Two years of decentralized decision-making, 69 proposals, $700M+ in allocated funds, and plenty more on the horizon!

A 🧵 on the governance of Arbitrum DAO: its design, subtle nuances, strategic evolution, and journey to becoming one of the largest DAOs in crypto. @Dune 1/ How does governance work in Arbitrum DAO?

It consists of 4 key stages:
🔹 Open Discussion: Initial community feedback.
🔹 Snapshot Vote: Temperature check on sentiment.
🔹 Onchain Voting: Delegates vote casting on Tally.
🔹 Implementation: Proposal execution.

.@ethena_labs is now a top 5 DeFi protocol by TVL, earning $300M+ in revenue.

As a result, @wintermute_t's fee switch proposal has been approved by Ethena's Risk Committee.

Explore our 2 new dashboards for details on the fee switch and Ethena's financials:

🧵/10 1/ Why is a fee switch needed?

Currently, 824M ENA ($324M) are staked, which represents 5.5% of the total ENA supply. However, stakers only receive point rewards from partnering protocols and unclaimed ENA airdrops and do not have direct exposure to the revenue generated by Ethena.

Aligning ENA holders enables the protocol to rely more on the DAO for governance decisions, leveraging the community to build for Ethena's future.

$114M USDC has left Hyperliquid Bridge. People fear it might be the next target for North Korean Hackers.

Here’s what we uncovered with our @Dune dashboard. 1/ The saga started when Security researcher Tay highlighted that addresses linked to the notorious North Korean hacker group have been interacting with Hyperliquid

https://x.com/tayvano_/status/1870960207842701358

🚨 Polygon may lose its Aave deployment following a proposal to rehypothecate bridged stables.

🧵 on the latest in governance wars. 1/
Last week, @AllezLabs and @MorphoLabs made a proposal to polygon to take the >$1B in stables in the canonical bridge and deposit them into morpho for yield.

At current lending rates, that's ~$70M annually driven to the Polygon DAO.