[RFC]: SAFE Airdrop Claim and Delegation

Title: SAFE Airdrop Claim and Delegation
Author: 0xBaer
Related Discussions: [N/A]
Submission Date: 23 November 2022

Summary

Claim the $SAFE token as part of the Safe DAO launch and delegate it to {DAOplomats.eth}

Abstract

Safe (previously Gnosis Safe) distributes governance powers to historical users as part of the Safe DAO launch. The Euler Community treasury has claims to 7.972,59 SAFE tokens, of which 3819.38 will be vested over four years. The DAO has to delegate an external wallet to claim the Airdrop before the expiry (27.12.2022). This proposal suggests claiming the $SAFE token and delegating it to {DAOplomats.eth}

Motivation

Safe is one of the essential tools of the web3 ecosystem, as most DAOs have built their treasury with Safe smart contracts. The safe is also positioned itself to introduce new smart wallet standards to the EVM ecosystem if the platform harnesses its full potential. As Euler DAO uses Gnosis safes as a fundamental on-chain component, it is in the best interest of the DAO to claim these tokens before the deadline at the end of December. Furthermore, SAFE tokens will diversify Euler DAO treasury and underline the value alignment of the two protocols. As mentioned in the Abstract, The multisig should delegate the voting power of the tokens to an external wallet during the claiming process. Since Euler DAO only has a claim to 7.972,59 SAFE, we believe the DAO should not allocate extra resources for an official DAO Diplomat (DAOplomat); instead, Voting power should be delegated to external delegates such as DAOplomats.eth. More about this decision in the ‘Rationale’.

Rationale

DAOplomats have brainstormed different ways to approach the delegation of voting power. During the Brainstorming, three main possible options arose.

  1. Delegating the Voting power directly to a governance group in Euler DAO

To exert the maximum influence of Euler DAO in Safe governance, We have to send an official delegation from the Euler DAO. This group should have resources to interact with the Safe DAO governance. Since Euler DAO only has minimal voting power and has to spare resources during its development stage, it would be best to look into different options.

  1. Delegate it to extern third parties

Safe Dao currently has more than 75 guardians who have some verified contributions to the Safe DAO. They have voluntarily signed up as delegates who would act in their own best interest or Safe DAO; Euler DAO will have a minimal impact on the SafeDAO governance voting.

  1. Delegate to an Euler DAO value-aligned group.

Delegate to Bankless DAOplomats.
We are official delegates from the Bankless DAO, which is mandated to govern with a net positive engagement. Since we are also delegates at EulerDAO, it is in our best interest to uphold the values and ensure maximum accountability. Euler DAO can leverage the collective voting power of BanklessDAO, Fightclub.vc and other partner DAOs in SafeDAO governance.

Specification

Introducing DAOplomats.eth

DAOplomats.eth are decentralised governance experts from BanklessDAO who specialise in solving the DAO governance trilemma (Voter Apathy, ignorant voting, and plutocratic voting). We tend to represent DAOs and individual token holders and provide them with an avenue to discuss proposals and leverage the combined effects of the community.

We recently joined the Euler DAO as a professional delegate group to help DAOs evolve together.

We are currently the biggest delegates in 1inch DAO and have active delegations in Optimism and SafeDAO.

Our Mission and vision

Net positive engagement: We represent a community aiming to empower all parties involved and develop in a positive-sum manner.

United we stand: We, DAOstewards, believe decentralisation is paramount in governing web3. We aim to represent everyday users of web3 and have their unheard voices heard.

Bankless Lifestyle: As a group from BanklessDAO, we aim to enable more people to exit their reliability on legacy institutions and fully embrace internet-native digital organisations.

Quality participation: We believe the quality active contributors could help a DAO evolve. We aim to deliver the best quality of work with minimum bureaucracy.

Current safe delegation

Bankless DAOsteward, the public-good arm of this initiative, runs the current DAOplomats Safe delegation. The DAOstewards specialise in governing public-good protocols.

Current members: JengaJojo.eth, Senad.eth, Thinkdecade.eth, Gurad.eth and Links: Advisor: 0xBaer.eth

Members who are delegates on Euler: 0xBaer.eth, JengaJojo.eth and Senad.eth

Our voting history

Implementation

  • Create a multisig transaction to claim the SAFE tokens if this proposal passes.
  • Delegate the $SAFE tokens to DAOplomats.eth

Voting

Voting yes signals approval of claiming Safe tokens and delegating to DAOplomats.eth

1 Like

Hey! Did not EulerDAO is eligible for claiming SAFE. May I ask why? I mean what kind of activities the DAO did to be eligible?
One more question, Im not familiar with how Safe operates tbh, but isn’t it possible to autodelegate tokens? I mean for the claiming and delegating address to be the same?

This seems reasonable to me. As new Euler governance participants (welcome!) governing across multiple DAOs, this seems like a low-barrier way for them to put the Euler multisig’s allocation of SAFE to good use.

It’s possible that their aggregate interests could come into conflict with Euler’s at some point. If this appears likely to happen in a given Safe DAO vote, we might request that DAOplomats share their rationale in a post to the Euler forum. If a track record builds up of votes that seem counter to the interests of Euler, governance can always initiate another proposal to redelegate.

There are several criteria for the distribution of safe tokens.

Please read further: New Proposal: Reworked SAFE distribution for users - Proposals - Safe Community Forum

tl;dr no: source: $SAFE Claiming App FAQ | Gnosis Help Center

we can post our voting ration in the Euler forum. it is also available on our voting data bank.

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Seems like an obvious thing to do to me. Gnosis Safe is one of the most enduring protocols in DeFi. EulerDAO should support to the extent that it is possible. I do think we should review the delegates in that ecosystem and see if EulerDAO can come up with a favoured delegate.

1 Like

For what it’s worth, my confidence in the Bankless DAOplomats is very high given previous interactions with them and my vote would be to delegate our Safe tokens to them. However, given that not everyone has had the pleasure of speaking with them, perhaps @0xBaer might show some highlights of their work as delegates over the past few months. For me, something that stands out is how @0xBaer kickstarted stage 2 of 1inch’s decentralisation process. Kick starting stage 2 of Decentralisation of 1inchDAO - 1inch DAO - 1inch Network Governance Forum

StableLab would also like to put ourselves forward as recipients of SAFE tokens to act as Euler’s delegate at SafeDAO. We participate as a delegate within the SAFE ecosystem, using our experience working with DAOs to help improve the governance processes.

We are one of the most active professional delegate teams within the space and have demonstrated that with our commitment to various protocols. Amongst some of the accolades mentioned within our delegate thread, we also participate in a DeFi Working Group Grants Committee within Optimism, serve as operations leads for the Governance Steering Committee(GSC) for Element Finance, and will sit on the grants committee for Compound. Additionally, we are the top professional delegate in Maker, InstaDapp, and Element Finance.

We have authored numerous successful proposals for Element Finance, Hop, and Balancer and are active members in over 10 DAOs where we stay engaged in community discussions and provide reasonings for every vote. Our voting history can be seen here on boardroom.

Additionally, our governance analyst @Matt_StableNode is our lead delegate for both Euler and Safe. This would allow easy communication and ensure that our team understands what would be in the best interest of Euler when it came to SafeDAO votes. Alongside Matt, the rest of our governance team will also provide support to both Safe and Euler.

We would be happy to provide our reasonings for all SafeDAO votes to the Euler community as all of our votes and the reasoning behind them can be found here.

2 Likes

Hey @river0x, thank you for backing me up. We are currently a tiny delegate group with experience building a DAO around a community and structuring it to maximum organisational decentralisation. Many, if not all, of our work, is currently related to BanklessDAO, So it is hard to pinpoint one single proposal.
Some of our proposals are available under DAOplomats profile - Google Docs
if you look closely, you can see a slight pattern playing out there

  1. Jengajojo’s proposals around launching new and successful initiatives with the yearn and BanklessDAO
  2. Senad’s proposal in building DAO2DAO and DAO2trad partnerships, notably the launching of the first DAOlilations with ConsenSys
  3. @0xBaer proposing structural additions in decentralised governance, for example, [1RC #8] 1inch Community Grants Program - 1inch DAO - 1inch Network Governance Forum
  4. and we also have @links, thinkDecade and gruad.eth on safe delegation
1 Like

I’m impressed with both DAOplomat’s and StableNode’s prior work. It’s a good problem to have that we have two credible options for Euler’s SAFE delegation.

I was trying to think of a suitable framework for valuing one vs. another, but the criteria are subjective and would need to be agreed upon by the community.

Without that, maybe a couple of questions for the candidates:

  • Can you please list out all protocols your companies are delegates for currently?
  • More importantly, can you help us understand your priorities for Euler? What do you think Euler should be most focused on right now? This is akin to Euler-specific voting principles.

Lastly, is it possible to split the SAFE migration between multiple delegates? Unsure how it is set up. If it is, maybe we consider going 50/50 initially, reviewing results, and iterating from there (if needed).

1 Like

Yeah! I think we are coming close to passing the temperature check. If all interested parties might respond to DeFioperator then we can move to a vote?

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Hey, @defioperator.eth thanks for the response! Unfortunately, Safe only allows you to delegate votes to one address at a time.

Stable Lab Delegate Positions

Stable Lab currently acts as a delegate for Maker, Balancer, Optimism, Jet, Element Finance, Aave, Safe, 1inch, Hop, Paladin, and Euler. We have a team of governance analysts that work together to ensure we are active and informed delegates in all the DAOs we work with.

We hold roles in the following protocols:

2nd recognized delegate in MakerDAO

Optimism DeFi Committee A

Operations Lead for Element Finance

Compound Grants Committee (WiP)

We place a focus on meaningfully participating in each DAO that we involve ourselves within. In addition to voting and commenting on forums, we take on active leadership roles in these communities. Through these leadership positions and the many proposals we author, we are able to initiate positive change across the DeFi ecosystem.

Our Euler Priorities

Our priorities for Euler are helping the protocol grow towards decentralization safely. We admire the fantastic innovations Euler brings to the decentralized borrowing and lending space. However, we also understand that these innovations can make Euler a technical protocol. This can make governance difficult as it is hard to ensure voters understand the complexities behind the proposals.

In order to make Euler a truly trustless system decisions need to be made by the community but it is challenging to cultivate a large enough community with the technical knowledge required to make the appropriate decisions.

As professional delegates, we at Stable Lab have a full-time team dedicated to researching these technical decisions. Our governance team is able to discuss proposals and decide on the best choice before voting. We aim to be active in the community to share what we think about each proposal in order to allow members of the community to better understand the technical proposals and hear different opinions. We believe this will help strengthen the Euler community and allow Euler to move towards a more decentralized trustless system.

1 Like

Hey @defioperator.eth

This RFC is to claim the SAFE tokens before 27.12 and delegate them to Bankless DAOstewards. this RFC isn’t calling for potential candidates for the voting power of SAFE tokens.

The voting in this RFC calls for claiming the SAFE and delegating to DAOplomats.eth

Neither DAOplomats.eth nor Bankless DAOstewards is a company; we are a decentralised Org adhering to the governance of BanklessDAO. Furthermore, DAOstewards are official delegations from BanklessDAO to other DAOs. After internal restructuring, all delegations of DAOplomats.eth will merge with BanklessDAO (Bankless DAOstewards), including Euler.

Now we are delegates at 1 inch (delegate with most voting power), Safe (top 40 delegates according to Flipside Crypto). We are building up our reputation here at Euler. We are also active on Optimism and are launching a delegation on Hop protocol. And is also working with Sismo DAO to maintain its governance influence in Safe DAO.

The complete list of our current and previous delegations is available here

We have officially introduced DAOstewards ‘officially’ this now, our Intro post has underlined some of our masterplan and vision for Euler.
Let me add a tl;dr here and feel free to read the original post.

link to the post DAOstewards general delegation thread

It is impossible to split the safe tokens delegation; these tokens are non-transferable for now.

1 Like

I understand this was the original intent. Based on this discussion, the DAO has more options than anticipated. If the proposal were to proceed as initially intended, I will vote no, as I think a healthier vote is to decide among qualified candidates.

Regarding how I’d vote among candidates, I’m still digesting the information you all have provided (thanks again for this).

1 Like

Given the time available for this, I would suggest we move to voting ASAP. It seems that there are credible claims for delegation to at least two parties here. A few thoughts on this.

  1. Delegation is not permanent. A vote could pass to delegate to one party now, for it to be switched later.
  2. @0xBaer (DAOplomats.eth) are within their right to submit the proposal as written in the RFC, focussing on delegation to themselves.
  3. @Matt_StableNode (StableLabs) would probably also be within their right to submit a conflicting proposal at the same time.
  4. In the event that 2) and 3) both happen, it would probably be sensible for the DAO to hold the SAFE tokens until a defiitive delegate solution is formed. A new proposal could be created forcing voters to choose their preferred delegate.
  5. There is a small risk that 2) and 3) both divide the room and fail. In that case, it would be shame if SAFE tokens were not claimed at all. Moving to voting ASAP leaves enough time to do a simple vote to claim soon, if needed.
1 Like

As this is live for voting, I have a question for @lemniscap -

You all voted yes for this with the reason being “The claimed SAFE tokens can first be moved to the treasury wallet and then delegated.”

That said, the Snapshot isn’t to first move the SAFE tokens to the treasury wallet and then decide who we delegate them to. The Snapshot indicates both a claim and a specific delegation. Can you further clarify your rationale here?

Other than you all, there is overwhelming support for no as that would allow us to create a new Snapshot with options for delegation (vs. a specific party). This makes much more sense than the Snapshot in its current form.

You have over 300K votes, so it goes without saying that you all carry a considerable amount of power in this DAO (would love for you all to delegate some, but that’s a separate conversation).

I’d love to get a response on this, and for you all to consider shifting your vote to no so that we can redo this in a way that promotes fair and balanced competition.

1 Like

To close the loop: @lemniscap addressed my concerns in Discord. Thank you for the fast follow-up.

1 Like