memoscan

0xacba…e1a2

All memos sent from and to 0xacba…e1a2.
0xacbabbb5…e1a2sent to0xfb6b7c11…1a70·#21,689,108·0x299ae7ef…a53436
As I previously did some months ago, I consider this proposal an attack, I will continue to refuse enabling the transferability until Diva as a product is live on mainnet and stablished as a market leader for the common good of the DAO
0xacbabbb5…e1a2sent to0xfb6b7c11…1a70·#19,127,596·0x363efa0f…4e7598
# [DIP-08] Base Pre-Launch Campaign Powered by Reserve # \[DIP-08] Base Pre-Launch Campaign Powered by Reserve ## 1.0 Scope of DIP-08 This proposal outlines the Terms and Conditions (T\&Cs) of a Base Pre-launch Campaign for bootstrapping divETH deposits, powered by the Reserve Protocol. This proposal represents the culmination of the Base Pre-launch Campaign outlined in the [<u>first RFC</u>](https://commonwealth.im/divastaking/discussion/14588-rfc-base-prelaunch-campaign-powered-by-the-reserve-protocol) and the specific T\&Cs regarding DIVA token distributions outlined in the [<u>second RFC</u>](https://commonwealth.im/divastaking/discussion/14816-rfc-terms-conditions-for-base-prelaunch-campaign-with-reserve-protocol). These proposals have been well-received by the Diva community and have passed a temp check poll. The following proposal text advances the T\&Cs of the second RFC for a binding DAO vote, while providing broader context around the Base Pre-Launch Campaign, so that this proposal may stand alone. ## 2.0 Summary * **What**: A new Reserve Protocol RToken, called Based ETH (bsdETH) on Base to onboard users to divETH and defining DIVA distribution T\&Cs * **Why**: Unlock new demographic of Diva pre-launch depositors on Base, kick off L2 expansion * **When**: Pre-launch: DIVA rewards accruing 30 days prior to divETH launch  Post-launch: rewards up to 5 months following launch * **Tokens**: 1.30-2.50 DIVA/ETH/day, higher for earlier participation * **Capacity**: 20,000 ETH ## 3.0 Background & Motivation ### 3.1 The Reserve Protocol and RTokens The Reserve Protocol is a free, permissionless platform to build, deploy and govern asset-backed currencies referred to as “RTokens”. RTokens are always 1:1 asset-backed, allowing for permissionless minting and redemptions onchain. Backing changes in the number and proportion of assets in RTokens can flexibly be maintained through decentralized governance. RSR is the Reserve Protocol’s governance token which can be staked on RTokens, where it serves dual purposes of 1) overcollateralization in cases of collateral default; and 2) governance rights for proposing changes in RToken configuration, through an 8-day [<u>governance process</u>](https://reserve.org/protocol/reserve_rights_rsr/#governor-alexios).  Since the first RToken launch in February 2023, RTokens have attracted almost $40M of deposits. RSR enjoys a market cap of $157m. ### 3.2 Motivation Motivations for the proposed campaign on Base, and the fit with the Reserve Protocol’s technology for achieving these aims is summarized as follows:  * There exists significant LST liquidity on Base for Diva to capture as part of its [L2 expansion goals](https://commonwealth.im/divastaking/discussion/14007-idea-expanding-the-enzyme-prelaunch-program-to-l2s) * A presence on Base could unlock an entirely new demographic of depositors for Diva, increasing participation through its low barrier to entry, and an opportunity to grow in step with Base * Reserve Protocol RTokens present an elegant vehicle for Diva’s L2 ambitions. The proposed bsdETH RToken is intended to be an Ethereum-aligned LST index promoting validator decentralization and divETH adoption * bsdETH will exist as a composable ERC20 token, opening divETH to a plurality of DeFi integrations from the start It is therefore worthwhile and advantageous for the Diva DAO to consider a DIVA token allocation to the Base Pre-launch Campaign, pursuant to the details below. ## 4.0 Deployment and Governance  ![](https://static.tally.xyz/efeb5ac4-b66b-424f-93b9-ecbc10ed8fc2_original.png) ### 4.1 Deployment In line with Ethereum’s permissionless ethos, the deployment of bsdETH on Base can be done by anyone. bsdETH will initially comprise an even split of cbETH and wstETH. Guidance will be provided by Reserve Protocol contributors, who have experience assisting DAO and institutional operators to strategize and deploy RTokens. In line with mainnet bsdETH, this proposal suggests a provisional revenue split of 95% to holders and 5% to stakers. No other fees are charged by the protocol.  ### 4.2 divETH Launch & Basket Change Upon fulfillment of prerequisite criteria, a governance proposal will be made by bsdETH governors to include divETH in bsdETH. A distribution of 33.3% each of wdivETH, cbETH and rETH is proposed. This distribution respects Diva’s desire for symbiotic growth whilst self-limiting to prevent Ethereum centralization risk. These prerequisites include: * divETH launching on Ethereum mainnet and establishing a Base-bridged version of wdivETH * Attainment of a Base oracle price feed for wdivETH * RToken collateral plugin development for wdivETH by Reserve contributors To facilitate the above, a substantial RSR stake and delegation from Reserve Protocol’s treasury to Diva DAO is proposed to secure bsdETH’s decentralized governance and ensure robust overcollateralization. ## 5.0 Terms and Conditions ### 5.1 Program Duration The Base Pre-Launch Campaign spans 6 months (183 days), during which DIVA tokens accrue to bsdETH depositors (the “Incentive Period”). The Incentive Period starts 30 days before divETH’s mainnet launch and continues for 153 days post-launch. ### 5.2 Eligibility, Transferability and use of bsdETH **In general, possession of, or entitlement to, bsdETH tokens confers eligibility to DIVA incentive accrual during the Incentive Period**. This means that bsdETH deployed in various DeFi applications remain eligible for DIVA tokens, and that transfers made for such purposes will not be considered withdrawals for the purposes of calculating users’ accrual tranches (discussed below). As an illustrative example, users who complete the actions below are all considered equal in terms of DIVA accrual(assuming deposits are made at the same time and within the same tranche): * Mint 1 bsdETH and hold * Mint 1 bsdETH and deposit 1 bsdETH / 1 ETH as liquidity on Curve  * Buy 1 bsdETH on Curve and deposit as collateral on Aave/Compound/Moonwell Borrows of bsdETH on lending markets do not confer eligibility as they denote liabilities rather than assets. ### 5.3 Redemptions and Subsequent Deposits #### 5.3.1 Redemptions Funds in bsdETH can be redeemed in a trustless manner at any time. However, redemptions before the date at which bsdETH performs its first basket migration to include divETH (the “Rebalance Date”) disqualifies users for any DIVA distributions.  For redemptions that occur between the Rebalance Date and the end of the Incentive Period, accrual is determined by the count of full commitment days. To be clear, redemptions between the Rebalance Date and end of the Incentive Period do not affect accrued token allocation (as redemptions before the Rebalance Date do), but do entail forgoing future accruals. For greater clarity, sales of bsdETH on AMMs, redemptions of bsdETH for underlying LST collateral, and transfers of bsdETH out of a wallet, are all considered redemption events. #### 5.3.2 Subsequent Deposits Subsequent deposits permit users to accrue DIVA tokens based on the latest tranche rate and their count of full commitment days, segregated from any prior deposits. That is, users may be accruing DIVA at varying rates based on when deposits are made. Partial withdrawals in such cases are assumed to be from latest deposits (LIFO, unless made before the Rebalance Date). ### 5.4 Calculation and Distribution of DIVA tokens According to the general principles for bsdETH participation set out in section 5.2, Diva DAO and Reserve Protocol contributors will collaborate to develop an off-chain formula which captures entitlements during the Incentive Period. Furthermore, Reserve contributors will supply an API endpoint that provides information on accrued DIVA rewards for each participating address. The formula for the calculation of DIVA token accrual rate is based on tranches with diminishing token amounts (listed below). ![](https://static.tally.xyz/a2f9f667-b23e-4ae2-a606-399287810908_original.png) DIVA token entitlements are ultimately a function of deposit size, the timing of when deposits were made, and the duration of deposits (subject to the specific considerations discussed herein). Users must be mindful that DeFi participation in conjunction with the Base Pre-launch Campaign can introduce nuances in the way entitlements may be calculated, for example with AMM pool imbalances, and lending market liquidations. Reserve Protocol and the Diva DAO reserves the right, in their sole discretion, to use methodology for calculating entitlements it deems most appropriate.  ### 5.5 Token Unlocks and Claiming Post divETH’s mainnet launch, the Diva DAO will vote to enable the transferability of the DIVA token (the “Transfer Date”). Per [<u>DCP-03</u>](https://www.tally.xyz/gov/diva/proposal/52481024395238134144299582623582875841236980209822828761178984408970724801644?chart=0), the Transfer Date will be at latest the date of divETH’s mainnet launch + 153 days. Accrued DIVA tokens will be claimable at or around the Transfer Date according to the following schedule: **Claim 1**: bsdETH depositors can claim 50% of DIVA tokens accrued between the start of the Incentive Period (divETH mainnet launch - 30 days) to the Transfer Date as an initial reward for their participation. Recall that withdrawals before the Rebalance Date disqualify users from token allocation.  **Claim 2**: At the end of the 183 day Incentive Period, participants are eligible for a second claim combining: * The remaining 50% of tokens from Claim 1 above * Plus any additional DIVA tokens accrued between the Transfer Date and the end of the Incentive Period (mainnet launch + 153 days) ### 5.6 DIVA Allocation as % of the Total Supply This RFC proposes a maximum allocation of approximately 0.65% of the total DIVA supply, if the initiative reaches maximum capacity and 100% of tokens are claimed. Notably, Reserve Protocol contributors do not request a treasury allocation. The Reserve Protocol provides permissionless machinery for anyone to create asset-backed currencies. The Base Pre-launch Campaign therefore emphasizes the ethos of decentralization espoused by Diva and Ethereum, proposing that representatives of the Diva DAO deploy and govern bsdETH. ### 5.7 Deposit Cap The cap on this initiative is 20k ETH. It is anticipated that mainnet users aligned with Diva will bridge ETH/LSTs to Base to participate in accrual tranches no longer available on mainnet. If the 20,000 ETH cap is hit, deposits can still be made, but they’ll be considered as being on a “waitlist.” These waitlisted deposits will only be eligible for DIVA distributions if those who deposited first withdraw their deposits early. ### 5.8 Maximum / Minimum Deposit The minimum deposit is set at 0.05 ETH while the maximum deposit for a single address is 5,000 ETH. ## 6.0 Closing Remarks Reserve Protocol contributors extend their gratitude to the Diva community for considering this proposal, which aims to foster mutual growth in the burgeoning Base ecosystem. Our goal is to establish a robust foundation for continued collaboration between the Diva and Reserve Protocol communities. We are thrilled to expand the reach of Diva’s innovative approach to validator decentralization on Base… and beyond!
0xacbabbb5…e1a2sent to0xfb6b7c11…1a70·#19,035,764·0x0c6dc93b…a0d771
# [DIP-07]: Launch Early Staker Program Powered by Sommelier Vaults ### \[DIP-07]: Launch Early Staker Program Powered by Sommelier Vaults with Terms & Conditions (T\&Cs) - Incl. Token Distribution Details for Program Participants DIP-07 has been curated by [<u>Sunand Raghupathi</u>](https://twitter.com/sunandr_) representing [<u>Seven Seas</u>](https://sevenseas.capital/), a data science firm and strategy provider in the [<u>Sommelier</u>](https://www.sommelier.finance/) ecosystem.  As per governance DAO [<u>guidelines</u>](https://docs.staking.foundation/proposals), the proposal is brought by [<u>Kotler</u>](https://www.tally.xyz/profile/0xacbabbb5b96b0e2889c27496fa33e6f26081e1a2) who represents 1M+ delegated DIVA tokens and therefore meets the criteria to submit a binding DAO proposal. **Scope of DIP-07** This proposal outlines the intention of launching a Early Staker program powered by Sommelier and its associated Terms and Conditions (T\&Cs), which includes token distribution details for Program participants. The initial proposal of the Early Staker program was outlined in this first [<u>RFC</u>](https://commonwealth.im/divastaking/discussion/14244-rfc-start-collecting-prelaunch-tvl-and-liquidity-with-an-early-staker-program-powered-by-sommelier-vaults) and the initial proposal of the T\&Cs was outlined in this second [<u>RFC</u>](https://commonwealth.im/divastaking/discussion/14325-rfc-proposed-terms-conditions-tcs-for-diva-early-stakers-vaults-on-sommelier-incl-token-distribution-details-for-program-participants). Both RFCs were placed for a temp check poll and [<u>passed</u>](https://commonwealth.im/divastaking/discussion/14325-rfc-proposed-terms-conditions-tcs-for-diva-early-stakers-vaults-on-sommelier-incl-token-distribution-details-for-program-participants). The text below re-outlines the key provisions of those RFCs with particular emphasis on the T\&Cs. The Seven Seas compensation component of the T\&Cs have been adjusted based on community feedback, and we are proposing a compensation structure in line with our latest [<u>comment</u>](https://commonwealth.im/divastaking/discussion/14325-rfc-proposed-terms-conditions-tcs-for-diva-early-stakers-vaults-on-sommelier-incl-token-distribution-details-for-program-participants?comment=70613) in the second RFC. **Early Staker Program: Summary** * **Why:** The Enzyme pre-launch vaults have been successful at attracting ~$45M of future divETH stakers. However, this initiative has been primarily focused on ETH and stETH holders. Members of the Rocket Pool community interested in Diva expressed feelings of being left out as rETH holders. An rETH vault had been discussed but the Diva community has been against an rETH vault that would directly reduce Rocketpool TVL. A more synergetic approach is needed. Beyond targeting a new user base, the vault will help bootstrap intelligent long-term and post-launch divETH liquidity which can be dynamically provided across the divETH ecosystem to support Diva Staking DAO goals (e.g., Chainlink oracle support). * **Who:** Seven Seas for its DeFi expertise and Sommelier for its secure and cutting-edge architecture are ideal partners to launch a new vault enabling the Rocket Pool community to participate in a Diva pre-launch initiative. * **How:** With a Diva Early Stakers rETH BPT vault, which accepts rETH-ETH BPT (Balancer Pool Token) (B-rETH-STABLE) as the deposit asset and accounting asset.  **Early Staker Program: Sommelier as Infrastructure** Innovative and non-custodial, Sommelier, launched in 2021, is a decentralized asset management protocol that secures over $60M in TVL. It has undergone multiple audits with [<u>0xMacro</u>](https://0xmacro.com/) and has a [<u>bug bounty</u>](https://immunefi.com/bounty/sommelier/) program on ImmuneFi. Sommelier vaults are used by crypto natives (e.g., top DeBank users), DAOs, Family Offices and Hedge Funds **Early Staker Program: Seven Seas as DeFi Strategists** It is also important to consider several Seven Seas’ qualifications as strategists to supervise this initiative. Seven Seas has been actively running and designing DeFi strategies for LST assets throughout 2023 including the $42M Real Yield ETH vault and vaults created in partnership with other LST protocols like the $32M Turbo stETH vault for Lido and the $3M Turbo swETH vault for Swell. In terms of liquidity management, the vaults listed above have LP’d for an aggregate trading volume in excess of $2.5B since April. More specifically, we believe that Real Yield ETH is the single most prolific on-chain LP in LST DeFi having facilitated $1.96B of swap volume. In short, we bring a rare expertise to the Diva ecosystem. **Early Staker Program: DIVA DAO & Ecosystem Benefits** * **Assisting with Chainlink Oracle Support:** One of the requirements to receive a Chainlink oracle is having sufficient liquidity on at least 3 different DEXs. The Sommelier vault can help provide intelligent liquidity on a DEX like Uniswap v3, Balancer and others to help meet this requirement.  * **Efficient Liquidity:** Efficient liquidity on DEXs also better positions divETH as collateral for various lending markets and other DeFi integrations. * **Minimal Price Impact on Entry/Exit:** Deep, intelligent liquidity that can support large swaps into and out of divETH with minimal price impact makes the asset more appealing to large holders. * **Peg Stability:** Liquidity that can support the divETH peg through peg arbitrage can give divETH users additional confidence in the stability of the asset. * **Waived Fees During Pre-Oracle Support Period:** Sommelier vaults typically charge an annual Platform Fee based on the assets held in the vault, and a Performance Fee. These fees will be waived during the Pre-Oracle support period. After the launch of divETH and once the required oracle support is in place for the vault to take active DeFi positions, users will be charged these fees.  * **Opportunity for SOMM Token Allocations:** Seven Seas will post a request for a couple months of SOMM token distributions for the vault that provides a yield boost to users in the vault, contingent on the discussed DIVA allocation for users of the Sommelier vault. These token allocations would begin once the required divETH oracle support is received and the vault takes its active DeFi positions. Seven Seas could advocate for additional SOMM token distributions beyond this initial period depending on the vault’s traction. * **Ability for the Rocket Pool Community to Participate Directly (rETH-ETH BPT) & Earn DIVA**: Holders of the rETH-ETH BPT will be able to continue to benefit from the ongoing yield generated by depositing their B-rETH-STABLE tokens into the vault. In doing so, not only do we provide an easy onramp for the more than $85M of capital in this pool to join the Diva ecosystem, but these users will also be able to earn yield prior to the divETH launch. The yield of this BPTposition (when staked) has [<u>historically</u>](https://defillama.com/yields/pool/a4b5b995-99e7-4b8f-916d-8940b5627d70) been significantly higher than the native rETH yield. This dual benefit allows depositors to maximize their rETH returns while they wait for divETH launch and also receive a DIVA token allocation. **Early Staker Program: Vault Description & Technical Implementation** Diva Early Stakers rETH BPT vault: Accept rETH-ETH BPT (B-rETH-STABLE) as the deposit asset and accounting asset. These BPT tokens will be held “as is” or staked on Aura until divETH is live and has the required oracle for Sommelier integration. Once the required oracle support is in place, the assets in the BPT can be used in divETH-powered yield opportunities including a potential Balancer rETH-divETH pool. Essentially converting the committed ETH into divETH and adding liquidity for rETH-divETH on a major decentralized exchange. As divETH proliferates, the vault could run yield-generating strategies on the following protocols: Uniswap v3, Balancer/Aura, Aave, Compound, Morpho,  and Fraxlend. Integrations with additional DeFi protocols are in progress.  Any variations to this intended implementation & strategy (especially before mainnet) shall be executed only after a successful vote by the DIVA DAO.  Depositors receive an ERC-20 vault share, which represents a pro-rata share of the underlying assets held in the vault. Vault shares are transferable and can be used anytime to redeem the corresponding amount of underlying assets. All smart contract components that will be used in this vault have been previously audited by [<u>0xMacro</u>](https://0xmacro.com/). ![](https://static.tally.xyz/d6b1434c-6373-4375-afc9-5d9361627b0a_original.jpeg) **Terms & Conditions: Summary** * What: Sommelier vault to onboard rETH users into divETH LST DeFi * Why: Enable Rocket Pool community access to a Diva pre-launch initiative and provide intelligent liquidity within the divETH ecosystem * When: Prior to divETH mainnet launch and beyond * Where: Uniswap V3, Balancer and others * Token Allocation: 1.30 - 2.50 DIVA/ETH/day, higher for early participants * Proposed Capacity: 20,000 ETH **Specific Terms & Conditions** **Eligibility** Although there is no KYC enforced, Sommelier vaults are not open to persons or citizens of the United States and other restricted countries - for more details please refer to the [<u>Sommelier User Terms</u>](https://app.sommelier.finance/user-terms). **Transferability of Vault tokens** Depositors receive an ERC-20 token, which represents a pro-rata share of the underlying assets held in the vault. Vault shares are transferable and can be used anytime to redeem the corresponding amount of underlying assets. **Key dates** There are several key dates to keep in mind: * Vault Launch: The launch of the vault marks the beginning of the “Queuing Stage”  * 30D pre-Mainnet: DIVA allocations begin to accrue for users in the vault * Mainnet Launch: DIVA allocations accrue for the next 335 days * Oracle live for divETH: SOMM incentives begin for 60 days (subject to governance approval); vault shifts from “HODL” strategy to active DeFi LPs (e.g., Balancer, Uniswap, etc.) * DIVA claims begin: Users are able to claim a <u>portion</u> of their their accrued DIVA tokens beginning 30 days after divETH mainnet launch **DIVA Accrual** Users will be assigned a ranking based on a first-come, first-served principle. This ranking will be used to determine future token distribution, with those depositing earlier enjoying higher distribution rates. Once the vault launches, users can enter the vault to secure their ranking for that deposit.  The earliest token accrual of DIVA tokens will be 30 days prior to divETH mainnet launch and will continue for 335 days after mainnet launch.  **Program Duration** DIVA tokens will accrue for a period of 365 total days, 30 days pre- mainnet launch and for 335 days post-launch. We acknowledge that the initial Avantgarde pre-launch program was for 183 days, but that program focused solely on bootstrapping TVL prior to divETH mainnet launch. In contrast, this program focuses on pre-mainnet bootstrapping as well as long-term post-launch liquidity in the divETH ecosystem, hence the proposed 365 day duration. **Token Unlocks and Claiming** Token claims will occur in four phases: Phase 1: 30 days after divETH mainnet launch, vault depositors can claim 50% of their accrued DIVA tokens as an initial allocation for their participation. That is 50% of the tokens accrued during the 30 days from \[divETH mainnet launch - 30 days] until \[divETH mainnet launch + 30 days], which is approximately 8% of the max potential accrual. Phase 2: On day 120 of the program \[divETH mainnet launch + 90 days], vault depositors can claim the unclaimed 50% of tokens from Phase 1 in addition to 50% of the tokens accrued in Phase 2. This represents approximately 16% of the max potential accrual. Phase 3: On day 240 of the program \[divETH mainnet launch + 210 days], users can claim the unclaimed 50% of tokens accrued in Phase 2 in addition to 50% of the tokens accrued in Phase 3. This represents approximately 25% of the max potential accrual. Phase 4: On day 365 of the program \[divETH mainnet launch + 335 days], users can claim the unclaimed 50% of tokens accrued in Phase 3 in addition to 100% of the tokens accrued in Phase 4. This represents approximately 51% of the max potential accrual. As a reminder, early redemptions do not imply losing eligibility in a retroactive manner, but it does imply forgoing future accruals. **Deposit Cap** The cap on this initiative is 20k ETH. For reference, the current TVL of the Balancer rETH-ETH pool is $85M TVL (~32k ETH). If the 20,000 ETH cap is hit, deposits can still be made, but they'll be considered as being on a "waitlist." These waitlisted deposits will only be eligible for DIVA distributions if those who got in first withdraw their deposits early. **Maximum / Minimum Deposit** The minimum deposit is set at 0.1 B-rETH-STABLE while the maximum deposit for a single depositor is 10,000 B-rETH-STABLE. **Withdrawals** Funds can be withdrawn at any time. However, if you redeem prior to when the vault begins taking its active DeFi positions, which we define as the first rebalance into the divETH asset, you won't qualify for any DIVA distributions. For redemptions that take place between the start of active DeFi positions and the 365-day deadline, accrual is determined by the count of full commitment days. **Vault Value Proposition (Liquidity Provision)** The assets in the BPT can be used in divETH-powered yield opportunities including a potential Balancer rETH-divETH pool. As divETH proliferates, the vault could run strategies on the following protocols: Uniswap v3, Balancer/Aura, Aave, Compound, Morpho, and Fraxlend. Integrations with additional DeFi protocols are in progress.Because divETH is not being used as the deposit asset, the assets in the B-rETH-STABLE BPT will have to be swapped for divETH and the other asset(s) in the divETH LP. This means that for all incoming deposits (especially post divETH launch), the vault will be contributing buy-pressure on divETH and also increasing the amount of divETH supply.  Lastly, but most importantly, we as Seven Seas bring our world-class expertise in liquidity management to the Diva ecosystem. Vaults designed by Seven Seas have LP’d for an aggregate trading volume in excess of $4B since April. We believe that our Real Yield ETH vault is the single most prolific on-chain LP in LST DeFi having facilitated ~$2B of swap volume. In short, there are very few, if any, teams with matching levels of hands-on experience.  **Calculation and Distribution of DIVA tokens** The calculation will be based on an off-chain formula that determines the distribution for each single address. The final distribution will be based on the on-chain data. The formula for the calculation of DIVA tokens is based on tranches with diminishing token amounts (listed below). The distribution of DIVA tokens will be calculated as follows, DIVA accrual = ETH deposited \* Days in vault during accrual period \* DIVA/ETH/Day for each tranche. ![](https://static.tally.xyz/ac3f71f7-008b-4062-abca-fa5778f4bbf0_original.png) **DIVA Allocation as a % of the Total Supply** An initiative with a goal of bootstrapping millions in pre-launch TVL and incentivizing significant liquidity provision on DEXs for the LST should receive a generous token allocation. The size of the allocation discussed for this RFC represents a total maximum of approximately 1.4% of the total supply - if the initiative is maxed out from the start AND for the whole duration (365 days) AND 100% of tokens are claimed.  Note that the above estimated allocation also includes the allocation to Seven Seas, whose allocation is approximately 0.14%. More details about the rationale in the paragraphs below. **Seven Seas’ Role** **Early Support** Although not the first team to propose this concept, getting to this point has still required extensive work engaging with the Staking Foundation. Crafting these proposals, gathering input (from the Foundation and also the community), and refining them for mutual agreement has been an intensive process.  **Vault Design and Deployment** Seven Seas will handle the technical design, smart contract deployment of the vault, and shepherd it through Sommelier's governance process for onboarding to the Sommelier protocol. **Vault Monitoring and DeFi Strategies Optimization** Seven Seas will conduct daily monitoring of the vault’s operations and construct rebalances (executed through the Sommelier protocol) that dynamically shift liquidity for the benefit of the vault’s users and the broader Diva ecosystem. The frequency of rebalances will be contingent on market conditions, but vaults typically rebalance multiple times per week.  **Supervision of the Sommelier Early Stakers Program** Seven Seas will supervise the Sommelier Early Stakers program on behalf of the Diva Staking community, with the support of the Staking Foundation. We will oversee the program's operations, excluding actual token distribution, and ensure the vault’s smooth functioning including the transition to active DeFi strategies once the required divETH oracle support is received. Users of the vault will also be able to receive support on how to participate in the program and vault in the Sommelier official Telegram and Discord. To reiterate, Seven Seas does not wish to be responsible for distributing participants' earned DIVA tokens, nor does it wish to provide user support specific to the DIVA claims process (e.g., handling user questions about airdrop allocations). Seven Seas' personnel are data scientists, DeFi strategists, and smart contract developers, and as such, do not have the capacity for work beyond that scope. **Lobbying for SOMM Token allocations** As previously stated, we as strategists will waive the fees for the vault for the period prior to the vault receiving the required oracle support and taking DeFi positions. Additionally, we will submit a request to the Sommelier community fund for a couple months of SOMM token distribution to help further attract TVL to the vault. **Seven Seas’ Fees & DIVA Allocation** ### <u>On Fees and DIVA Allocation:</u> The DIVA allocation and vault fees serve different purposes: .  1/ On the DIVA allocation side, we aim to help build the DIVA ecosystem by onboarding users and creating valued products. As such, the DIVA tokens provide Seven Seas with a long-term incentive alignment in the DIVA community as well as a voice in DIVA governance.  2/ In contrast, the fees are meant to compensate Seven Seas for direct costs incurred in optimizing the vault (outlined in more detail below). An absence of fees creates an incentive to either minimize costs (e.g. by limiting rebalances) or to sell DIVA to pay for vault operations. **Why are fees needed?** The high-level question is why fees are necessary in addition to the DIVA token allocation. Vault fees compensate Seven Seas for the direct costs in optimizing the vault. **Time & Effort:** Seven Seas monitors the vault and market conditions throughout the day to ensure that it remains optimized for the benefit of the depositors. This could involve rebalancing to a higher yielding DEX, buying an asset under peg or even navigating market volatility (e.g., due to a protocol being hacked or Black Swan). **Expenses:** Seven Seas pays for gas fees on all of the vault’s rebalances. To give an example, the Turbo swETH vault solely focuses on LPing and a typical rebalance on that vault costs approximately $200 at 35 Gwei. With multiple rebalances in a week and the increasing network congestion on Ethereum from the pending bull market, it’s easy to see how these gas costs can quickly mount.  **What are the proposed fees?** **Platform fee:** An annual fee (pro-rata if less than a year) based on the amount of assets held in the vault. **Performance fee:** A fee assessed on the <u>incremental</u> performance above the accounting asset, which in this case, is the rETH-ETH BPT (Balancer Pool Token) (B-rETH-STABLE). This ensures that the Seven Seas only gets compensated on this portion if the vault outperforms this otherwise readily available passive yield opportunity for users.  We provide a summary of the fee information in the table below. ![](https://static.tally.xyz/bff1a778-0c82-4ca4-8c68-b12bb65da7e9_original.png) As a final point, we are aware that the live Avantgarde/Enzyme vaults have zero fees. However, we believe that comparing Seven Seas to these vaults is not suitable because they maintain passive positions, such as staking with Diva and holding divETH, and therefore require no ongoing maintenance or monitoring. **DIVA Distribution to Seven Seas** * 10% of the tokens *actually accrued* by depositors from 0 to 10K ETH  * 5% for the tokens *actually accrued* by depositors from 10K to 20K ETH **Valuation**  It's important to note that DIVA is a utility token that currently holds no value other than the ability to convert into governance power through a delegation system. **Vesting** Seven Seas’ allocation will be subject to 6 months (180 days) of additional vesting beyond vault users’ vesting of Mainnet Launch + 365 days. **Closing Remarks** This DIP represents our attempt at a mutually beneficial collaboration between Seven Seas, Sommelier and the Diva ecosystem. We have structured the proposal so that it serves as a strong foundation for a long-term relationship between Seven Seas and the Diva community. As the strategist of the vault, we’re committed to helping bring it to market, monitoring the vault’s performance and optimizing its liquidity across the divETH ecosystem.Our ability to design attractive LST DeFi vaults for users (e.g. our $40M Real Yield ETH vault) and our expertise in liquidity provision, which has resulted in billions of ETH LST trading volume, make us a valuable addition to the Diva ecosystem. We are excited to help contribute to the growth of this promising LST ecosystem.
0xacbabbb5…e1a2sent to0xfb6b7c11…1a70·#18,234,775·0x798b1d1a…94baf3
# [DIP-06]: Amendment of Typo in DIVA Rewards Table for DIP-02 As per governance DAO [guidelines](https://docs.staking.foundation/proposals), the proposal is brought by [donkotler.eth](https://www.tally.xyz/profile/toast.eth?governanceId=eip155:1:0xFb6B7C11a55C57767643F1FF65c34C8693a11A70) who represents 1M+ delegated DIVA tokens and therefore meets the criteria to submit a binding DAO proposal. ## TL;DR [DIP-02](https://www.tally.xyz/gov/diva/proposal/45468458207916765916984557235161596151150976178275597160417224501662414206717) contained a typographical error in the table displaying TVL-based DIVA reward tranches. DIP-06 seeks to rectify this mistake and formalise the correct reward allocation. ## Motivation for DIP-06 DIP-02 was passed with an inadvertent typographical error in the reward table, which requires correction through a DAO vote to ensure accuracy and consistency. This proposal aims to correct the error in the DIVA rewards table, as presented in DIP-02. The tables presented below illustrate the before & after scenarios of expected future DIVA token distribution based on TVL (Total Value Locked) tranches. **Notably, all other terms and conditions of [DIP-02](https://www.tally.xyz/gov/diva/proposal/45468458207916765916984557235161596151150976178275597160417224501662414206717) remain unchanged.** Specification Voted Table with Typo (Before Correction): ![](https://i.gyazo.com/db50973fe8d7ed1bd0c704fe39234229.png) New Table (After Correction): ![](https://i.gyazo.com/dbaa2564bd66a42dd7123ff052092297.png) ## Classification In accordance with [Diva DAO community guidelines](https://github.com/staking-foundation/diva-dao/blob/2308_community_guidelines/Community-Guidelines.md), this proposal falls under the category of a Low-Impact Diva Improvement Proposal (DIP). It requires a minimum of 50% positive votes to be enacted. Low-impact DIPs are designed to distribute governance power among the community and facilitate strategic partnerships. They do not involve modifications to configurable features of the Diva Staking protocol or updates to core infrastructure, which would necessitate code implementation. ## Copyright waiver Copyright and related rights waived via CC0 1.0 (https://creativecommons.org/publicdomain/zero/1.0/)
0xacbabbb5…e1a2sent to0xfb6b7c11…1a70·#17,914,695·0x1d9f0f71…3835c2
# [DCP-01] Early Staker Initiative powered by Enzyme vaults. This proposal has been curated by @moss @elisafly, @gainzley here, posting from [Avantgarde Treasury](https://avantgarde.finance/). They are the core contributors of [Enzyme](https://enzyme.finance/), formerly Melonport and one of the governance [delegates](https://www.tally.xyz/profile/0xb49f8b8613be240213c1827e2e576044ffec7948?governanceId=eip155:1:0xFb6B7C11a55C57767643F1FF65c34C8693a11A70)for Diva Staking. As per governance DAO [guidelines](https://docs.staking.foundation/proposals), the proposal is brought by [donkotler.eth](https://www.tally.xyz/profile/0xacbabbb5b96b0e2889c27496fa33e6f26081e1a2?governanceId=eip155:1:0xFb6B7C11a55C57767643F1FF65c34C8693a11A70), who represents 1M+ delegated DIVA tokens and therefore meets the criteria to submit a binding DAO proposal. **Motivation** Diva DAO, with [4300+ delegated voting holders](https://dune.com/kevinzzz/diva-dao), has initially distributed 100 million DIVA tokens (10% of total supply) to active Ethereum participants. This initiative seeks to attract TVL and involve a broader audience of future Stakers prior to the mainnet launch. Diva Staking's TVL growth is essential, and this initiative aims to attract support before mainnet release. A pre-launch TVL initiative - with associated token distribution - for a new protocol like Diva brings a ripple of network effects. - Stakers know that the protocol and its Liquid Staking Token are widely adopted. - Stakers get DIVA allocations, which gives them a voice in governance. - Depositors in the initiative benefit by using proven non-custodial infrastructure. - Depositors who hold ETH or stETH can support Diva with little or no opportunity cost. - Operators benefit from being able to plan sufficient capacity ahead of time. Integrations with other DeFi primitives are more likely if there is significant TVL committed. This includes lending, use as collateral, bridging to Layer 2s, etc. The Ethereum ecosystem benefits by adding diversity to its LST ecosystem, currently dominated by a single provider who holds >85% of LSTs and >30% of all staked ETH, which poses significant systemic risks. **Summary / TL;DR** The proposal presented the advantages of using the Enzyme platform and for the potential Early Stakers to participate by depositing in one of the 2 vaults in a non-custodial fashion. - Theinitiative involves ETH or stETH deposits into Enzyme vaults, and a way to account for timing, size and duration of those deposits that will lead to the calculation of DIVA token allocations for each participant. The proposed duration of the initiative is 365 days. - Depositors will accrue DIVA tokens for every day their (st)ETH is in the vaults. - Enzyme's time-tested infrastructure, the waiver of protocol fees and other benefits are thoroughly highlighted in [the RFC](https://commonwealth.im/divastaking/discussion/12178-rfc-start-collecting-prelaunch-tvl-with-an-early-staker-program-powered-by-enzyme-vaults) (Infrastructure & Program Design). - For details on the [proposed T&Cs](https://commonwealth.im/divastaking/discussion/12393-rfc-proposed-terms-conditions-tcs-for-diva-early-stakers-vaults-on-enzyme-incl-token-distribution-criteria-for-program-participants) of the token distribution, please refer to the complementary RFC which will be submitted separately. **RFC - Tempcheck Status** You can find the RFC on Commonwealth [here](https://commonwealth.im/divastaking/discussion/12178-rfc-start-collecting-prelaunch-tvl-with-an-early-staker-program-powered-by-enzyme-vaults), which was published on July 14th 2023. The non-binding Tempcheck vote has been closed out with 100% YES and 0% NO **Description of the proposed action** This Diva Curation Proposal (DCP) introduces the creation of an Early Staker Initiative for Diva Staking, to be implemented on Enzyme vaults. Associated decisions: - Diva Staking DAO creates 2 vaults on Enzyme: one for ETH and one for stETH - Avantgarde is set as manager for the Diva vaults with trustless delegation rules - The Enzyme protocol fee for the 2 Diva vaults is waived (explanation [here](https://commonwealth.im/divastaking/discussion/12178-rfc-start-collecting-prelaunch-tvl-with-an-early-staker-program-powered-by-enzyme-vaults?comment=64260)) - Funds deposited in the 2 vaults are kept idle until Diva Staking mainnet launch - Avantgarde develops native Enzyme integrations for 2 protocols: Lido (to ensure 1:1 stETH:ETH redemption) and Diva Staking (to ensure 1:1 ETH:divETH staking) All other aspects of the initiative are not part of this DCP, but are being discussed after the release of the second RFC laying out the [Terms & Conditions](https://commonwealth.im/divastaking/discussion/12393-rfc-proposed-terms-conditions-tcs-for-diva-early-stakers-vaults-on-enzyme-incl-token-distribution-criteria-for-program-participants), including the allocation of DIVA tokens for Avantgarde. **Technical implementation** The following course of action is proposed: - Avantgarde multisig (“vault owner”) creates the 2 vaults on behalf of the DAO - Among initial vault settings, AVG’s multisig (“vault owner”) [assigns delegation](https://docs.enzyme.finance/managers/vaults-for-organisations/delegate-trading) to Avantgarde (“vault delegated manager”) - Among initial vault settings, Multisig [prevents deposits](https://docs.enzyme.finance/managers/setup/investments) until the official kickoff date. - Enzyme DAO to waive protocol fees on the new vaults. See explanation on how this will be done [here](https://commonwealth.im/divastaking/discussion/12178-rfc-start-collecting-prelaunch-tvl-with-an-early-staker-program-powered-by-enzyme-vaults?comment=64260). The waiver will be implemented in good faith that the distribution of DIVA tokens for Avantgarde is passed in the second DCP (see also “Notable changes”). - Avantgarde & Diva DAO announce the official kickoff date across several channels (Commonwealth, Discord, etc.) - Upon official kickoff date, Avantgarde’s Multisig enables deposits on Enzyme vaults. - Once the initiative is up & running, Avantgarde proposes the [transfer of ownership](https://docs.enzyme.finance/managers/customise-your-settings/change-owner) from its multisig to the DAO Governor contract within 30 days from the kickoff date. - During the course of the initiative, Avantgarde will maintain the assets idle as described in the RFC, will implement the needed engineering work for the integration and will facilitate the computation of the token distribution for each participant. **Avantgarde's role** As described in the RFC, it includes the following elements: - Smart contract engineering efforts to integrate Diva Staking Protocol - Smart contract engineering efforts to integrate Lido Staking Protocol to ensure 1:1 redemption of stETH to ETH before staking to Diva. - Bear the costs associated with the audit of the above integrations Supervision, assistance and facilitation of DIVA token distribution, tracking the onchain activity related to the vault and turning that into the computation of the distribution amounts for each participant. - Playing a role in facilitating the Enzyme Council’s decision to waive protocol fees (normally 25 bps) for Diva, which can be as high as 250 ETH if the initiative was to max out at 100K ETH. In general the proposal emphasises alignment, transparency, and community participation in building a sustainable future for the Ethereum ecosystem. **Notable changes** - Move the approval of the % allocation of DIVA tokens for Avantgarde from the scope of this proposal to the scope of the second complementary [proposal](https://commonwealth.im/divastaking/discussion/12393-rfc-proposed-terms-conditions-tcs-for-diva-early-stakers-vaults-on-enzyme-incl-token-distribution-criteria-for-program-participants) RFC (T&C) - Based on the same complementary [RFC](https://commonwealth.im/divastaking/discussion/12393-rfc-proposed-terms-conditions-tcs-for-diva-early-stakers-vaults-on-enzyme-incl-token-distribution-criteria-for-program-participants), Avantgarde self-imposes a 6-month additional vesting period (beyond the 365 days) that will lock the DIVA tokens distributed. - Pending final decision of the Enzyme DAO Council: include an audit competition for the new integrations of Lido & Diva Staking to be run in addition to the audit carried out by Chain Security. **Notable exclusions** The proposal does not include a third vault with denomination of rETH for the reasons explained [here](https://commonwealth.im/divastaking/discussion/12178-rfc-start-collecting-prelaunch-tvl-with-an-early-staker-program-powered-by-enzyme-vaults?comment=64291). It would be best as a possible extension with a further vote later on so it can be discussed separately. There are also workload implications Avantgarde needs to take into account and plan for. **Classification** This is a Diva Curation Proposal (DCP), requiring 50% positive votes to be enacted. DCPs are Intended to distribute governance power among communities. **Copyright waiver** Avantgarde Treasury, as the owner or rights holder of certain creative works, hereby waives specific rights under copyright law in favour of Diva Staking DAO. This waiver pertains to the works described as governance proposals, and includes the rights of reproduction, distribution, public display, and creation of derivative works. This waiver is granted for the purpose of this governance process. Proper attribution to us shall be provided by the recipient whenever the works are used or displayed. This waiver does not extend beyond the rights explicitly stated. ![](https://i.postimg.cc/KYXcLdgp/unnamed2.png)
0xacbabbb5…e1a2sent to0xfb6b7c11…1a70·#17,859,049·0xc5682815…d87447
# DUP-001: Extend DAO voting period **Description:** Currently, Diva Staking DAO has a voting delay of 2 days and a voting period of 3 days. Discussions were held by the community on whether the voting period should be extended to 5 or 7 days, to increase participation and reduce the risk of proposals going unnoticed during periods like weekends. - Discord discussion: https://discord.com/channels/1041618287500460083/1133466096763158629 - Forum discussion & temperature check: https://commonwealth.im/divastaking/discussion/12343-voting-periods As of the time of this post, the temperature check received a total of 27 votes, 66.666% of the votes for extending the voting period to 5 days, 25.925% of the votes proposing 7 days and 7.407% of the votes proposing to keep the current periods without changes. Therefore, I propose to extend the voting period to 5 days, allowing for a total of 2 days delay + 5 days voting for future proposals. As a result of this, the community should benefit from higher participation in governance. **Classification:** This is is a Diva Update Proposal (DUP), requiring 75% positive votes, as it aims to update the Diva Staking DAO core infrastructure. This change affects the Diva DAO Governor settings, modifying voting periods. **Risk mitigation:** It has been verified by deploying a testnet version of Diva DAO on Goerli, which worked as expected: https://www.tally.xyz/gov/kotler-tests/proposal/66307969040438179555392762970769919850214148824220256268845152992830867101671 Copyright and related rights waived via CC0 1.0 ( https://creativecommons.org/publicdomain/zero/1.0/ )