I feel that some of these topics will need an "explain it to me like I'm a 5yr old" approach, maybe they should all start with that intro, as often I am confused by basic terminology and concepts that are being discussed in a, sometimes, "jargonesqe" manner.
Take for example the LP question, I have read your posts and others on the topic, delved into the comments and I feel some basic concepts and ideas are eluding me. For example, the use of the term "Liquidity mining" may be packed with meaning for some, for others, myself included , it goes over my head a tad. I use LP's on BeeSwap and in-game, and I understand the general idea, but the benefits of the alternatives proposed have not sunk in to the extent that I feel I can mentally juggle the concepts and evaluate the pros and cons.
As these proposals and votes affect all stakeholders, I feel it would go a long way to bring more into the conversation in a meaningful way if the aforementioned approach prefixed these proposals.
I appreciate the work you have already done to explain things. Your piece(s) on exchanges is a very good example, you illuminated the topic and laid the real meat of the issue to bear, thank you for that.
Tournaments will be an emotional topic, and an important one, consensus needs truly informed opinion, not tribal or reflex voting.
Please don't take this as any form of criticism, it is just a plea from someone who wants to make good decisions based on proper understanding. I appreciate your educational efforts to date and applaud your neutral matter-of-fact approach
I always view myself as "Mr Average", not super smart but not dumb either. I will put some effort into background reading and self-education, if I feel the topic is important/interesting, but I won't pour through reams of background, my knowledge is built up piecemeal over time, so there will be gaps
The DAO is the stakeholders, we all need to raise our respective bars and make wise choices
P.S @acidyo post is interesting and possibly relevant in the consensus forming process
https://peakd.com/hive-139531/@peak.open/open-polls-protocol-initial-version
That's a good suggestion. I've actually been thinking about laying out a few potential "gameplan" type options for how to approach LPs and LP inflation going forward. I think we have a few viable options that could work to build value for the DAO. I'll do my best to break things down a bit further in that post.
For now I'll try to ELI5 what "liquidity mining" means for you here:
If you look at the way our LP inflation (rewards) are currently working, we essentially pay people to stake some funds into an LP and "mine" the rewards by staking them there. It's a bit more complicated than this but the ELI5 would be to think of our current approach as using LPs as a proof of stake mining system. People stake tokens in, get our tokens as a reward.
What's really bad about this approach is that it has no long-term benefit for the DAO. It's nice while it works, but after the inflation runs out we have to either figure out how to keep paying people to keep liquidity there, or figure out how to provide some liquidity ourselves. My suggestion is we skip the next 3 years of printing SPS to ultimately own nothing for it and instead adjust our approach to LPs in a way that benefits the DAO.
For example we're sitting on millions of dollars worth of tokens. We literally have more idle liquidity sitting in our DAO than all of our LPs combined. Instead of printing roughly 100k USD worth of SPS a month to rent that liquidity from other people, we could just provide it ourselves. That cuts the spending and also allows us to take what is currently an expense and turn it into potential revenue generation as the DAO would start earning the trading fees from the pools as well.
The goal is to make the DAO more sustainable long-term. Cut some of the needless spending and start looking for ways that the DAO can ultimately generate some funds. This will allow the DAO to do things like fund future rewards once the white-paper inflation is finished or hire employees (like me :D ) or for whatever else the DAO decides it wants to spend money on. Hopefully this makes it a bit easier to understand.
I think of it like we're currently carrying some extremely high interest credit card debt (some over 40% APR) while we're sitting on more than enough money to pay off all of that debt and paying it off would actually create perpetual revenue sources.
Thanks, that was indeed very useful, and it did help crystallise and clarify my thinking on the matter.
When you put it like that, it is actually a no-brainer. no?
It seems crazy that we are not doing this now