Community Call DAO Status Update: December 9, 2022

This week's Status Update provided progress updates from the Rook Labs teams including protocol upgrades, Discord improvements, and plans to present at ETHDenver.

Rook branding with blue chess piece
đź’ˇ
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.

To participate in the calls and ask any questions you may have, join our Discord!

Housekeeping

  • 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. [1:00]
  • 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. [1:30]
  • 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. [1:45]
  • 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. [2:15]
  • Budget Memo - Reimbursement has been made to the CTO for infrastructure costs.
  • The Streamlined Tokenomics proposal is being discussed by Sophons.

Product [4:15]

  • The Product team continues to build out UI design improvements, including the TxRelay “Starlight” update.
  • An enhanced Price API is underway, which will offer very accurate onchain pricing information.

Protocol [5:40]

  • The protocol upgrade contract is in the final stages of audit.
  • Work continues on unit and end-to-end tests and improving gas optimizations.
  • Improved documentation is being written for these product updates, as well as for onboarding and general education.
  • Coordinator improvements continue, including partner rewards and TxRelay integration.
  • Additional monitoring and observability tools are being used to debug and generate useful metrics.

Operations [8:50]

  • The Organization team is working on benchmarking the new compensation framework.
  • Survey feedback is being used to understand and improve the Rook workplace.
  • The team continues to professionalize the organization’s operations through legal entities and service-level agreements (SLAs).
  • Continued progress is being made on the Sophon on- and off-boarding process.

Studio [11:10]

  • The Studio team is producing content, including a Bankless DAO op-ed and website copy and design work.
  • The team is considering studios to create video tutorials and explainers.
  • The team is also performing market research on products related to Rook, such as nodes and relays.

Treasury [12:40]

  • The Treasury Charter, which aims to create a framework for guiding the direction and vision of the treasury, has been adopted!

Growth [14:00]

  • The Growth team is continuing conversations with potential partners for the TxRelay product to further understand their perspective and needs.
  • The team built out an informational searcher hub to help teams integrate with the Rook protocol.
  • Rook will be attending and presenting at ETHDenver in March, including side events and swag.

Community [15:40]

  • The Community team has implemented numerous Discord updates, including support tickets, token-gated channels, and opt-in roles.
  • The team is planning to host an end-of-year community event. Stay tuned for an announcement!

Looking Ahead [17:00]

  • The upcoming Treasury Tuesday (Dec. 13) will feature another guest panel.
  • Community tipping will be introduced soon.