[PIPELINE] Committed IPFS uploads

content/ipfs-dips/DIP-24-Ipfs-hashes.json

@@ -1,5 +1,5 @@
 {
   "dip": "23",
-  "hash": "QmSGrEjk5SMwrqDp8QuXbYETvSivBfnAnrN7ZDLUhp29CP",
-  "encodedHash": "0x3a7575988e0aa9c066830c1e8f8958d9b81d0365cfb6e478076ae111d3f3190c"
+  "hash": "QmdYAf2L5xinnm4MizVgpH5kQnNjjYeeQaUsaf4LxkoxjB",
+  "encodedHash": "0xe1d28dc5fc7df4fa753b80e2297c674dc4f50490f275e193d270c90a1e044cca"
 }

content/ipfs-dips/DIP-25-Ipfs-hashes.json

@@ -0,0 +1,5 @@
+{
+  "dip": "24",
+  "hash": "QmfKTzQVWL2UqcpC7oCG2erHtMBJ87cKVBNbLV8cCLY9MH",
+  "encodedHash": "0xfc48fa196be379e6bc003598e229ce6b597b2d0900068bc3185e2045bc0d9ce0"
+}

content/ipfs-dips/all-dips.json

@@ -233,9 +233,23 @@
     "created": "Jul 26, 2023",
     "preview": "## Simple Summary\nThis proposal seeks to reduce liquidity provider …",
     "basename": "DIP-24",
-    "description": "\n\n## Simple Summary\nThis proposal seeks to reduce liquidity provider rewards to 575,343 DYDX per epoch from 1,150,685 DYDX per epoch. The excess 575,342 DYDX per epoch will accrue in the Rewards Treasury and can be used/directed by the dYdX community with a governance vote ([Short Timelock](https://docs.dydx.community/dydx-governance/voting-and-governance/governance-parameters)).\n\n## Abstract\nWe propose to reduce LP rewards to 575,343 DYDX per epoch, along with recommending to dYdX Trading Inc. that they set the maker rebate to 0.85 bps. We believe that these changes will promote more active liquidity near the top of the orderbook, which will be beneficial to the vast majority of traders on the exchange. Of course, this will also benefit token holders, 575, 342 additional DYDX will accrue in the Rewards Treasury each epoch and can be used by the dYdX community with a governance vote.\n\nOn July 18, there was a Snapshot vote to gauge the community’s sentiment towards such a change. The vote passed with 25,482,204.81 DYDX in favor (99.96% of votes) and 9,015.7 DYDX in opposition.\n\n## Relevant Links\n* [Snapshot](https://snapshot.org/#/dydxgov.eth/proposal/0x0ea7f312f0970e0a9e4e34bd38af59dd79babcd11169282971df1fc210228359)\n* [Forum Discussion](https://dydx.forum/t/drc-shifting-from-lp-rewards-toward-market-maker-rebates/594)\n\n## Motivation\nThe motivation for this proposal has two components: DAO cost savings and improved exchange liquidity. This proposal would increase the DYDX funds controlled by token holders, which would in turn enable the DAO to fund key initiatives. Furthermore, if dYdX Trading Inc. implements the recommended increase in maker rebates, we anticipate that there will be even more liquidity closer to the top of the order book. Given that historically, most volume eats through less than 1bp of liquidity, the increase in top-of-orderbook liquidity should benefit the majority of taker volume.\n\n## Specification\n### Proposed Changes\nReduce the LP rewards by 50% from 1,150,685 DYDX/epoch to 575,343 DYDX/epoch. The 575,342 DYDX/epoch that are not distributed to LPs will vest to the rewards treasury, which can be redirected by a DAO vote.\n\n## Implementation\n[Updates setRewardsParameters](https://github.com/dydxfoundation/governance-contracts/blob/9514fd8c2b7f874c395754f887e4f7026725e7b5/src/migrations/update-merkle-distributor-rewards-parameters-dip24.ts) for LP rewards in the Merkle Distributor to 575,343 DYDX per epoch. The on-chain proposal to be voted on by governance will include the following transaction to be executed via the [Short Timelock](https://docs.dydx.community/dydx-governance/voting-and-governance/governance-parameters):\n\n* Update the Merkle Distributor to the new liquidity provider rewards parameter.\n\n## Test Cases\nA full test case is provided in the implementation found [here](https://github.com/dydxfoundation/governance-contracts/blob/9514fd8c2b7f874c395754f887e4f7026725e7b5/test/misc/update-merkle-distributor-rewards-parameters-dip24.spec.ts#L33).\n\n## Implementation\nA full implementation of the proposed changes can be found [here](https://github.com/dydxfoundation/governance-contracts/pull/46).\n\n## Copyright\nCopyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).\n\n\n",
-    "ipfsHash": "QmSGrEjk5SMwrqDp8QuXbYETvSivBfnAnrN7ZDLUhp29CP",
-    "encodeIpfsHash": "0x3a7575988e0aa9c066830c1e8f8958d9b81d0365cfb6e478076ae111d3f3190c"
+    "description": "\n\n## Simple Summary\nThis proposal seeks to reduce liquidity provider rewards to 575,343 DYDX per epoch from 1,150,685 DYDX per epoch. The excess 575,342 DYDX per epoch will accrue in the Rewards Treasury and can be used/directed by the dYdX community with a governance vote ([Short Timelock](https://docs.dydx.community/dydx-governance/voting-and-governance/governance-parameters)).\n\n## Abstract\nWe propose to reduce LP rewards to 575,343 DYDX per epoch, along with recommending to dYdX Trading Inc. that they set the maker rebate to 0.85 bps. We believe that these changes will promote more active liquidity near the top of the orderbook, which will be beneficial to the vast majority of traders on the exchange. Of course, this will also benefit token holders, 575, 342 additional DYDX will accrue in the Rewards Treasury each epoch and can be used by the dYdX community with a governance vote.\n\nOn July 18, there was a Snapshot vote to gauge the community’s sentiment towards such a change. The vote passed with 25,482,204.81 DYDX in favor (99.96% of votes) and 9,015.7 DYDX in opposition.\n\n## Relevant Links\n* [Snapshot](https://snapshot.org/#/dydxgov.eth/proposal/0x0ea7f312f0970e0a9e4e34bd38af59dd79babcd11169282971df1fc210228359)\n* [Forum Discussion](https://dydx.forum/t/drc-shifting-from-lp-rewards-toward-market-maker-rebates/594)\n\n## Motivation\nThe motivation for this proposal has two components: DAO cost savings and improved exchange liquidity. This proposal would increase the DYDX funds controlled by token holders, which would in turn enable the DAO to fund key initiatives. Furthermore, if dYdX Trading Inc. implements the recommended increase in maker rebates, we anticipate that there will be even more liquidity closer to the top of the order book. Given that historically, most volume eats through less than 1bp of liquidity, the increase in top-of-orderbook liquidity should benefit the majority of taker volume.\n\n## Specification\n### Proposed Changes\nReduce the LP rewards by 50% from 1,150,685 DYDX/epoch to 575,343 DYDX/epoch. The 575,342 DYDX/epoch that are not distributed to LPs will vest to the rewards treasury, which can be redirected by a DAO vote.\n\n## Implementation\n[Updates setRewardsParameters](https://github.com/dydxfoundation/governance-contracts/blob/9514fd8c2b7f874c395754f887e4f7026725e7b5/src/migrations/update-merkle-distributor-rewards-parameters-dip24.ts) for LP rewards in the Merkle Distributor to 575,343 DYDX per epoch. The on-chain proposal to be voted on by governance will include the following transaction to be executed via the [Short Timelock](https://docs.dydx.community/dydx-governance/voting-and-governance/governance-parameters):\n\n* Update the Merkle Distributor to the new liquidity provider rewards parameter.\n\n## Test Cases\nA full test case is provided in the implementation found [here](https://github.com/dydxfoundation/governance-contracts/blob/9514fd8c2b7f874c395754f887e4f7026725e7b5/test/misc/update-merkle-distributor-rewards-parameters-dip24.spec.ts#L33).\n\n## Implementation\nA full implementation of the proposed changes can be found [here](https://github.com/dydxfoundation/governance-contracts/pull/46).\n\n**Timing of Implementation**\n- Epoch 25 ends on August 1, 2023, at 15:00 UTC.\n- 1,150,685 DYDX will be distributed under LP rewards in Epoch 25 (the current epoch).\n- If the proposal is successfully executed, the reduction of LP rewards will take effect immediately in Epoch 26. As a result, 575,343 DYDX will be distributed to LPs according to the LP rewards formulas in Epoch 26.\n\n## Copyright\nCopyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).\n\n\n",
+    "ipfsHash": "QmdYAf2L5xinnm4MizVgpH5kQnNjjYeeQaUsaf4LxkoxjB",
+    "encodeIpfsHash": "0xe1d28dc5fc7df4fa753b80e2297c674dc4f50490f275e193d270c90a1e044cca"
+  },
+  {
+    "DIP": 25,
+    "title": "dYdX Grants Program v1.5 Extension",
+    "status": "Passed",
+    "author": "Reverie",
+    "shortDescription": "Extend the dYdX Grants Program for six months with changes to the Trust",
+    "discussions": "https://dydx.forum/t/dydx-grants-program-v1-5-extension/781",
+    "created": "2022-08-23T00:00:00.000Z",
+    "preview": "## Simple Summary\n\nExtend the dYdX Grants Program v1.5 for six …",
+    "basename": "DIP-25",
+    "description": "\n\n## Simple Summary\n\nExtend the dYdX Grants Program v1.5 for six months using the existing budget on hand. As part of the extension, replace four of the five Trustees and the Enforcer of the dYdX Grants Trust.\n\n## Abstract\n\nReverie is proposing to extend the current version of the dYdX Grants Program (v1.5) for an additional six months.\nThe extension will leverage the knowledge and experience from the previous rounds to continue funding high impact projects that drive protocol growth throughout the transition to dYdX v4.\nTo improve the management and efficiency of the program, the organizational structure will be updated to include more contributors. The concept of _funding buckets_ is introduced to split grants between Community Initiatives and Strategic Initiatives, with different Grantors responsible for each bucket. Additionally, an Operator role is added to manage the financial activity and reporting of the program.\nThe extension also includes updating the dYdX Grants Trust with four new Trustees and a new Enforcer. The updates to the Trust ensure proactive engagement on behalf of Trust contributors.\n\nThe snapshot vote concluded with 381 voters and 60M DYDX in agreement (100%). The vote results have shown significant support for the program.\n[https://forums.dydx.community/snapshot/dydxgov.eth/0x65a5a0c35c41994ecee0d472a4e93d9aa3392c790153ed1c4f2fd83133c73b68](https://snapshot.org/#/dydxgov.eth/proposal/0xad51ba7f87aff4434e0587192c3c90c794f97bdb3a478d6a25ea259dccfadfd0)\n\n**Relevant Links**\n\nDGP website: https://dydxgrants.com/\n\nDRC discussion: https://dydx.forum/t/dydx-grants-program-v1-5-extension/781\n\n## Motivation\n\nFollowing on the success of the dYdX Grants Program v1.5, the goal is to continue funding grants that drive value and impact to the dYdX protocol, with specific focus on benefiting the transition to dYdX v4.\nThe program will focus funding efforts on protocol infrastructure (to support the new dYdX v4 protocol), MEV research and mitigation (to protect users from harmful MEV on v4), staking tools and resources (to support a smooth introduction of validators and staking activity), and additional targets on community growth.\n\nThe program will be restructure to include two funding categories:\n- Community initiatives: grants that impact community growth and ecosystem development\n- Strategic initiatives: grants that impact the protocol and infrastructure development\n\nThe introduction of two distinct funding categories, led by different Grantor teams, hopes to improve the grant selection process and its efficiency. Grantors will specialize in their initiatives to deliver the most impact to dYdX.\nThe addition of a separate Operator role will also improve the overall controls and operational efficiency of the program.\nReplacing four of the existing Trustees with new contributors that have more relevant knowledge and experience of both the dYdX and Cosmos ecosystems will improve the Grant approval process. Given that Reverie will transition to a Grantor role, appointing a new Enforcer will also improve the integrity of the dYdX Grants Trust.\n\n## Specification\n\n**Program Design**\n\n* $2M funding in DYDX\n* 6 months period\n* Reverie leading Strategic Initiatives\n* RoboMcGobo and an additional grantor leading Community Initiatives\n* Lemma Solutions as Operator\n* 5 Trustees\n* 1 Enforcer\n\n**Budget**\n\nThe existing [budget](https://etherscan.io/address/0xFa3811E5C92358133330f9F787980ba1e8E0D99a) of ~$2M will be used for the next six months. The program will naturally expire if the budget is depleted ahead of the six month period.\nThe program will diversify up to 75% of the DYDX on hand to USDC to further secure the operational runway and ensure adequate funding for U.S. based grantees.\n\n$336,000 of the budget will be allocated to compensation for contributors and operational expenses for the program.\n\n**Contributors**\n\nReverie Reserves, LLC will be appointed to run the Strategic Initiatives bucket.\nRoboMcGobo along with an additional contributor will be appointed to run the Community Initiatives bucket. The new Trustees will run a separate selection process for the additional grantor.\nLemma Solutions will be appointed to serve the Operator role.\n\n**dYdX Grants Trust Changes**\n\nThe following changes will be conducted on the dYdX Grants Trust:\n\n**Trustees**\n\n_1. Remove_\n\n- GFX Labs, Inc.\n- Scalar Capital Management, LLC\n- Matthew Ryan Dobel\n- Alexios Valonasis\n\n_2. Appoint_\n\n- Felix Lutsch\n- Abra Tusz\n- Colin Chan\n- Bora Nam\n\n**Enforcer**\n\n_1. Remove_\n\n- Reverie Reserves, LLC\n\n_2. Appoint_\n\n- Cliffton Lee\n\n## Rationale\n\nThe community has addressed certain concerns and issues with a v1.5 of the Grants program in the DRC, but overall consensus has been in strong support of launching. The program will work to improve the success of the dYdX v4 transition while growing both the user base and community through ecosystem initiatives.\n\n## Copyright\n\nCopyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).\n",
+    "ipfsHash": "QmfKTzQVWL2UqcpC7oCG2erHtMBJ87cKVBNbLV8cCLY9MH",
+    "encodeIpfsHash": "0xfc48fa196be379e6bc003598e229ce6b597b2d0900068bc3185e2045bc0d9ce0"
   },
   {
     "DIP": 3,