As of a few hours ago, we staked 200M ONE with around 60 community validators and rewards are flowing in. That was part 1 of the 200M ONE staking initiative, now it is time for part 2.
The rewards earned are going to be for the community to utilize. Please provide detailed submissions on how you would like to see these rewards used. We will take the top 5 most “liked” submissions and put it to a Snapshot vote for the community.
We will flesh out the details as we push through this plan; I want to get the discussion started now. Let’s run this thread for a week and see where we are then. Looking forward to seeing what y’all come up with!
I would first use it to pay down any known debts, as there are members of the community that claim to have valid and approved hours that went unpaid. I’m not saying to do this blindly, but we need to be certain that we aren’t flaunting new money while abusing old debts.
If that box has been checked, I would recommend:
-evaluating projects/ DAOs that have failed or that are on the brink of collapse and either injecting new capital if they meet certain investment criteria (ie self-sustainability, innovation, capable team, robust community) or securing a percentage ownership in return for new investment.
-Revamping the core DAOs and their criteria for leadership, lowering the absurd $75/hr rate / limiting maximum hours worked, and employing them to manage the community by giving them tools and funding required to communicate with the community on behalf of the core team.
-Marketing in general could use a face lift. We need new users and new money.
Use the rewards in swap-deals with Harmony project tokens, like the “investments” of old.
Terms of hodling/selling/vesting should be decided. Terms for receiving the funds from Harmony must be laid down, e.g. clear accountancy of where the funds will go towards, will they be used for devs?, will they be used to bolster LP? Must be behind x of y multisig with so many community members etc.
What would this mean:
Harmony has a vested interest in continued communication with it’s native projects and development of it’s ecosystem. Hopefully this could help quell the old issues of projects struggling to communicate with the Harmony team. (Maybe hire someone/more people to do this with those funds, it sometimes feels like it’s hard to get a hold of Harmony team!)
Projects on Harmony get an injection of capital with which to continue development. Many are currently stagnant as they struggle with decimated treasuries. Projects can’t even sell/give out their own token to pay teams as many have very little LP left.
Don’t want to clog the chat with petitions, but I definitely like the idea of the community using rewards to invest in projects. I’m from Strudel DAO and we had received a grant from Harmony to deploy our trustless bridge. We planned to then build our incentivized farms and add lending pools (through Tranquil or Qi) for our wrapped bitcoin. Unfortunately, as of recent it’s become unclear whether Harmony plans to honor the agreement. That leaves us in a really tough position. Especially considering we used our personal funds to complete this project on Harmony, with the expectation that that agreement would be kept.
I’m all about supporting native projects in the ecosystem with the funds. Swap for hrc 20 tokens or NFT’s in projects the community votes to support. Maybe have the community submit nominations for projects each month and run a community vote. This gives Harmony a vested interest in the ecosystem while also supporting the projects the community supports.
Here’s an idea, scrap the whole ‘election for minimal effort’ welfare with a forced 5% condition which forces poor validators to stay poor and forces harmony validators to be on centralised life support for filling in a survey !
Of all hills to die on, I’m not sure this is the one bro. The staking program is good for many reasons. It’s not too dissimilar from the furlough program during covid here in the UK or stimulus checks in America.
Once repegged and/or back compensation occurs, for over a year I have heard people complain about the Explorer and asking for Etherscan. Why not get that happening?
Also… I see a few ways to go. Use the ONE to build community utilities (such as Etherscan), maybe some sort of community parachute for good projects that are struggling. Or keep this bag in the validators only realm and use it all to support validators and everything attached to them like:
Node installation and setup is a mess. Build some proper .deb packages, streamline setup, integrate the node processes properly into the operating system “The Debian Way”. Adhere to the Debian security and development guidelines and make changes accordingly for package creation to be accepted into Debian “Stable” distribution. This means going through “Unstable”, collecting and fixing bugs, going into “Testing” and probably maintaining it there for almost a year, and then maintaining the packages once they reach the “Stable” distribution. Doing it the right way takes man hours.
I feel like anything done has to first go to stabilizing the ecosystem by repegging all assets, in some way shape or form. Maybe those ONE go towards buying back unpegged assests.
Once that is resolved, I think 50% should continue to go towards validators to continue to support the validator community. The other 50% should go to assisting projects being built on Harmony. Maybe these get voted on quarterly by the community?
Time to hash this out and take it to a vote somehow. Even though Validators still can’t vote securely. 200 million ONE brings in a lot of rewards. The community still has figured out what’s going on with them.