The Ren Project token ($REN) is part of the DeFi Pulse Index ($DPI) and Filecoin ($FIL) is represented in the DATA Index as $renFIL – a $FIL token wrapped using Ren Project blockchain bridging technology. As such, the Ren Project is both represented and used in Index Coop products.
Feedback on the Creation of a Treasury Committee RFC posted at the end of October continued throughout November. A vision for gradually decentralizing has formed and a working group structure is being established. A 1kx summary of DAO structures features in the forum post’s thread and shows the idea of working groups as part of a DAO 2.0 idea.
As a reflection of increased community activity, the treasury conversations also took place in Treasury Working Group Call 1 and Call 2. A number of topics were covered but, essentially, the project is seeking to accelerate protocol growth and support the REN ecosystem. Yield on the Community Fund is a key focus.
Quick wins are sought initially for the Community Fund and the suggestion to farm idle assets found traction. Badger and Curve were mentioned and further discussion was given to the ibBTC vault and Sushi Swap LP vaults on Badger, where they envision ⅓ to ½ of funds being allocated.
With regards to the Treasury Working Group itself, it is seen as forming a template for other working groups to use as they set up. Some members of this forum may see similarities with how the IC Growth Working Group serves a similar function at the IC.
The topic continues to be a lively discussion on their Discord treasury channel. And the type of multi-sig needs settling on.
Following on from last month, discussion continued on how to incentivise community participation on their forum and at the fourth community call. An interesting idea around decaying voting power was put forward - If you do not vote, your voting power decreases over time.
Now the REN Discord is much more active, a member decided not to wait for the Community Fund to be set up and held an emoji contest for their Discord server. The fund was boosted by other members to $750 but no submissions of sufficiently high quality were submitted by the Nov 24 deadline.
Decentralized Token Whitelisting
As mentioned last month, for the project to decentralize it is necessary to have a process for selecting which tokens are whitelisted and prioritized for inclusion in the bridging network/protocol. A unanimous Snapshot vote of Ren Darknode operators (REN-DN holders) passed the community whitelisting proposal. This is now live and for tokens to be whitelisted for bridging to other chains the REN community decides on proposals submitted via the form on this post. It may be advantageous for the IC to have a greater awareness of this process in case it may help future products and integrations @Cavalier_Eth @EdwardK, @MrMadila and @mringz . There are no listing fees but liquidity mining and contributions to the Community Ecosystem Fund are allowed.
At the IC
Also noting, I have responded to the request for DAO connections.
I hope my interactions with Ren Project bring value to the Coop. I am glad to communicate with @MaxRoszko who is also on our forum, and to have been invited to their community calls. I will continue to update on Ren Project news and help inform the Coop when needed.