Across UMA Voting Committee March Renewal Proposal

Proposals
1

Title: Across UMA Voting Committee – Renewal Proposal
Author(s): TheRealTuna, EAsports, mydefi, neondaemon, underethsea

Status: Proposal

Previous Term Start Date: November 15th

Projected Renewal Date: March 10th (Estimated)

Related Discussions:

Related Documents:

Summary:

This proposal recommends renewing the Across UMA Voting Committee (AUVC) for an additional 6-month term. Since December of 2024, the AUVC has generated over 830,000 $UMA in rewards for the Across DAO and is on track to deliver approximately 935,000 total UMA by the end of its current term.

Renewing the committee ensures ongoing active participation in UMA governance, continued income for the DAO, and the sustained security of the Optimistic Oracle (OO), which is critical infrastructure for Across.

This committee has proven itself reliable working for the Across Treasury to earn UMA rewards. The AUVC has steadily increased our correctness percentage since we began and has now reached 99.31% correctness. We have 12 incorrect votes out of 1,759 votes cast. Most of these incorrect votes were in our early days.

20,000 UMA at a 6% commission rate used to last the AUVC about 6 months. Due to the growing size of the treasury and huge increase in votes, it now lasts about 120 days or 4 months. This can be considered an estimated 4 month renewal.

UMA Distribution:

We were unable to put forward a vote for UMA distribution from Across Treasury. Doing so would require coordination with Risk Labs, and at this time they have not shown interest in discussing an UMA distribution. Risk Labs continues to focus on development of UMA and Across.

Committee Members (Returning):

  • TheRealTuna: TheRealTuna got into crypto in 2017 and has been an avid user of defi applications from the beginning. He first became involved in crypto governance with the BadgerDAO community. Shortly after that Pooltogether launched it’s token and he became a fixture in Pooltogether governance where he passed multiple governance proposals including a partnership between BadgerDAO and Pooltogether. Thanks to Badger DAO he discovered UMA and has stuck with Risk Labs ever since. He is partly responsible for the Across partnership with Pooltogether and in the past has negotiated multiple KPI options integrations for UMA as a member of the SuperUMAn DAO. Through these experiences he met the other members of the AUVC and has 100% trust in every member of this team.

  • EAsports: EAsports has been involved in UMA since early 2021 and Across since before it was started. He is a Web3 enthusiast who appreciates the ethos, community, and new technology in the space as well as is fascinated by learning and strategizing about what could be next. EAsports’ experience includes over a decade of working for a large technology company as well as years of working with other blockchain projects including Harvest Finance, Unslashed, and consulting for many others. He is a passionate community member and looks forward to the opportunity to continue contributing to the AUVC.

  • Underethsea: underethsea has been involved with governance and served on multiple DAO funded teams with PoolTogether over the past 4 years. As the current lead of the PT Executive-Team and previous lead of The Finance Team, underethsea brings experience to Across that is a good fit for The AUVC. underethsea also has contributed to Nexus Mutual, Gravita, and created a Discord bot for Across in the past.

  • MyDefi: My DeFi is an active Across community member, Across Protocol relayer, and has previously served the Across DAO as a Community Essentials Committee member. My DeFi is also a software developer and contributor to Straddl (straddl.io) which leverages the power of Across+ to provide advanced bridging capabilities for users and other defi apps.

  • Neondaemon: Neondaemon is a security researcher, educator, and active participant in decentralized governance. He has been part of the UMA community since 2021 and Across since inception. He is interested in community building, governance and decision making. He was an UMA UMbassador and member of the Across Community Essentials Committee. As part of the SuperUMAn DAO he was involved in UMA voting for the DAO. He brings his extensive and consistent experience in voting and is currently in the top 10 overall in terms of voter participation.

Each member brings a proven track record of governance participation, risk management, and community alignment.

Performance Highlights:

March Renewal Correctness
March Renewal Correctness246×368 74.6 KB

  • $UMA Earned: 830,000+ (projected 940,000 by term end).

  • Voting Record: 99.31% all time correctness. Only one incorrect vote during our current term.

  • Community Engagement: Transparent reporting, Discord visibility, responsive feedback.

  • Reward Efficiency: 100% of rewards sent directly to the DAO treasury. Re-staking was also handled by the team.

Motivation:

In 2022, following the launch of $ACX, 150MM $ACX tokens were swapped with Risk Labs Treasury for 2MM $UMA to align Risk Labs with Across and grant the Across community governance influence in UMA. This governance power is crucial to securing the Across bridge. Putting these $UMA tokens to use is also critical in helping keep UMA’s OO secure and decentralized.

The AUVC was established to activate the Across DAO’s $UMA holdings, safeguard the Optimistic Oracle, and create a recurring stream of protocol-aligned revenue. The committee has succeeded on all fronts:

  • Earned over 815,000 $UMA in 14 months.

  • Maintained 100% participation in UMA votes with 99.28% correctness.

  • Kept slashing events to 12 in nearly 1,680 votes.

  • Delivered transparent, regular reporting to the DAO.

  • Aligned the DAO’s strategic interest in UMA governance with tangible economic benefits.

With a continued 15.7% APY, extending the AUVC term could yield an additional 300,000+ UMA in rewards over the next 6 months, further strengthening the DAO’s treasury. These numbers are estimates and cover the staking, voting rewards would increase that amount.

Rationale:

  • Maintains and deepens DAO alignment with UMA governance

  • Strengthens the Optimistic Oracle infrastructure securing the Across bridge

  • Proven results and cost-effective contribution to DAO revenue

  • No change in risk model or operational process

Downside & Mitigations:

Risk Mitigation
Misalignment in votes Active community engagement and reporting; proven past alignment
Slashing High diligence by experienced voters; minimal slashing to date
Committee stagnation

Power Concentration|DAO retains full control to revoke delegation at any time

We will continue to work towards decentralization of the voting power held by Across DAO(2 months was not enough time to achieve this goal). We will follow a path towards a shared vision with Risk Labs. The existence of this committee helps these funds be voted with fairly by a non-Risk Labs entity and builds further trust from communities that rely on UMA.|

Specification & Implementation:

March Renewal 2
March Renewal 2623×414 45.9 KB

The AUVC will initially continue operating using the same infrastructure

  • 3 of 5 Multisig for voting delegation.

  • 3 of 5 Multisig for compensation disbursement

  • Regular reporting on rewards, votes, and slashing risk

  • Active participation in all UMA governance votes

  • Open Discord channel for transparency and discussion

The renewal term will last roughly 4 months, beginning roughly March 10th(or when our previous term funding has run out), unless terminated early by the DAO.

Funding Request & Compensation:

March Renewal 3
March Renewal 3620×413 47.3 KB

We are requesting an additional 20,000 UMA to cover:

  • Gas costs (covers re-staking costs,voting costs are refunded by Risk Labs)

  • Fund management commission (6% commission of earned rewards)

As with the initial term, 100% of all voting rewards go directly to the Across DAO treasury. The teams 6% commission will be calculated and drawn from the UMA funding sent to our team wallet. This funding is drawn from rewards generated during the term, not from DAO reserves. Any unspent funds will be returned should the delegation be revoked. We will work for the DAO until all funds have been distributed and will rely on a renewal to continue.

Past Earnings:

Over the course of our current term each of our 5 team members will have earned 4,000 UMA($2,000 USD) per team member to deliver 300,000 UMA(Roughly $150,000 USD) to the Across DAO treasury. This would work out to less than $19.00 an hour based on putting in 1 hour everyday checking in on discord and reviewing disputes as a team. This pay is low (and continues to decline) for the commitment provided but we all strongly believe in the future of UMA and are willing to take the risk and happy to be involved in this task for the DAO.

Wallet Infrastructure:

  • Voting Multisig (3 of 5): 0x55Cfebb12AB9A0C982057109b14f394dC19abA03

  • Compensation Multisig (3 of 5): 0x1AB83bc391B0bDbc34Ab69D02Bf34f4B643C64F4

Voting Options:

  • YES – Renew the AUVC for another term, continue UMA delegation, Claim staking rewards and transfer 20,000 UMA to the AUVC Payroll wallet
  • NO – Remove the delegation to the AUVC voting wallet. Unstake the UMA.
1 Like
2

This topic was automatically closed 30 days after the last reply. New replies are no longer allowed.