Community Call DAO Status Update - September 16, 2022

This week’s DAO Status Update covered product updates and DAO activities from September 3-16.

Rook logo and branding with blue chess piece; recap by Starbased
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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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This week’s DAO Status Update covered product updates from September 3-16.

Bookkeeping

  • Rook’s nodes were prepped in advance of The Merge, and are fully operational post-Merge.
  • KIP-24 - Second tranche (1,589 ETH) has been deployed to acquire stETH, stETH2, and rETH.
  • KIP-32 - Voting Participation and Weights.
  • KIP-31 - Convert renBTC to WBTC.

Product [2:30]

  • The new design for the swap protocol is under development. Docs and diagrams are being updated, along with building an in-app “help center” which will provide automated user assistance.
  • The team is preparing to open source the Github repository to further decentralize the protocol.
  • The design for the new swap contract and protocol update are nearly complete.
  • An upcoming partner integration will be made official once details are ironed out.

Protocol [4:00]

  • The protocol team is testing the first version of the new swap contract on mainnet with the DEX aggregator Ninja.
  • Work continues with potential product integrations.
  • Fully automated end-to-end tests are being developed for the TxRelay.
  • Coordinator API response times have been greatly improved, along with other DevOps and infrastructure upgrades.

Org Team [6:40]

  • The Compensation 3.1 Plan is now public (see below).
  • The internal draft of the full-time contributor re-leveling program is under review.

Governance [7:18]

Studio [7:48]

  • The Gitbook revamp is in progress, and a landing page update has been deployed.
  • mStable and RocketPool co-marketing opportunities are being developed.

Treasury [8:30]

  • The Treasury Management Framework is continuing to be developed.
  • There are discussions around a potential KIP for managing the ALCX position.
  • The Labs budget is being finalized.
  • A Testing Wallet dashboard is being developed.
  • View the latest Treasury Tuesday recap.

Growth [9:45]

  • A limit order integration is anticipated to be going live next week. Stay tuned for launch!
  • Discussions with an AMM for integration are underway, as well as a collaboration with the Polygon FastLane team.
  • The schedule for Q3’s End of Quarter Report will be announced soon.

Compensation Plan [12:00]

  • View Compensation 3.1: The All Weather Plan.

    “This structure is an evolution of the philosophy of ‘Compensation 2.0’ but adapted to make it more tax-friendly for contributors, runway-friendly for the treasury, and DAO-friendly because it removes the potential for contributors to get grossly over- or underpaid. It also mitigates most of the compensation-related issues that have arisen over the past year.”
  • The new compensation plan more fairly calculates the ROOK strike price over a 30-day weighted average price.
  • The amount of ROOK compensation has been limited based on the contributor level, and to more appropriately balance stablecoin and ROOK value.
  • Runway is currently 3.8 years based solely on USDC holdings, and 8 years when including ROOK holdings.
  • The variables associated with determining fair compensation across the world are a huge challenge, especially factoring in the risks of DeFi and recent stablecoin uncertainty. But the team has risen to the challenge and developed the Comp 3.1 plan.
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