PrimeDAO Q2 2024 Update

Governance
1

This thread summarizes the state of PrimeDAO at the end of June 2024.

Guided by the Q2 Ops team, PrimeDAO completed PDP18 and PDP19, while opening new opportunities in the Arbitrum, Celo and Optimism ecosystem.

Summary of Q2 developments

  • PDP18: Settle Early Contributors Vests was executed through the proposed option 2 - send directly. Now that all vests are settled, there is no new circulation of D2D entering the market besides what PrimeDAO Treasury send through Prime Development Proposals.
  • Prepared and executed PDP19: Create a D2D Token Sink through SAFE Distribution resulting in 100,000 SAFE being distributed to D2D stakeholders who burned their tokens. A total of 12,5M D2D, equivalent to approximately 25% of the circulating supply was burned. Prior to the start of PDP19, D2D was valued at ~1c. At the end of the program, the value had increased to 1.7c.
  • Supported SupremeDAO with the development and planning of the ETH → D2D Yield Strategy.
  • Collaborated with Gyroscope to create a new GYD <> D2D Stablecoin pool on Aribtrum that earns Gyroscope SPIN points in addition to
  • Developed an initial direction for a Prime Rating-like service for the Superchain in collaboration with Superchain Eco.

Total Assets under Control of PrimeDAO
~ $159,000 worth of non-D2D tokens, from which ~$30,000 in USD stablecoins.
~ 49.5M D2D tokens (56.5% of total supply).
~ 52,000 SAFE Tokens.

The Accounting Dashboard can be viewed here.

Proposals in Q2 2024

  • [Passed] Q2 Ops Budget: Proposal to fund a small Prime ops team focussed on Operations and Hosting, Treasury Management, Strategy, and R&D.
  • [Passed] PDP18: Settle Early Contributor Vests: Distribute the remaining contributor vests in a single transaction.
  • [Passed] PDP19: Create a D2D Token Sink through SAFE Distribution: A total of 12,5M D2D, equivalent to approximately 25% of the circulating supply was burned.

Upcoming Q3 developments
The following development will likely take place in Q3.

  • The launch of the ETH → D2D yield product by SupremeDAO followed by potential additional strategies.
  • The start of the first research program for the Superchain in collaboration with Superchain.eco
  • The launch of Regenerative, the Celo-native deployment of Balancer.
  • If approved, PrimeDAO will co-lead a research sprint for Arbitrum Treasury around DAO to DAO coordination.
  • The operation of the GYD <> D2D and rETH <> D2D pools on Aribtrum with the ability to earn STIP rewards.