I believe that blaming and proposing to extinguish the Leagues structure for the current results is missing the forest for the trees.
Every single major DAO in the space has adopted a subDAOs/PODs model over time, while we decided to do it from the beginning, anticipating that a disorganized DAO wouldn’t work. And now we need to get rid of it? Simply put, if a football team doesn’t win the championship, it changes players/coaches, but it doesn’t erase the actual football club or remove it from the tournament. It’s no sense.
I see and second @william’s point to chose violence for the reaction you’re having, I agree with it because this way of “participating in governance”, but not in the trenches helping fight, instead on the throne as a dictator simply shouting orders while plebian developers need to execute must end.
There is no value at pointing fingers, generalizing everything to price performance (which solely show speculative participation, and btw, have you seen what’s happening in the WORLD and not only in DeFi?), and scapegoating the Leagues structure (which is the only way for this DAO to build growth and scale).
We are open to public (as always, and we were actually in the process of, as we did at the end of every single mandate) the priorities and goals, the roadmap, and the composition and expenses of the Leagues.
It was in program for next week to discuss other 2 main initiatives with the DAO:
IDLE liquidity mining reduction: @Biaf wanted to present a review of the current liquidity mining to give some next steps on its reduction and discuss a possible adjustment for the one dedicated to Gauges;
M3 Leagues goals and structure definition: @william and I wanted to propose a review of M2 mandate and changes that could be applied for M3, keeping in mind that we need to review expenses and focus the efforts on what is generating value for the DAO. A non-complete list of goals/improvements is:
Simpler, faster, and more intuitive dashboard, reducing maintenance and overhead costs. This will allow product suite users to really enjoy using BY or PYTs every day.
Prepare BY/PYTs next iteration
Simplify the product offering. Continue iterating, testing, and experimenting with the new PYTs design (Adaptive Yield Split), taking new yield sources to production, and ultimately implementing into the current BY a wider yield spectrum (thanks to PYTs Seniors, which will maintain BY’s high-security standard).
Build up B2B audience
Keep focusing on automation and support for integrators, both downstream and upstream. Build better tools, documentation, and tracking. Restore and grow TVL from there.
It was already in the plan for M3. Actually this/next week is planned to give a good adjustment to IDLE liquidity mining. But you know, all of this drama require time, and the process of drafting/reviewing/finalizing it get delayed for this kind of things. We also want to rethink the Gauges model, possibly assigning more weight to it as different partners are willing to participate.
Maintain our high security standards
Of course, continue building a resilient product suite to provide the most attractive risk-adjusted yields in the market. A DeFi protocol operating since 2019 without any hack/loss is a unique phenomenon. And we will keep maintaining it via monitoring, peer reviews, audits, risk framework, testing, and simulations.
Grow brand and community of users
Focus on Twitter communications with small, contained research efforts to explore new channels, continue with B2B series (like the Treasury Mgmt article, or Olympus Twitter Space). And grow a community of users.
Side note but I want to reiterate this, USERS! One of my core motivators is having users use what we build, and we can build even superior products with them, with their feedback, with their needs. From there we can understand their appetite, and build products/partnerships/integrations that feed their needs. If you are not a user, why are you even here with a governance token that allows you to have a voice in the product suite development? Or maybe you’re just here to speculate on the narrative? Do you think that Mr Elon Musk gives more shit about a user that wants to improve UX for the latest self-driving software or someone that bought TSLA and is complaining it’s not going to the moon? Again as I already wrote, bull markets teach bad lessons.
@william and I have identified inefficiencies that accumulated during the last mandate, and examinated how we work and on what. We can do more with less. Less initiatives that are not directly contributing to the product suite and its expansion. More focus on product development and B2B partnerships. We will be making changes at the current Leagues structure for that.
However, we know the runway and funds available to the Leagues. While I’m personally proud that Leagues have been 100% funded only via revenues in the last 2 years, we are in a situation where this is not possible anymore. Growing organization retain proceeds when they need to invest in what it’s making them grow, the human resources. The first step is to understand that the market condition has changed, but then the “chill pill for ego” is also to understand that the current fee distribution needs to be restructured.
But if the reaction to “let’s adjust the fee distribution because it’s not sustainable now”, is this one, I don’t see who will be able to take care of the above initiatives. And what do you think is the working environment you’re creating for this DAO? Do you think people will be willing to work for community members that are just saying “hey shit, look at the price” instead of giving useful feedback about the products?
Getting back to the root of this drama, IDLE staking rewards, as we saw, haven’t the desired effect (otherwise all these KPIs listed should have been different no?) and are dampening the growth of the part of the treasury that would fund more developments.
I suggest to all of you to re-think about this, and about the things that all of us (Leagues and DAO) should focus on: building a DeFi product suite that allows users to optimize their yields and minimize risk.