⚔️ 🦉 Gnosis Chain Weekly · 13 May 2022
On Stable Ground
xDai stable coin remains stable in a tumultuous market.
3 minute stablecoin overview 🔮 with Kila from QiDAO.
GNO total supply reduced to 3,000,000, a 70% reduction.
🏔 of the Week
👣 On Stable Ground
It’s been a difficult and unsteady week in crypto (in case you’ve been blissed out on a meditation retreat high in the Andes and haven’t checked the news, read up on LUNA/UST here).
As a stable chain, Gnosis Chain relies on the underlying stability of its native coin xDai to provide inexpensive, predictable, and stable transactions. When a stable coin loses its peg, it is unnerving to all protocols that rely on this fundamental DeFi primitive.
Fortunately, xDai and the Gnosis Chain are on stable ground, thanks to Dai and the Maker Protocol. xDai is minted directly from Dai, resulting in a 1:1 correspondence between the two tokens.
When Dai is bridged to the Gnosis Chain from Ethereum, xDai is minted. And when xDai is bridged back to Ethereum from the Gnosis Chain, xDai is burned. This results in a 1:1 ratio of xDai to Dai.
While xDai is created from Dai, Dai is created from a larger range of collateral assets. These assets are deposited by users into Maker Vaults on the Maker Protocol. Each Dai created is backed by excess collateral, meaning the value of the collateral is substantially higher than the value of circulating Dai. For more details on these mechanics, please see the Maker site.
This system for creating a stable asset is resilient, decentralized, and has a 5+ year proven track record through some seriously choppy waters. We are confident that Dai (and thus xDai) will continue to remain stable through the latest market upheavals. Additional context ⬇️
Stables: Benefits and Risks
For a quick 3 minute overview describing different types of stable coins and their relative risks, see this video with T Wells and Kila of QiDAO. While conducted several weeks ago, Kila accurately predicts 🔮 the scenario we’ve seen play out this week with UST.
# By the Numbers
3,000,000: GNO Total Supply (70% reduction)
The snapshot vote to reduce total target supply from 10M to 3M passed on May 3 and has been enacted. This proposal is designed to add visibility and community participation in the coming years.
98,796: Gnosis Beacon Chain Validators
Given the current uptick in stakers we expect to cross the 100K threshold in the coming week!
📺 Screen Time
Checkout and subscribe to the Gnosis Chain Youtube channel for the latest content. This week, host T Wells held an AMA with Sonali from DeFiYield. The entire program is available below. Look for some curated questions and highlights from the AMA coming next week.
Hello Wise Owls🦉 - Did you know that anyone can post a GIP on the Gnosis Forum? Join our Discord and we'll show you how. The forum continues to see many proposals related to the Gnosis Chain ecosystem. For a full overview, be sure to head over to the forum.
⚡️Live On Snapshot⚡️
GIP-42: Should $10M in GNO be used to foster the usage of Uniswap v3 on Gnosis Chain? [Voting concludes May 19, 2022]
⚡️Recently Passed On Snapshot⚡️
GIP-40: Should Gnosis DAO support a reimbursement plan to the Hundred Finance Community in the following manner? [Voting concluded May 10, 2022]
GIP-36: Should GnosisDAO fund BuidlGuidl 3 ETH per quarter? [Voting concluded May 10, 2022]
GIP-46: Should GNO from the GnosisDAO Safe be transferred to the treasury management safe operated by Karpatkey?
GIP-45: Should Trustlines Network migrate to Gnosis Chain?
GIP-44: Allow GNO holders to vote with invested/staked/locked positions in mainnet/gc
There are several positions open on the Gnosis Chain, including technical and non-technical leaning positions. This week, we highlight a Social Media Manager position.
There’s a new multi-chain block explorer on the block supporting Gnosis Chain. Tokenview is available with 🐳 tracking and many other features. As with all tools in the ecosystem, multiple block explorers are important for diversity, checks and balances, and providing options to support different user preferences.
Who wants a 🐵? The team behind xDai Tigers has released Gnosis Monkeys! Prices are only $12.50 xDAI for the next week, much cheaper than just the fees for a typical NFT mint on mainnet. Supply is limited, get your Gnosis Monkey at https://monkeysdapp.pages.dev/
A new round of campaigns launched on Swapr with a plethora of pairs and innovative carrot rewards alongside other high APY incentives.
Tachyon Accelerator’s Web3 Launch School held a tech talk with Martin Köppelmann about the growing Gnosis ecosystem. Look for a video replay next week.
🏔 of the Week
A few weekly tidbits highlighting regular goings on.
🏘 DAO of the Week: Kokonut Network
Kokonut Network is building the infrastructure to connect Web3 with agriculture, bringing blockchain governance & open-source accounting to the industry.
Kokonut Network’s mission is to promote, organize, fund, and manage coconut farms. The DAO is used for decision-making, funds allocation, and rewards sharing among participants.
DAO members’ tasks are oversight of, and voting on proposals for the benefit of the Kokonut Network. Kokonut DAO utilizes DAOhaus to govern the shared treasury, manage shareholders, as well as execute funding & membership proposals to be voted on by Kokonut.
Shares are backed 1:1 by coconut plants on the farm in Las Salinas, Dominican Republic.
🎨 Challenge of the week: Nifty.Ink Haiku Challenge
Amidst the market chaos a perfect reset can come in the form of art and play. Nifty.Ink to the rescue! This NFT and art creation platform on Gnosis Chain is hosting a Haiku challenge. A workshop with founder of @NaviarRecords Marco Sebastiano Alessi set the stage with additional events coming May 24 & 31. More details here.
A GnosisDAO Haiku
Summer of the DAO
Yes the Time is Now
🙏 Thank you
We appreciate our community for your support and steadfastness in times of calm and in times of turbulence! The 🐻 came roaring out of hibernation this week, but for many of us on the Gnosis Chain this is not our first 🐻 sighting. We know how to put our heads down and build, so let’s get to it!
With this in mind, GCers attending 🌴ActivateMiami should look for several projects sponsoring bounties for Gnosis Chain related builds. Symmetric Finance is offering prizes for tracking display enhancements to their application, and Pocket Network will split 3K in bounties for projects that incorporate a Pocket-powered Gnosis RPC endpoint into their projects.
See you on-chain,
Gnosis Chain Team