Welcome to the AmpleSense DAO Community Hub Forums General Conversation The AmpleSense DAO: Should it play a role in Ampleforth protocol governance? Reply To: The AmpleSense DAO: Should it play a role in Ampleforth protocol governance?

  • davoice321

    September 30, 2020 at 03:58

    Thanks for your comment.

    First, this is a good opportunity to take a step back from the current debate about decentralization and take a look at the problems we all know the Ampleforth and other elastic protocols face:

    1. Uneven Demand: These are young protocols, prone to instability. The cure for this is simple: increase demand by aggressively developing unique and high-value use cases for these cryptos beyond speculation and liquidity mining.

    2. Lack of knowledge and understanding: We saw during the first big burst of demand for Ample in July that people really had a hard time understanding how to use Ample, what is for it’s benefits, etc. — they still do.

    There is a need for urgent action to address these issues.

    The AmpleSense DAO was established to address these concerns. As we outline on our home page at amplesense.io, the DAO’s primary goals are to: “drive broad global adoption of products, services and applications utilizing Ample; forge alliances with others interested in growing the global elastic finance (#EeFi) economy.”

    A secondary goal is to improve education and understanding about elastic finance assets so that users, investors and others make better decisions about them.

    Now, nowhere in that mission statement is there any discussion about utilizing this ecosystem building and educational organization (the DAO) to make decisions about how Ampleforth is governed at the protocol level.

    In fact it would be inappropriate for the DAO to seek to involve itself in these protocol governance efforts — except as a sounding board and advisor to the team, if they wish to involve the DAO as community representatives.

    First, the core development team has mentioned several times that it will be taking a governance-lite approach to the Ampleforth protocol.

    Second, while they may have some activity in the ecosystem development arena, their concerns and areas of focus may differ from what the community is interested in pursuing. The the pace of these development efforts may be slower than what the community may demand. This is especially because they have announced that the bulk of the Ecosystem Fund is meant to support liquidity mining over the next ten years.

    The AmpleSense DAO is needed to step into this gap and provide an independent and community accountable source of investment into the Ampleforth and larger elastic finance ecosystem. And, we are needed to create a more robust and widespread communication and educational effort around elastic finance and the benefits of these assets in DeFi and beyond, in inventive and unique ways.

    An organization that is transparent, accountable, visible, trackable and independent is of significant value in terms of developing these assets and aggressively growing the ecosystem.

    In that context, there is every reason that the AmpleSense DAO should exist — independently from the core development team.

    Let the core development team develop — what may be a very lightweight governance system to let the community help to manage issues related to the protocol’s governance. That’s in their power, and that’s their responsibility.

    Let the community step in to aggressively develop products, services, communications, marketing, education and applications that serve our needs and are developed at the pace the community demands. That’s in our power, and that’s our responsibility.

    The Ampleforth core development team will handle governance on its own terms and decentralize the protocol in the way they see fit.

    The AmpleSense DAO will focus on aggressively building demand, utility and education for elastic finance assets, including Ample, in ways that meet the community’s wants and needs.

    Doing this will require the AmpleSense DAO to be:

    – A separate organization

    – Have seperate goals

    – Serve separate masters (the community)

    – Have separate funding: so the DAO can act when and how it needs to.

    I hope I’ve made this distinction clear. Thank you.

    • This reply was modified 1 year, 7 months ago by  davoice321.