DAO Status Update DAO Status Update - December 23, 2022

This week's Status Update covered progress updates from December 10-19 for the Rook Labs teams, including protocol upgrades.

Rook branding with blue chess piece
Rook DAO Status Updates are community calls held every other Friday and are intended to quickly bring our community up to speed on the latest developments, decisions, investments, and events that matter most to our community.

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  • KIP-35: Streamlined Tokenomics has passed unanimously! A timeline for implementation will be announced after the winter break.

Product [1:35]

  • The Product team has built a UI for the TxRelay node, which is now ready to hand off to prospective partners.
  • The team is resuming work on an app integration for a third-party platform.
  • Improvements are being made for the user experience of inputting custom token addresses.

Protocol [2:20]

  • An audit for the new swap contract is underway.
  • Rook Swap documentation is being prepared for release.
  • Optimizations for coordinator scaling and bidding performance are in progress.

Governance [3:10]

  • Catch up with the recent AMA with the Phuture team from this week’s Governance Workshop.
  • The Governance and Protocol teams are working to identify a new Sophon to replace Doge.
  • KIP-36 - Expand Funding and Strategies of Testing Wallet: Originally $600K was allocated to the testing wallet effort. Due to the success in generating yield, an additional $400K in DAI funding is being requested.
  • KIP-37 - Discretionary Swapping of Like-Kind Assets: Currently, the treasury must go through the slow governance process to swap like-kind assets. This proposal would mitigate risk by giving the treasury the discretion to swap between stablecoins, Ethereum/ETH derivatives, and Bitcoin/BTC derivatives.
  • KIP-38 - Replenishing Discretionary Allocation Fund: This gives the treasury the ability to quickly react to and take advantage of market opportunities in a non-public manner. This proposal would replenish the cap to the lesser of $5M or 5% of the treasury’s notional value.
  • KIP-39 - Deployment of Additional ETH for Yield Generation: The ETH yield generation experiment has been successful, so there is a desire to increase the limit to 80% of idle ETH.

Studio [4:40]

  • The Studio team is working on improvements for the website, Github, and explainer videos.

Treasury [5:20]

Growth [6:20]

  • An upcoming podcast appearance is being planned. More details to follow.
  • The Q4 Report is being prepared for release near end-of-year.

Next Week

  • Community calls will resume on January 9, 2023. Enjoy the holidays!