I understand that tensions are currently high throughout our community on a few key issues.
- Community autonomy and self-direction
- Contract ownership/permissions
- Methodologist and community member compensation
These conversations involve every major stakeholder in the Coop ( including us, DeFi Pulse, and Set Labs). Our current incentive structure and tokenomics clearly need work in order to fully align incentives across the community. I big factor in this frustration from the community is the reality that the core contributors (including FT and WG leaders and all Gold Owls) collectively own <2% of the protocol even when accounting for FT vesting contracts. For example, total protocol ownership for all FT contributors combined equals 0.6% over two years of work.
I highlight the above to illustrate that there are very real issues and frustrations shared across all parties, myself included. My loyalty does not lie with SET Labs or DFP. I did not walk away from a normal life for either party, I walked away because I love our community and community members. Seeing our protocol thrive, and our community succeed has been the proudest thing I have ever been part of.
We as a community are ready and capable of having these conversations without attacking our dragging stakeholders through the mud. Everyone including SET and DFP is giving their heart and soul to this project. That is a basic reality. SET Labs doesn’t need to front-run or monetize their relationship with Index Coop, they have a big enough stake that the further success of our protocol will generate far more revenue for them long-term than by charging us some future fee. To suggest that they have some nefarious plan is quite frankly ridiculous.
BD specifically asked for BED to be pushed back so that it would not launch on the same day as Sushiswaps’ Trident announcement. While the roll out of Tokensets on Polygon came as a surprise, that clearly was not meant to frontrun the Polygon rollouts that @oneski22 has been working so hard on for the past few months.
We can pick can snipe at any of the three legs of our collective tripod as much as as we want - but I promise you this will get us no-where. I am all for having frank and public discussions around the future of our protocol, but we need to have these discussions from a position of mutual respect and trust.
Here are a few actions that are completely unacceptable when having these conversations and we need to stop doing as a community.
Insulting other community members or working groups. We cannot have positive forward conversations if we are constantly sniping each other. If anyone wants to do that - they are more than welcome to go and join one of the million toxic chat rooms that exist across the internet.
Negotiating based on threats. I understand that emotions often run high and people can feel that their perspective is not being heard. But if every time we encounter some issue or friction people run around yelling that they “are about to leave the community” it becomes very difficult to have any kind of conversation.
Adopting an us-vs-them mentality. If we start this kind of thinking our cohesive team will quickly degrade into progressively smaller groups fighting increasingly more petty battles. Losing happens when we devolve into a zero-sum organization with community members fighting community members, WG fighting WGs, and stakeholders fighting stakeholders. If we don’t figure out a way for SET - DFP - INDEX to work together and collaborate, we wont get anywhere.
Attacking other community members. If you would not say it to that community members face, don’t F****** say it. This may be the hardest rule of all and no-one is perfect. But we can’t establish the trust needed to succeed as a protocol if we can’t trust each other.
Over the past few months I have had rewarding conversations with @setoshi @asoong and @scott_lew_is @Etienne. After each conversation, I come away absolutely blown away by their respective levels of knowledge and passion for DeFi. But my biggest takeaway from all four is their level of passion for Index Coop. All major stakeholders share a common belief that we are building something truly incredible with Index Coop and want to see it succeed. This shared belief in the strength of the protocol and what we have accomplished so far is a common foundation that we all need to rally around.