Tokebase Dispatch: Edition 3 - July 25th, 2022

Henry Spencer

Since the last Dispatch, Tokemak has been upgraded with a fresh new website front page, a bi-weekly community call, and a new governance structure that marks the first step of the protocol towards a fully decentralized future.

Tokemak Front Page Upgrade

In order to accommodate the needs of new users and veterans alike, a high-level summary of the protocol and links for various useful resources have been added to the new Tokemak front page (together with some new designs that use the classic Tokemak visual language).

Check it out for yourself at:

State of the Reactor

State of the Reactor is the new bi-weekly community call series initiated to step up communications from the Tokemak team. It will help our fellow Pilots get through the ups-and-downs of a bear market.

To date, the Tokemak team has hosted two State of the Reactor calls to provide project updates and field questions from the community.

Check out the recaps here:

Full recordings can be found on the Starbased YouTube:

These community calls are generally scheduled for every other Friday, but can be irregular, so make sure to check the event schedule on Discord.

A public Notion page has been set up for anyone to post topics that they want to hear about on future State of the Reactor calls. Don’t hesitate to add your questions/concerns to this collaborative document!

The Beginning of Tokemak DAO

A new governance system has been set up for TOKE holders to vote on Tokemak Reactor Upgrade governance proposals with Snapshot. This marks the first step taken by Tokemak towards a truly decentralized and community governed protocol.

The establishment of the Tokemak Foundation (TRU-1) passed its Snapshot vote, creating a legally recognized entity operating in the best interests of the DAO.

What is the Tokemak Foundation?

The proposed Tokemak Foundation is a “Foundation Company Limited By Guarantee” incorporated in the Cayman Islands. Having an entity that is recognized under existing laws to represent the DAO and the interests of TOKE holders affords the DAO legal benefits that may not clearly exist under current laws.

This framework is similar to the Maker Foundation, and is recognized as a best practice for DAOs to safeguard assets that cannot be technologically decentralized.

The Tokemak Foundation will not have any shareholders or members and cannot pay dividends to the directors of the Foundation. The Foundation is mandated to serve its purpose in protecting Tokemak and ensuring its long term success.

For operational purposes, the Tokemak Foundation will have one local director, with no direct personal interests, who will take direction from the DAO. This local Cayman Islands director is a long-time qualified attorney who has a strong background in corporate and investment funds, and foundations and DAO governance. He will be tasked with representing the best interest of the Tokemak protocol and community. The Foundation will look to the DAO for guidance on the future actions to be taken to benefit the Tokemak protocol and community.

As Tokemak continues to evolve, the Foundation may add directors as proposed by the community. Rest assured, Pilots — while a director may also be a signer on the multisig, they do not have the power to distribute funds on their own. - Tokemak via Discord
As of June 28, 2022

TRU-1 has passed with a final result of:
For: 19M
Against: 174
Abstain: 134

DAO Governance Deep Dive

As Tokemak moves towards a community governance model, discussions surrounding questions such as how the DAO should be organized and what type of decisions should be made by token holders have heated up in the Tokemak Community. You can find some interesting discussions in the new #dao-governance channel as well as the #tokemak governance thread on Discord.

Governance specialist Ouija, who recently joined Tokebase as a copywriter, has also released a two-part DAO governance deep dive series. Ouija covers the existing DAO structures and governance models with their respective shortcomings and potential variations:

Governance And Decentralization
A detailed primer on various decentralized governance frameworks and their benefits and pitfalls.
DAO Structure: A Comprehensive Primer
Ouija does a deep dive into various DAO structures and their vulnerabilities, and explores how decentralized organizations will continue to evolve over time.

This series offers a detailed picture of the current DAO landscape, and is accompanied by two episodes of the Starbased Podcast in which Tratium and Ouija candidly discuss these topics.

Episode 2: Governance
Episode 3: DAO Structure

Additionally, Tratium has ignited the Tokemak DAO brainstorm session with his unique “Marshals & Squadrons” proposal. This proposal outlines a structure that gives a limited set of Marshals responsibility for managing teams of contributors called Squadrons.

flow chart with Marshals and Squadrons for Tokemak DAO

Quarterly Expenses

A transaction of 450,000 USDC out from Tokemak Treasury has been made on July 20th.

No need to panic, Pilots.

In an announcement on July 20, Carson notified the community that a portion of Tokemak’s quarterly expenses were to be moved out of the treasury. A full breakdown of the Q3 expenses will be shared in the announcements channel at the end of September.

Decent DAO

Decent DAO explains Tokemak in Layman’s Terms.

Curve Stablecoin

Michael Egorov, the founder and CEO of Curve Finance, confirmed in a recent interview that Curve is preparing to launch its own stablecoin. Not much detail has been shared yet, but two key points were mentioned:

  1. The Curve stablecoin will be overcollateralized.
  2. The liquidation system is unlike anything we have seen before.

How will this new launch reshape the DeFi landscape? Our DeFi specialist Archer has some interesting speculation regarding the future of Curve stablecoin in a recent tweet.

That’s all for this overdue Dispatch! Stay tuned for another summary of events in the Tokemak and broader DeFi landscape.

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