ran a bribing campaign that grew the pool to over $310K (25% increase).
  • Started exploring the potential of creating a Prime Rating like service for the Superchain in collaboration with Superchain Eco.

Total Assets under Control of PrimeDAO
~ $147,000 worth of non-D2D tokens, from which ~$35,000 in USDC and $40,000 in ETH. Total non-D2D token holdings increased by $7,000+ since the start of Q4 2024.
~ 59.1M D2D tokens (59.1% of total supply). A decrease of about 3.9M D2D tokens since the start of Q1 2024.
~ 155,000 SAFE Tokens.

The Accounting Dashboard can be viewed here.

Spending in D2D to increase stakeholder alignment and minimize costs
In Q1, most contributions were awarded in D2D instead of USDC. By awarding contributors with D2D, PrimeDAO minimizes its stablecoin spending while further decentralizing its governance.

The increase in D2D distribution does not negatively influence the market price of D2D, given that the token is up nearly 8% from the start of Q1.

Proposals in Q1 2024

  • [Passed] PDP16: Q4 Ops Budget: Proposal to fund a small Prime ops team focussed on Operations and Hosting, Treasury Management, Strategy, and R&D.
  • [Passed] Prime <> Inverter I RnD Proposal: Proposal to support the implementation of veD2D and continue design and development work to create a more robust and modular veFactory system that can be used by Prime and third-parties based on the Inverter system.

Upcoming Q2 developments
The main developments in Q2 are SAFE token transferability, positioning PrimeDAO accordingly and expanding D2D utility.

  • It is anticipated that the SAFE token will become transferable in April, an event that will likely increase PrimeDAO liquid treasury size significantly.
  • After SAFE transferability, PrimeDAO would be able to re-invest it’s treasury again into the development of products and services. Alternatively, some of the Treasury assets could be distributed to Token holders through various methods.
  • Continued development of an improvement veFactory will be on-going to have a prototype of an improved system ready by the in Q2 based on the Inverter RnD thread.
  • The D2D - USDC yield strategy developed by SupremeDAO on top of PowerPool is anticipated to go live in Q2