In the June report, we have announced that the public DAO test started on June 28. After a fast-paced and fruitful test process (which we again thank the participants for), we announced the mainnet launch, which was executed successfully on July 15. This has been the most financially ambitious achievement of the project, and surpassed the public token distribution in its scale. This is the second project-scale milestone that the core technical team has achieved after the delivery of the pre-alpha version of Airnode, and we see it to be our mission to deliver similarly long-running and mission-critical projects.
People are used to see an official roadmap on a project’s website. No matter what the reason is, unfamiliarity breeds stress, and most people avoid this at all costs. In contrast, all worthwhile things are different, and the game is to figure out if things are different because they are good or bad (protip: most different things are bad).
So, why don’t we have a roadmap? Because a roadmap is a time-critical promise, and no one has the power to make such promises in a decentrally-governed project, especially multi-year ones. …
Interpreting a decentralized project
With the migration to the authoritative DAO where the governance is entirely and permissionlessly based on the API3 token, a lot of the concepts that comprise the entire foundation of a typical blockchain project will become more subjective.
API3: The DAO & Staking, Part IV
We had discussed the purpose of the staking mechanic in the first post of this series. To briefly summarize, it incentivizes token holders to participate in both the decentralized governance of the API3 project and provide collateral for the insurance products that will be built to provide quantifiable security for the services that API3 will provide.
How does one stake? Are there any requirements?
Once the authoritative DAO is live on Ethereum mainnet, all API3 token holders will be able to deposit their tokens at its pool and stake them. This will grant…
In the previous month’s report, it was mentioned that we were awaiting the final audit reports for the DAO contracts. We’re happy to announce that all three audits from Solidified, Quantstamp and Team Omega are now finalized. This ended up being a usefully diverse combination, where Solidified gave an initial vote of confidence, Quantstamp provided a broad coverage, and Team Omega was much more DAO/governance-focused and went even beyond the scope of a regular security audit
We have achieved a feature-complete version of the DAO dashboard this month, which supports three main user flows:
I’ll be publishing opinion pieces about API3 here and post them on my Twitter to create a sort of an RSS feed
I’m already writing a series for the API3 Medium publication that describes the authoritative DAO in great detail. I want that to be the definitive blueprint to the API3 DAO. That’s why I didn’t mention the development process there, as that can’t be recounted objectively.
Each time I lose a great deal of sleep over something, I later end up finding out that I’ve learned a lot from it. That’s because the reason I can’t sleep is not…
We’re at the end of the first month of our third cycle. This month has been a particularly productive one regarding DAO development, which has also interrupted the DAO & Staking series (1, 2, 3). Although I’m planning to finish the series to serve as a definitive reference for the motivation of the authoritative DAO implementation details, this may end up happening after the authoritative DAO launch.
In the previous month’s report, I had mentioned that replacing the Serverless Framework dependency at the Airnode deployer in favor of Terraform could have been feasible. This will allow us to port Airnode…
This is the final development report for cycle #2, following the February and March reports. See the DAO & Staking Part I post for the state of the development on that front. I’ll be keeping this report brief and factual and focus on the rest of the DAO & Staking posts as there is a lot of material that needs to be covered.
In the March report, I had mentioned that the new Airnode deployment file specs and flow had been established that will support multiple simultaneous deployments across different cloud providers and regions. This month, the deployer package is…
API3: The DAO & Staking, Part III
In the absence of a consensus mechanism, immutability is required for smart contracts to be trustless. DAOs are commonly used to provide this consensus functionality at the smart contract-level to update parameters of a decentralized application, and even upgrade entire contracts without having to resort to centralization. Although this is the main reason for being for most DAOs out there, today, we are experimenting with a far more impactful use case.
API3 is a first-party oracle solution, which necessitates significant business and integration operations — in the real-world, the “meatspace”, not the blockchain…
API3: The DAO & Staking, Part II
Ever since its conception, API3 has been governed over by DAOv1, which has secured the investor funds, public distribution proceeds, and most importantly, the ownership of the API3 token contract. It has even topped the Deep DAO chart for a while now.
Making first-party oracles happen at API3