Across UMA Voting Committee – Renewal Proposal - V2

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

Previous Term Start Date: December 11th 2024

Projected Renewal Date: June 11th 2025

Related Discussions:

Related Documents:

Summary:

This proposal recommends renewing the Across UMA Voting Committee (AUVC) for an additional 3-month term. Over the past 5+ months, the AUVC has generated over 300,000 $UMA in rewards for the Across DAO and is on track to deliver approximately 313,000 $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.

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:

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  • $UMA Earned: 300,000+ (projected 313,000 by term end)

  • Voting Record: 97.97% correctness. Soon to be 98%.

  • 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 300,000 $UMA in 5.75 months.

  • Maintained 100% participation in UMA votes with 97.97% correctness.

  • Kept slashing events to 10 in nearly 500 votes.

  • Delivered transparent, regular reporting to the DAO.

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

With a continued 16.9% APY, extending the AUVC term could yield an additional 130,000+ UMA in rewards over the next 3 months(97,000+ in Staking rewards and potential for 35-40,000 in voting rewards), further strengthening the DAO’s treasury. These numbers 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. We will follow a path towards a shared vision with Risk Labs.|

Specification & Implementation:

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The AUVC will initially continue operating using the same infrastructure with some minor upgrades:

  • 2 of 5 Multisig for voting delegation to be increased to 3 of 5 Multisig.

  • 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 3 months, beginning June 11th 2025, unless terminated early by the DAO.

Funding Request & Compensation:

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We are requesting an additional 10,000 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.

Over the past 6 months we’ve dealt with 2 reductions in rewards and a significant drop in UMA price which has diminished our commission earned. Rewards started at 27% and are now reduced to 16.9%. UMA price has dropped from $3.58 on our start date to $1.11 on May 31st.

Each member on average earned 20 UMA per day, which at the start of our term would have equalled $72.97 USD per day and is now equivalent to $22.62 USD per day. We considered increasing our commission, but we are willing to continue at our current rate and hope for future success of UMA.

Wallet Infrastructure:

  • Voting Multisig (2 of 5): 0x55Cfebb12AB9A0C982057109b14f394dC19abA03 to be increased to (3 of 5) Mutisig before renewal date

  • Compensation Multisig (3 of 5): 0x1AB83bc391B0bDbc34Ab69D02Bf34f4B643C64F4

Voting Options:

  • YES – Renew the AUVC for 3 months, continue UMA delegation, and allocate 10,000 UMA for operational needs.

  • NO – Remove the delegation to the AUVC voting wallet.

1 Like
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I support this and especially the commision, because honestly its a lot of work that’s being done. They’re not simply clicking the buttons there hoping to hit the “correct” outcome. Lot of time spent researching.
3/5 is great too as an indicator of liveness.
I think community would also love to see frequent reporting on individual or group of results after the outcomes are settled. The more often the better. We already have AUVC channel on dc.
I’d even argue we need higher maintenance fees for the committee members.
GL

1 Like
3

I’m supportive of a shorter term so that it will provide some time to work out the decentralization problem. I would have wanted a clear deliverable on reporting. Can the AUVC create (or fork) a Dune dashboard to show how the committee is performing and what rewards are earned, etc?

4

Thanks for the support! We will explore if Dune is an option. Also willing to increase the frequency of our reporting and share as much data as we can.