Delegate Name: Michigan Blockchain
ENS/ Wallet address: michiganblockchain.eth / 0x13BDaE8c5F0fC40231F0E6A4ad70196F59138548
Proof of Contribution
We will be active during the coming months.
We are presently involved in governance activities in several ecosystems, including Uniswap, Compound, Aave, Arbitrum. Our history and experience in these other protocols will enable us to add value to 1inch.
Below are some proposals that we lead recently:
Uniswap: since Q2 2023
Launch v3 on Moonbeam
Launch v3 on Base
Launch v3 on Filecoin Virtual Machine (FVM)
Launch v3 on Scroll
Compound: since Q2 2023
Compound Grants Program 2.0 Update
Aave: since Q2 2023
Oracle diversification on Aave Optimism via Pyth
Aave Deployment on Celo
Gas Fee Rebate for Onchain Votes
Goal and action plan of the Delegate in 1inch DAO for the next six months:
Achieving a foundation for strong sustainability of 1-inch would be our primary goal. We will pick three strategies for achieving this goal–1) Educating Community 2) Treasury management 3) Meta-governance
Educating Community
Given the importance and complexity of the Ethereum DeFi landscape, it’s imperative to offer a comprehensive yet accessible overview of key tools like DEX aggregators. By deepening public understanding of tools like DEX aggregators, we not only foster community education but also empower individuals to take greater control of their financial journeys in the DeFi space.
Treasury Management
Better treasury management would improve the sustainability of 1inch, enabled through the cultivation of a robust runway. Presently, the protocol’s primary revenue stream is derived from fees collected from swap trades in the pool, yielding approximately 5~10% APY. The other revenue pipeline is interest coming from allocated USDC as deposit to Aave. A more sustainable income strategy is needed by creating a new revenue pipeline, coupled with treasury diversification efforts. Our team is willing to help research such initiatives, whether it be directly interacting with DeFi protocols or outsourcing the treasury operations to service providers like Karpatkey, Avantgarde, Aera, etc.
Meta governance
Due to the industry’s nascency, it’s premature to assume certain protocols are winners. Although 1inch is a leading aggregator, it is the DAO’s job to make sure the protocol sustainably grows and develops with the rest of the ecosystem. One of the best ways to facilitate such growth is by intermingling protocols’ treasuries. For instance, Uniswap and 1inch could potentially set up delegate programs for their respective DAOs, allowing 1inch to become a Uni stakeholder, and vice versa. With Uniswap v4 around the corner, it’s vital for the DAO to observe the competitive landscape and see how synergies can be made. Our goal is to help flesh out such initiatives.
KPIs for Engagement
KPI 1: Making 1inch content at least once per month (will switch up audiences to hit multiple demographics & aim to discuss topics most relevant to the given month)
KPI 2: Establishing a new relationship with at least one other protocol to flesh out 1inch’s meta-governance in 2024
KPI 3: Facilitating discussion between treasury managers, resulting in a proposal for treasury diversification in 2024
KPI 4: Will vote on at least 90% of all proposals