- S4 Intent: Governance Accessibility
- Proposed Mission: Enable aOP as A Votable Token in Optimismās Governance
- Proposal Tier: Fledging
- Baseline grant amount: N/A
- Alliance Lead: Fig / Flipside Crypto
- Contact Info:
- Twitter: https://twitter.com/francisgowen
- Discord: fig | Flipside Crypto#6582
- Email: fig@flipsidecrypto.com
- L2 recipient address: N/A
[Please note this post is in-progress and pending risk changes from partner communitites.]
Please list the members of your Alliance and link to any previous work:
@Fig - a Governance Contributor and Ecosystem Lead at Flipside Crypto
Fig has served on the first iteration of the Grants committee at Optimism, DeFi Committee A, and was nominated and elected by the token house to serve as a āBadgeholder.ā He and the Flipside team holds various roles across the EVM ecosystem including Aave Grants DAO and dYdX Operations Trust.
What makes your Alliance best suited to execute this Mission?
- Fig and Flipside Crypto has invested across a myriad of projects and protocols and are committed to helping blockchain succeed
- Fig and Flipside are leading delegates and stewards of Aave, currently focused on creating outcomes that benefit both communities and attract new users of each protocol
- Flipside Crypto has deeply contributed to the Optimistic future, developing data science tools, contributing Governance expertise, and building a data warehouse
Please describe your proposed solution based on the above Solution Criteria (if applicable):
This proposal hopes to extend the TAM of governance power beyond native OP, an ERC20 token on Optimism, to receipt tokens in DeFi which are regarded as 1:1.
This Mission works to integrate aOP (Aaveās receipt token for depositing OP) as an acceptable proposing, delegating, and voting power ā paving the way for future integrations
This proposal unlocks 227.29K OP supplied in Aave V3 optimism ā supplied by 1,186 unique users ā further activating the original power and utility of OPās governance token.
This proposal addresses the current problem in DeFi where users lose the utility of Governance tokens by depositing the token (OP) into a smart contract
Benefits:
While mostly symbolic, this mission creates a wider user journey for OP token holders across DeFi. If approved, a more modern experience may look something like this:
- Buy OP on an exchange
- Deposit OP on Aave V3 Optimism
- Receive aOP as a receipt token
- Vote, delegate, or create proposals in the Optimisms Collective
This mission encourages OP token-holders to do more with their Governance Tokens, without fear of forefitting the agency and power it may hold.
Furthermore, this proposal greater aligns the Aave and Optimism community, a premier protocol that has deployed on Optimism and has more than $100mm TVL.
Please outline your step-by-step plan to execute this Mission, including expected deadlines to complete each piece of work:
Here is our step-by-step plan.
- Identity and query the aOP contract: 0x513c7E3a9c69cA3e22550eF58AC1C0088e918FFf
- Integrate and add the aOP token into the current Governance infrastructure, including Agora, Snapshot, Tally, Boardroom, and Discord
- Analyze the effectiveness of added voting power within Optimismās governance
- Report on the change in participation and explore future integrations
Please define the critical milestone(s) that should be used to determine whether youāve executed on this proposal:
- We will give a clear specification for the integration Aug 4th.
- We will educate and notify key stakeholders before Aug 25th AOE.
- We will implement aOP as Governance Asset before September 15th
- We will do analyses and advise teams about the benefit before September 29.
Please list any additional support your team would require to execute this mission (financial, technical, etc.):
- Ideally, we hope to gain support from existing infrastructure providers and tooling (i.e. iSnapshot, Agora, and future builds) to integrate and reflect this change via the UI. We have relationships we hope to lean on ā but this mission (and others) may be greater thanks to the cohesiveness within Optimism.
- A second area of support is if accepted, properly relaying and sharing the importance of this opportunity to Aave and other DeFt builders.
Grants are awarded in OP, locked for one year. Please let us know if access to upfront capital is a barrier to completing your Mission and you would like to be considered for a small upfront cash grant:
- N/A ā we are not requesting OP funding.
Please check the following to make sure you understand the terms of the Optimism Foundation RFP program:
I understand my grant for completing this RFP will be locked for one year from the date of proposal acceptance.
I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant
I understand my locked grant may be clawed back for failure to execute on critical milestones, as outlined in the Operating Manual
I confirm that I have read and understand the grant policies
I understand that I will be expected to follow the public grant reporting requirements outlined
Disclaimer:
The information provided above about Aave and Optimism is from public sources and Flipside Crypto cannot guarantee that it is or will stay accurate.
We are doing this because we believe that the partnership and integration would be in the best interest of Optimism and the Aave protocol.