Blockful – Delegate Communication Thread

Communications 📣 Delegate Updates
1

Delegate Name: @blockful
Delegate Statement: gov.blockful.eth on Agora
Delegate Address: gov.blockful.eth (0x1f3d3a7a9c548be39539b39d7400302753e20591)
Forum Handle: @blockful, @zeugh
Email: forum@blockful.io
Website: blockful.io | anticapture.com

This thread serves as a record of blockful’s voting activity and the rationale behind each decision, starting from the onset of our active participation. Ongoing voting communications will be documented here as they occur.

Presentation

blockful improves DAO governance by focusing on security risks.
We are a company focused on creating tools that help improve coordination between human beings in society. We use lines of code to reduce friction between people and increase the efficiency of social interactions.

Here’s a brief overview of our work:

Core principles: A security-oriented approach

We’ve seen a number of attacks on decentralized organizations stemming from structural weaknesses.
At first, these may appear as minor concerns, such as low participation in delegated governance, but they can ultimately lead to the downfall of a DAO through treasury theft, exploitation of vulnerabilities, or even the forced dissolution of the organization.
We aim not only to vote responsibly but also to contribute to the development of safer governance practices within the organization.

Conflicts of Interest & Resolution:

At blockful, we are committed to transparency and integrity in all our actions. While we actively participate in various ecosystems, we currently see no conflicts of interest that impact our work. We remain vigilant and will disclose any potential conflicts should they arise. Our priority is to ensure that our contributions align with the best interests of the Web3 community and the ecosystems we support.

3 Likes
2

Proposal to Align OP Token with Superchain Success

We voted AGAINST the proposal.

Buybacks are one way to share a protocol’s success with token holders. However, they are not the only one and should not be carried out simply because they have become a market standard.

For Optimism today, implementing a buyback does not make sense.

The network does not even have sufficient liquidity for buybacks to be executed on-chain. Using these resources to incentivize liquidity on the network and attract more users, applications, and protocols — to compete with other L2s — would be a more efficient way to drive Optimism’s growth and increase the value of $OP.

Additionally, the chosen method for executing the buyback — via OTC — is not transparent, is arbitrary, and relies entirely on recurring reports from the Optimism Foundation for the community and $OP holders to access information about the buybacks. There are several other ways to conduct on-chain buybacks — even with low AMM liquidity — but none of them were considered or presented by Optimism.

Buybacks should only be considered for protocols that have already reached a satisfactory level of growth and have a meaningful base of users, customers, and applications. Executing buybacks to draw attention to the $OP token or to prevent a short-term decline in its price are not effective ways to enable value capture or benefit token holders.

Therefore, the buyback — and the use of Optimism’s revenue — should be discussed in governance and reconsidered before any implementation.

1 Like
3

DAO Operating Budget Midpoint Adjustment

We voted FOR the proposal.

As previously announced, the Season 9 budget could increase in line with the TTM Collective Revenue. Therefore, the increase is consistent with the Budget Board’s projections.