eIP 42 Delegating SAFE Airdrop

Authors: @Matt_StableNode, @Bobbay_StableNode

Related Discussions:
Related SAFE Airdrop Discussion 3,
[RFC] Delegate SAFE Airdrop to Stable Lab, 2
EIP 35: Claiming SAFE Airdrop 3

Summary:

Euler currently has 3,010.40 SAFE tokens in this Euler wallet 1 from claiming the SAFE airdrop after eIP 35 3 passed. This proposal aims to delegate the SAFE tokens to StableLab or DAOstewards.

Abstract:

Euler claimed 7,972.59 SAFE tokens and currently has 3,010.40 in this Euler wallet 1. These tokens give holders voting power in SafeDAO. This will allow Euler to have a say in Safe Governance and help to ensure the protocol moves in a positive direction, keeping the Euler treasury safe.

This proposal aims to delegate SAFE voting power to StableLab or the DAOstewards, to ensure that the tokens are managed responsibly.

Motivation:

Now that Euler DAO has claimed SAFE tokens, It is beneficial for Euler to participate in SafeDAO to make sure Safe remains a good tool to use to keep the Euler treasury in. However, it can be time-consuming to stay up to date with the inner workings of a DAO. The core team at Euler most likely does not have the time to stay actively engaged in SAFE DAO. For this reason, we suggest Euler delegates their Safe to either Stable Lab or DAOstewards.

As multiple delegates are vying for the SAFE delegation, the format of this proposal allows the Euler community to choose which delegate they want to delegate the SAFE to.

Specification

  1. Prospective delegates

  2. StableLab

  3. DAOStewards

  4. Expectation

  5. Re-delegation

Prospective Delegates

StableLab

StableLab Euler Engagements

Stable Lab joined the Euler community in November after participating in an Euler governance workshop at DevCon. Since joining the community we have been active members of the community voting on 100% of votes since joining and providing our reasoning behind all our votes in our delegate thread.

Additionally, we have been active in the forum, sharing our opinions on proposals and discussions. We took feedback from the Euler community to understand their feeling and author eIP 35 to best reflect the needs of the DAO and ensure the airdrop was claimed.

However, we are also not afraid to speak our minds when we disagree with the community. When in the recognized delegate compensation discussion, we voiced our apprehension about the proposal and pointed out some of the centralized aspects of the proposal and offered alternative solutions even though the majority of the community seemed to be in favor of the proposal. Our mission is to help protocols become more decentralized safely and we will always provide our thoughts on how Euler can accomplish this mission.

Finally, during eIP 36 Fast track - Module updates, the Stable Lab team helped give the Euler team recommendations based on experience in other DAOs on how to handle an urgent matter calmly and efficiently.

StableLab Safe Engagements

Stable Lab also joined Safe DAO as a delegate in November. We currently serve as a Safe delegate for Element Finance and were voted with 99.99% approval to serve as the 1inch Safe delegate, but unfortunately, the 1inch proposal did not reach quorum and the SAFE was not claimed before the airdrop claim deadline.

Since joining Safe DAO, we have voted on 100% of the proposals and are one of only three delegates in Safe DAO that has provided our reasoning for every vote to the community. We are helping Safe DAO become more decentralized in a safe way by voting against enabling token transfers as we felt the DAO was not yet mature enough and didn’t yet have a plan in place to deal with the enabling of token transfers. We hope to continue to help Safe DAO mature and would be happy to provide our thoughts on every Safe proposal to the Euler community.

You can also find more information about our work in other DAOs here.

DAOstewards

DAOstewards engagement at Euler

We joined EulerDAO in November 2022 and are actively taking part DAOs decision-making and trying to set new standards. During the short period, we have authored 4 proposals in different phases of the governance process.

  1. eIP 33 SAFE Airdrop Claim and Delegation
  2. [RFC] Promote BUSD to Collateral Tier - #2 by jengajojo
  3. [Ideation] Formulating the Proposal Lifecycle
  4. [RFC] Bankless Academy: Lending and borrowing lesson ft. Euler.finance

Our pre-RFC proposal on updating the governance process has given birth to 2 proposals from independent authors. in our opinion, this is the ideal way of decentralised participation and proposal building

  1. RFC: Formalise Governance Processes
  2. Allow token holders/delegates to vote “abstain”

Track our commitment and our Our Scope of Work on our delegation tread

DAOstewards engagement at Safe DAO

We joined Safe DAO in October 2022 as SafeDAO, one of the first professional delegate groups to join the DAO. Since joining Safe, we have maintained 100% DAO participation in giving feedback to existing proposals and helping authors formulate their drafts.

Our Delegation members are supported by projects and DAOs like BanklessDAO, Fightclub.VC, Sismo.eth by delegating their tokens.

We have chosen not to take the delegation of 1inch DAO to decentralise Safe DAO delegation by allowing the delegate with the least safe delegated at a time to put forward as 1inch’s representative.

The DAOstewards members have been actively engaged in the Safe DAO forums and have given feedback on relevant and interesting proposals.

Committing to our scope of work at Safe DAO, we have tried to understand DAO’s general pain points and increased decentralisation and community member engagement by authoring a successful proposal.

Track what we are doing at Safe DAO on our general delegation thread

Expectation

The delegate that receives delegation will be expected to maintain a minimum voting participation rate of 70%. They should actively participate in SAFE DAO.

Re-delegation

If a delegate falls below a minimum voting participation rate of 70% at SAFE DAO, then another representative can present a proposal for re-delegation.

Implementation:

Euler would delegate SAFE tokens to Stablelab.eth, DAOplomats.eth, or leave the SAFE self-delegated to the Euler treasury wallet.

Voting:

Option A: Delegate $SAFE to StableLab via Stablelab.eth.

Option B: Delegate $SAFE to DAOstewards via DAOstewards.eth

Option C: Do neither and retain the $SAFE voting power

Option D: Abstain from voting

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