Eco Association Update: August 2023
Eco Association Update: August 2023
Welcome to the Eco Association’s monthly newsletter. We cover developments in the Eco currency protocol and the broader community.
But first… heading to Permissionless in Austin (Sept 11-13)? We’ll be there — and we’re hosting an event we’d love to see you at. Hit us up if you’re going to be in town.
All right. Let’s get to it.
Beam Wallet ⁜
ICYMI, the Beam Wallet launched in July — as covered in last month’s update.
As a refresher, Beam is a dead simple non-custodial wallet focused specifically on payments—and as a result of its ease of use, people seem to have taken to calling it ‘Onchain Venmo’.
If you haven’t already, go check it out for yourself at beam.eco.
A big focus of the Association’s in the month of August was building on the post-launch momentum and helping promote Beam, as well as amplifying the incredible set of technologies on top of which it is built.
A few highlights:
ENS hosted us, along with the Beam team, on ENS Office Hours for a meaty conversation about Beam and how it works under-the-hood.
We spoke about Account Abstraction in Action with StackUp & the Beam team, and about sending crypto over text with Peanut.
Annika & Andy also wrote threads about the Superchain vision & Ethereum’s rollup-centric future — Annika’s, Andy’s — and how, today, Beam is building towards that future with a feature called “Supersend”.
Finally, we surpassed 1,000 Beam Names registered — in-app usernames that are ENS subdomains on Optimism — and the Beam team held a contest in celebration.
Our first grant! ⚡️
As mentioned in our July update, we recently launched the Association’s first ever grants program.
The deadline for the first grant, seeking a Beam Dashboard, has now passed and a winner has been selected.
Congrats to @superamscom on winning with this dashboard submission, where anyone can check out Beam’s onchain metrics 🎉
Honourable mentions go to @siglrami, @afonso__diaz, @Azin28528660, @crunchesofoats, and Salva 🏅
With this grant, we received several submissions from contributors completely new to Eco — and we’re excited to welcome these builders into our community.
Community Governance ⚖️
Eco Community Governance runs in two-week cycles called “generations”. This section summarizes any governance proposals enacted in recent generations.
In Generation 1021, EGP #010, Bind Static Market Maker to Trustee Subcommittee Multisig was passed. Here is the forum post. The proposal enacted the creation of a subcommittee of Trustees to manage a protocol-owned swap contract on Optimism.
Generation 1022 passed without any governance proposals.
Monetary Policy Governance 🧮
As described in the Monetary Policy section of the Eco whitepaper, Eco Trustees vote to enact a policy every two weeks (i.e., each “generation”).
The monetary policy levers currently available to the Trustees are:
Linear supply change (also known as “rebase”)
Random inflation
Interest rate lockups
In Generation 1021, a 10% APR lockup (120 days) was enacted.
In Generation 1022, a 7% APR lockup (120 days) was enacted.
Generation 1023’s monetary policy will be enacted on Saturday, September 2nd. Subscribe to our Telegram channel to get live updates when new policies are enacted.
Happenings & Shoutouts
🃏 We held Eco’s first JokeRace — JokeRace is a platform to create contests for communities to make, execute, and reward decisions. The Beam Wallet was an excellent test case for us in experimenting with JokeRace.
📲 Our very own Dave Clancy was a guest on Crypto Coffee Pod’s “What is the future of digital assets?” panel — listen here.
⚖️ In last week’s Community Call, we covered the Trustee model and how it works. KYEP for details on next week’s Community Call, which will serve as Part 2.
This email is for informational purposes only and all token-related updates are compiled from publicly-available sources (as described below). It should not be construed or relied upon as financial advice and it is not an offer or recommendation to buy or sell any asset or enter into any transaction. The development and operation of the Eco network is decentralized, so any protocol upgrades discussed above that have not yet been implemented remain subject to community governance approval. Nothing in this email is confidential and all material information contained herein is publicly available to members of the Eco community through its Discord, community update calls, independent third party websites, on-chain transaction records, and other open channels.