DAO Secretary Summary thread

Summary for December 2023

Hello everyone!

Hope we all had a pleasant and amazing holiday season.

This was the first month in my role as DAO secretary, and it was pretty exciting to say the least :slight_smile: Below I’ll share a short brief on tasks taken up as the DAO secretary.

  1. Created a detailed marketing brief for the marketing agencies to follow and take guidance from. It included all current events and established narratives for the bi-monthly period on Hydra Chain along with a specified target audience request. This was shared in the Dec / Jan Marketing thread too Vote for your Favorite Marketing Agency - December 23 / January 24 - #7 by planetoid.

    There was a decent amount of coordinating / answering questions and helping with understanding points about the brief and about Hydra Chain in general, to try and make sure that the fundamental information posted on social media and various other channels is accurate. This will be continued on a regular basis so that the agencies have a direction to follow. Any input / feedback from the community on this aspect is also greatly appreciated (Especially with any ideas to add to the plan at the beginning of the Month).

  2. Discussed with and invited a new marketing agency (QuickShock) to participate in the next round. While discussions are still in progress to address questions about the chain and our objectives, I’m confident that they are eager to join the fray. I will share confirmation on this in the coming days.

    QuickShock is a crypto marketing and PR firm established in 2017, with around 300 clients including Polkadot, Huobi, Elrond (Multiverse X), Bybit, Mexc, Gate, 1inch, Xsolla, Safepal to name a few and provides services like PR & content marketing, Influencer marketing etc.

  3. Researched on the Liquidity Mining incentives delivery method for the Hydra / Lydra / USDT liquidity pool on the Ethereum chain. I have personally tested the entire flow using the actual system that the Sushiswap DEX uses for incentivizing Liquidity Providers.

    The incentivizing system, named Merkl and developed by Angle Labs, is a pretty straightforward platform wherein Liquidity Providers can claim their LM rewards with ease, which reduces overheads for our DAO. (We will not need to develop a separate tool just for disbursing LM rewards on the ETH Chain, therefore saving costs). Will be sharing complete details on this in the coming days. Will also be coordinating with the Hydra core team, to begin bridging some Hydra and Lydra tokens to Ethereum.

    P.S. This did involve me using some personal funds to test the flow (which is fine at this stage)

    In my personal opinion, it would be a good idea to create something like a mini operations account with some funds which can be used for such purposes and other mixed ad-hoc items of DAO interest / expenditures, like accounting, legal expenses, blockchain fees, testing etc… The spends on these items I’ve mentioned do not necessarily have to be on a fixed monthly basis, however It would be a good idea to start collecting maybe around 2k or 3k a month and use it whenever we, the community, deem necessary. Will be sharing a proposal on this in the coming days.

  4. Researched on the process to create a legal entity for the HydraDAO (a foundation or DAO wrapper) which is basically required as a legal structure to manage compliance, hold the treasury, protect DAO members from any liability etc, while allowing the DAO members to vote on DAO activities and usage of the treasury.

    I’m currently investigating with four different legal firms that can help us initiate the process to register and manage the foundation, primarily in the Cayman Islands in my opinion. Will review all associated costs and procedures along with annual costs and requirements to maintain the Foundation and choose one of them which is cost effective and covers all bases. As this involves some costs, I will be sharing a proposal on this in the coming days as soon as I’ve gathered all the necessary information from them.

  5. A work in progress is the testing of the Gnosis wallet system for various transaction types that the DAO treasury wallet would need to be capable of performing, like adding and removing liquidity, minting, and burning Lydra etc. I will share an update on this once I’ve completed testing and then begin adding the admins.

In closing, I’d say even with the holidays around, it was a busy period, and got a lot of the groundwork done for implementation of approved proposals and paving the way to move forward.

Onward and upward :rocket:



Great work for such a short and special period. Well done Myra!

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Great work, Myra. I like what I read. Thank you for your important work!

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Very good job Myra, you are the best :wink:

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Hey guys! I wanted to share an update on point 2 in the above summary

For now, QuickShock will not be competing for a share of the budget in the upcoming period of the Marketing budget allocation vote due to certain internal policies regarding accepting a projects native coin as payment.

We will have to revisit this in the near future if and when the DAO will have alternative methods of interacting with third party companies (After the foundation has formed)

As always, will keep everyone updated :slight_smile: