The fact that the team choose to disengage / dismiss the so called āmoonboi / shillerā community is part of the issue.
A healthy ecosystem will encourage plenty of new community onboard, and in crypto the reality these guys are essential to attract new users; bring liquidity, expand token holders and encourage trading and market making.
Lets not pretend this is due to current market conditions; as weāve been in terminal decline for 12 months (both token price and TVL)
The primary issue here is that the token value has been in terminal decline the whole way through the bull market and as such there is inadequate treasury funds to provide a runway during the bear.
Instead of engaging to build the community the team hide on Discord, dismissing a large proportion of the audience that could create healthy price action, bring liquidity and stimulate demand for Idle.
This is the primary reason for the lack of community, lack of engagement and lack of treasury funds and the net result is that token holders who have held the token to 20 cents now also get slashed by 50% on staking rewards.
Iām disappointed about how this thread is revolving around deconstructive comments and attacks on Leagues members, rather than proposing alternative ideas.
This is a lie. Ambassadors have been vocal and actively proposing solutions for more than 1 year now.
It has been a long time that the biggest hands and the most active DAO members have been united in the criticism of BS pilling up in management decisions and structure.
Stop lying. It is not going to fly on my watch.
Are we going to do that by cutting the only arms of the DAO working every day to create value for tokenholders?
Yes, because it is not working, it is not able to create value. Leagues are an autistic echo chamber for their members.
If there was any decency left all League members should resign so that new tokenomics and governance can be put on the table for the DAO.
I hope you can abstract from all the drama here and propose alternative models/numbers that can be voted by token holders. The only proposal I currently see with numbers that can go into a Snapshot is the one from @Biaf, as of now.
@Teo You are held accountable as a coordinator for allowing @Biaf to publish text that is based on research from 2018 and 2020 and a lot of it is questionable/wrong.
Ambassadors tried for months to build better governance and tokenomics.
As today, back then you all kept ignoring reality , doubling down on your own BS and collecting checks, and because of that until all League put their seat up for resignation and Core team steps up to listen and rebuild the DAO, I for the 1st time since December 2019
The community is agitated by this proposal because weāve gone through a 99% dumpā¦ (29 USD was ATH). Many of these community members staked their entire position in $IDLE for 4 years. This is commitment, actioned on, at cost to those who put their faith in you.
This proposal attempts to prey upon those who have put their faith in you. Those who have locked and are unable to move their fundsā¦ It attempts to take 50% (from 50% fees to 25%) of the fees promised to these stakers, and give them to the āDAOā.
The community has no confidence in the āDAOā. As you can see from the above-mentioned commentsā¦ Moreover, the community seems to believe that the DAOās efforts lack transparency, and therefore lack accountability for its results. I certainly believe this.
Possible way to move forward:
Please do not touch existing staker-rewardsā¦ This is very poor form in the leastā¦ and sets the precedence that the team cannot be trusted. Any future promiseā¦ commitmentā¦ will lack credibility.
Show the existing supporters that you are not here to prey on themā¦ You can consider increasing fees for any ānew capitalā which enters the IDLE Protocolā¦ Hell announce that after a certain date āany rewards gained from the capital after XX date will be charged an increased feeā. OR Fuck it, give out NFTs to People who have had IDLE staked before XX date, this NFT will result in itās holder always being able to get the low initial fees from IDLE protocolā¦ This way you get fomo, hype, etcā¦ Of course, these are just thoughts, Iām sure there are other optimizationsā¦
The fact that people who collectively control probably more than 800K $IDLE are saying that they will vote NO, means that they would rather see the DAO starve than keep supporting it in its current formā¦ I believe I speak on behalf of everyone voting no that weād like to see:
6.1 More transparency regarding the various Business Development Initiativesā¦ Are there bizdev trackers that you can make public? Do you guys document your meetings? Are you guys using any B2B CRM? These are things that any tech company uses to track and document their bizdev initiativesā¦ not because itās fun to document thingsā¦ but because it builds accountability, and makes business continuity easy.
6.2 More transparency regarding the Development/product workā¦ Are there product roadmaps trackers? Perhaps a Jira/Notion??? Anything that tracks the individual stories/components that are being worked on that day?
6.3. Since we are focusing on D2D onboarding. Youguys are not doing any marketing, fineā¦ Thus, there is only Bizdev and Product/Engineering that needs to happen. There seem to be quite a lot of roles that should not be needing full-time engagementā¦ Get lean, get focused, or this is ngmi. There is no reason for there to be more than two 'Business" guys on the payrollā¦ and focus the rest on engineering/product.
6.4. You claim that this is a DAO, but it lacks the transparency that other DAOs have. Sushi/Curve/Yearnā¦ all have very publicly available trackers/documentation of what all their members are doing on what dayā¦
This brings me to my last pointā¦ Most of us believe the DAO/Leagues blurs responsibility and accountability. Fuck the dao/leagesā¦ $IDLE is too small and has too little engagement to have an autonomous organizationā¦ When people invest in IDLE, nobody invests in some DAOā¦ we looking at Matt, Will, Davideā¦ and the developer teamā¦ Take centralized ownership, and run this like a proper company. Instead of āCoordinatorsāā¦ have proper full-time or contract people who you track against their KPIs and fire when they underperform.
I know you guys have been trying to raise money since early 2021 to no availā¦ investors in APAC have shared with me your deckā¦ and you know what? I cannot in good conscious recommend them to invest right nowā¦ You need to fix your organization first. Please please please begin heeding the advice of the last few members of your communityā¦ please heed our feedbackā¦ We are staked and locked upā¦ our financial paths are alignedā¦ Work with usā¦ get rid of the dead weightā¦ implement transparent workstreams, goal setting, and proper work documentationā¦be accountableā¦
Same page.
Priority list:
1.Unplug Leagues
2.Fix Legal structure
3.Fix Business dev
4.Fix Marketing
5.Raise Funds
6.Rebuild DAO: new tokenomics and new Governance models.
@Coinballers I donāt agree with this and what you describe is not a shiller anyway
Trying is different than delivering, I didnāt saw proposals posted/voted
@idlehusbandry thanks for your post, this is a well structured answer. In general the āDAOā should not trust āthe teamā and in fact everything as been voted so far and is still being discussed / voted, you can propose to even raise the fee share if you want. There are also whales that may not be willing to partecipate in this, not-so-civil discussion, but still have different opinions.
Thatās what was proposed initially, to increase fees of PYTs and share those with the DAO too, but apparently PYTs fees are not interesting. Ok.
I acknowledge that, but you should acknowledge that people, with probably some more IDLE, and probably some more skin in the game, are telling that what is proposed here is actually a good solution for not see the DAO starve in the coming months
Iām not sure how many people you think are working in the Leagues but currently there are 4 people full time and 1 part time. 2 biz, 1 designer, 1 comm/marketing, 1 dev
Regarding ātransparencyā Iām not sure what do you think the leagues are hiding but there is no conspirancy actually all initiatives are published either in the forum or on twitter. What instead I saw is actually 0 proposal taken from 0 to 1 from anyone outside of the Leagues since Leagues have been established
(btw, side note, if you know what the yearn guys are doing please let me know when they will do the review for our last strategy, as we are waiting )
And yet here we are with a depleted treasury, no community, 500k MC, Idle Tokens worth nothing, zero buy pressure at 20c, harvest still dumping, defensive team and proposed drastic reduction on the main incentive to buy.
Well, as most of you knowā¦ i am not a staker especially not for long period. I literally have multiple reasons for that, not worth to mention
I do agree with multiple mentioned reasons from both parties.
Most important one, something NEEDS TO CHANGE in this dao. We canāt continue like this.
I donāt care if the rewards going down by 50%, but only if the token price goes up by, letās sayā¦ at least 200x .
The TVL goes literally to a few billions instead of millions.
Everyone would be happyā¦
But how to get there?
Yes, the core team needs to listen more to the community.
But the community itself should also come with proposals who we can actually vote on and work with.
My biggest concern still, the core team has the biggest bag of tokens, so a leading vote in every proposal.
How is this a DAO ?
This structure should be different in my eyes.
Yes, the core team should still be able to vote, but not have total control on votes cos having the biggest bag.
Otherwise there is no point for the community to vote.
Itās simple in my eyes, a core team of every coin has one purposeā¦ making money.
But i still feel, this isnāt the only reason for the core team of IDLE. I still believe they want to make IDLE very big.
Itās just hard with so many competitors.
WE SHOULD WORK TOGETHER.
And therefore the team should definitely listen more to the community, especially if itās about making the community wayyyy much bigger.
Eventually thatās where we would all be benefit from.
SO IDEAāS PLEASE
Who Everyone would be happy with.
We need to start clearing out the difference between genuine and constructive critiques and shitposting.
Calling a proposal bullshit and Leagues members lazy or assessing that everything we say is a lie is not attacking? Saying ādevs now run all decisionsā (like, dev are just there for shipping and answering to āwhen is the next upgrade?ā, āwhat is being built next?ā, āgive us an update!ā no?), is not an attack/disrespect?
We have three options available, the three Cās: you can collaborate, you can compete, or you can complain. Only the first two of those options are meaningful in any way.
Less insults, and more concrete alternative proposals or specific input please. Toxicity isnāt going to get you the results you want.
Regarding the points that have been raised:
The governance forum has been open to anyone since the beginning of the DAO, although I havenāt seen a single proposal coming out regarding the ādifferent thingsā that you mentioned. If you have other references, please share them, but I donāt see any post in this forum linking to these āeffective plansā. Happy to be proved wrong.
Have you thought that giving out 50% of DAO revenues to stakers at a very early stage of the DAO instead of investing in growing the Leagues (which is in part going to marketing budget) could be the issue? Probably the best way to build runway during bull market was to retain all the performance fees in the DAO treasury.
Discord is open, and everybody can join; I donāt see anyone hiding. And the last sentence is peculiar, āstimulate demand for Idleā ā thatās the only thing that matters for you? more people buying, thatās it.
We are building structured DeFi products, and we want to create and stimulate demand for our products. The token has been launched for governance purposes, and whatever is and will be its trajectory, it will always have this feature. The active community should be who actually want to use our products, not those who only want to use the ānarrativeā of our products to make money.
Can you point me to a proposal in this gov forum from Ambassadors that lays out these solutions? Calling out what you think is bullshit during community calls and checking on what every Leagues member is doing is different from actively proposing solutions.
Again, appreciate for the structured comment with assumptions+next steps @idlehusbandry; thanks!
Like any tech company, Leagues have a B2B CRM; but like any tech company, the CRM is always changing depending on conversations with partners, changes in priorities or release schedules. It would be misleading if public. If you need to have accountability for biz dev, why not looking at the actual partnerships that come out from Idle DAO like Lido, Olympus, pNetwork, APWine, Alchemix, VeToken, GnosisDAO to mention a few (just looking at our recent Twitter feed)?
We do have a public roadmap that is available to anyone and can be discussed with the community; however, I donāt think other DAOs share granular trackers for day-to-day tasks (since, again, priorities can quickly change in growing organizations). If you look at Yearn as example, only Doers/Trusted Contributors (same as Leagues members). can access the private contributorsā task board
Either way, our Github repos are public and auditable, you can see what the Dev League is doing by just looking at the latest commits.
Thereās no need to take centralized ownership; thatās what Coordinators will already do for Leagues members while allowing decentralized governance of the structure: setting KPIs and tracking them against the Leagues to ensure accountability without giving this burden to all the DAO. The current mandate (M2) is not finished yet, and the next report will lay out what will change for M3 in regards to the achievements.
Thanks for this feedback. Although everything about Leagues is already documented in this forum, I always strive to improve this aspect. Creating clear and connected containers for the information circulating across and around the DAO/Leagues is vital when working with decentralised decision making. Leagues are designed to evolve, upgrade and update as we continue to discover more complexities and new behaviours. Standards and procedures arenāt static.
I disagree with this as itās been established a policy for the core team at the beginning of the DAO to avoid this situation. Please check it out before getting to wrong conclusions.
Further than all of these considerations, this thread is clearly going outside its initial scope (āfee sharing distribution and performance fee updateā).
The team has not been defensive in any way, as we have always been here (like today) to discuss the proposals and bring our thoughts to the plate. Itās an open discussion, but if Leagues members donāt share some points brought here, it doesnāt mean itās ādefensiveā but rather open to talking and exposing with the tokenholders.
The only way I see this conversation moving from an endless passive-aggressive back-and-forth to an actionable state is:
Get this proposal to Snapshot and vote. Thatās the only way for the DAO to really express, and not only rely on a demagogic attitude of āthe loudest is rightā. So if anybody here has other concrete options/numbers for the āfee distribution policyā (aka weights for stakers/rebalancer/treasury), feel free to share it; otherwise, we will spin off a Snapshot poll with ānew weightsā or āleave it as isā options.
Bring the Leagues feedback (accountability & others) to the āLeagues M3 postā. We always discuss achievements, priorities, goal setting, and new structures in this post every mandate, and we will be doing that for this mandate as well.
Letās Vote eventually thatās where voting rounds are for.
Why should we otherwise bring it up to vote if it where only proposals who passed anyway.
I donāt think this discussion is wrong, but just a good wakeup call, hopefully both parties understands and keep up the discussion aliveā¦ with respect.
As a smaller community member all i see from the team is complete denial.
An inability to acknowledge a flawed narrative and a doubling down of a failed approach and outdated mindset.
The communities only hope lies with stronger individuals like yourself and the other three whales that have been trying above.
Please group together and come up with a plan to save our asses as we have so much on the line and its being destroyed.
The discussion has heated up pretty fast. Letās try to find a common and shared view about the two topics discussed here before voting:
Increase the current performance fee on PYTs (from 10% to 15%)
Update the fees distribution policy
Increase the current performance fee on PYTs
For point 1, the main concern raised was
As mentioned by @William the average APY for PYTs is way higher than the one for Best yield, hence we could expect that the change does not influence too much the yields generated. In addition, as it results from my summary analysis of fees charged by competitors, this change would only align us more to the market standard. We are not proposing anything extreme in the DeFi space.
The fee update on PYTs moves along with other changes affecting this strategy. @Davide, for example, here is proposing an update of the APY split mechanism to all existing PYTs. The new AYS method should allow an easier onboarding of new capital.
Given, the original analysis and the additional comments, I am personally 100% in favour of this change. I think is a strategic move to let DAOās treasury be healthier. Itās important to remember that fees on the BY strategy are captured only when capitals are redeemed, while on the PYTs side we could count on fees collected at every harvest creating a more stable flow of revenues.
Update the fees distribution policy
The majority of the discussion relied on point 2, i.e. the update of the fees distribution policy.
Being an Idle DAO member and staker, I share part of the concerns here.
I do understand the point that changing the conditions when a lock is in place is not ideal.
Nonetheless, I do think we should definitely rethink the fee distribution rates. Sooner or later, the locking periods in place will end and itās smart to start now a change. In the current state, the policy is basically crippling the possibility to create a sustainable treasury in the long run. Iām not speaking for a personal return as a League contributor, but instead with a strategic view as a DAO member.
As some DAO members pointed out, the Leagueās framework has some frictions that should be addressed.
@Teo is drafting the new M3 proposal that will be the best place to discuss the accountability issues raised.
This proposal instead was intended to try to give some oxygen to the Leaguesā funds in the short run. For this reason, I see the fee distribution change as a temporary measure (1 or 2 mandates) to address partially the issues arisen during this bear market. This change hence can be subject in the future to a new vote to modify again the weights.
I think we can all agree on decreasing the amount of fees routed to the Rebalancer
The number of fees budgeted to sustain the Rebalancer was set up too high. A cut on its share shouldnāt affect negatively the capability of the Idle protocol to sustain the maintenance costs of its strategies. This change alone would move the current Treasury share from 20% to 35%.
I would instead leave to a vote a possible reduction of the fees routed to stakers to be shared instead with the Treasury. Treasury that for the time being has been mainly used to fund Leagues, but that is at the disposal of every DAO member.
As a closing remark and for a matter of transparency, I would like to point out that starting from 2021, Idle stakers received roughly ~$225k worth of rewards (considering the $ value at emission), equal to ~123k $IDLE tokens. In the same period, Leagues were funded with around $150k in stablecoins.
Iām keen to hear your feedback on these three points:
Opinion on the performance fee increase for PYTs (10% ā 15%)
Opinion on the change of the share of fees distributed to the Rebalancer (30% ā 15%)
Additional ideas on how you would change the current distribution policy if you have any. If not, we will just vote on it.
Please letās add comments only revolving around these three points. Your inputs will help in setting up a snapshot that can effectively measure and showcase the DAO sentiment on these updates. You can find a draft below.
Snapshot
Question: Do you agree to update the current fees distribution policy?
Answers:
Agree with the change in the Rebalancer distribution (30% ā 15%) and Stakers distribution (50% ā 35%)
Agree with the change in the Rebalancer distribution (30% ā 15%) and Stakers distribution (50% ā 25%)
Disagree with every change and keep the distribution policy as it is
)
