Instructions:

Please respond to the submission template below by replying with your answers.

Name (organization or individual): Synthetix Ambassadors

Wallet Address or ENS: arbitrum.snxambassadors.eth
0xf18E9799ef294079ec3C312f8940741f0A03d952

Tally Profile URL (create a profile here 3.8k): Tally | 0xf18E...d952

What area are you most interested in contributing to? choose up to two tags: Any

• Public Goods funding
• DeFi development on Arbitrum
• NFT development on Arbitrum
• Gaming development on Arbitrum
• Improving Governance participation
• Supporting Infrastructure
• Tooling, Improving protocol decentralization
• IRL Arbitrum community gatherings

Please share your stance on overall goals for the DAO:
eg — how aggressive should we be in liquidity mining, what is the goal of the DAO?
Please share your stance on issues that were raised previously, in other communities, as described below:

Opening up new chains creates new frontiers to explore. However, without settlers, the vast technological and spatial resources are of little worth. The DAO’s main objectives should include securing the protocol and expanding the number of active users by fostering a strong community and supporting developers who build on Arbitrum. It is crucial to attract users, assets, and productive activity to the chain as they are the driving force behind its value. Therefore, the DAO’s resources should be primarily devoted to enticing users and assets to Arbitrum.

• Uniswap planned to use Flipside to attract new users to Uniswap through bounties. Although the program outline and funding was fine, the proposal was contentious because it gave Flipside crypto too much control over allocating UNI to bounties and oversight of the entire program.
• For instance, Flipside had 3/7 seats on the allocation committee and 1/3 seats on the Oversight committee. There was also concern since none of the other analytics service providers were involved in the proposal.
• This proposal flew under the radar but at the 11th hour got very heated. Large votes from university clubs supported the proposal since they would get a seat on the allocation committee. However, Dune and Leshner spoke up about the issue because of the centralization of power and favor of one service provider.

Prompts to Answer:

We would have voted No for the following reasons:

** 1. The committees managing this grant have a potential conflict of interest in paying themselves a share to fund their operations.**
** 2. The 50% management fee appears to be excessive, and there are concerns regarding the lack of clear explanation for the estimated 30% APR.**
** 3. Some comments suggest that this estimate may not be conservative. To address these concerns, it would be beneficial for the committees to provide their models to enable people to reproduce their findings.**

What amendments would you make to the proposal if any?

1. We found their proposal to use Uniswap’s treasury to generate fees and fund operations to be a good idea. However, our concern lies with the potential conflict of interest resulting from Flipside being contracted as both the vendor and manager of the funds and yield strategy, as well as having significant decision-making power within the committees. This should be the primary area of focus for any proposed changes moving forward.
** 2. Although the proposed Community-Enabled Analytics (CEA) would be valuable to the Uniswap ecosystem, there are many potential service providers that were not considered in the proposal.**
** 3. Furthermore, the fact that universities like MIT and Upenn voted yes and would be receiving committee seats raises questions about the proposal’s integrity. The proposal stated that two individuals from university blockchain organizations would be identified and announced post on-chain vote to avoid influencing voting, yet it appears they voted yes as seen on-chain.**

FEI RARI Hack Reimbursement: In April 2022 Rari was hacked for 80M, a vote was passed to reimburse those affected. Then in May 2022 another vote to refund the Rari hacked was brought forward this time it was not passed.

Prompts to Answer:

Outside the flipping of the vote, how would you choose to handle this situation?
i.e should parties be reimbursed for an exploit or not? (Please choose one of the below options and then elaborate upon your reasoning)

The occurrence of protocol hacks is always a highly unfortunate event, and determining the appropriate course of action can be challenging, given the circumstances surrounding the hack. However, it is essential for a protocol to acknowledge any shortcomings and take appropriate measures to ensure its long-term success, without delving too deeply into the issue at hand. We have observed multiple cases where protocols had bugs resulting in the loss of user funds, as well as users utilizing protocols in unexpected ways that led to fund losses. In each case, we exercise caution and conduct due diligence to assess the nature of the bug, the users impacted, the overall risk to the protocol, and determine the best path forward to position the protocol for success.

Languages We speak and write: English, Thai

Disclosure of Conflict(s) of Interest:

The Synthetix Ambassador Council is composed of five members who are signers on the snxambassador.eth multi-sig, and we oversee governance for many ecosystem protocols. We are currently active Delegates for several DeFi projects (including Optimism) and have experience in submitting and deploying governance proposals and staying up to date on broader governance matters. We also have access to resources within the Synthetix DAO for purposes of protocol integrations.

Our current signers, who’s twitter handles can be found on @snxambassadors profile bio, are made up of a combination of SNX Core Contributors and long time active Community members who are well versed in the operation of Synthetix and other DeFi/NFT projects.

We have a diverse set of skills that include Protocol/Governance analysis, user acquisition strategies, varying degrees of DeFi integrations, general marketing/communication skills and a wide range of other abilities in web3 and DeFi alike.