I personally am against re-opening the genesis agreement. (Or, for the sake of clarity, FOR the round filing cabinet option i.e. bin).
I’m not familiar with other startups, so I can’t really comment on how 28% stacks up. I would agree that it sounds a lot.
However this was clearly stated at genesis, and everyone here has had the opportunity to consider it, and whether they decided to join the INDEXcoop community (vs the 100’s of other DAO’s being formed) on this basis.
When I consider the coop, I see an organisation that owes its genesis to Set. Our development into a large community is built upon the structures that Set created. Their employees are still helping the coop to develop and more importantly BUILD.
The coop has been successful in many aspects of growth, BD and community building. However, I would suggest that this has been built on two core pillars:
- Ownership of $DPI as our core product.
- Set’s continued support for our products - I struggle to believe that any coop contributor can read this post by @asoong and think that Set are failing to dedicate resources to the coop. (There may have been a failure to make this work visible, but it’s clear to me that Set are constantly working to move the needle for the coop.
)
The genesis contract
Another way to look at the genesis is to consider 37.5% preallocated to Set / DeFi Pulse / methodologists (with 75% of this going to Set):
- Set
- DeFi Pulse + Coinshares + Synthetix + Bankless + LLama + Titans of DATA +…
I personally think that Set have, and will continue to deliver more than 3x more value to the coop than all the other partners combined.
Please note that in addition to INDEX token ownership, methodologists also capture streaming fees from our products before the community and Set.
With regard to autonomy
Could Set have delegated more to the community quicker? Almost certainly yes.
However, INDEXcoop is their baby, and releasing something you have created is hard as you need to readjust as they grow up and mature. Relationships are developing all the time, in addition, as the community grows, there is constant change and desire for more change. It’s hard to keep track of what’s going on.
With regard to the discord and forum, I don’t think Set can win:
- If they are active, then they are heavy-handed and over-controlling
- If they let the community grow and self manage, they are accused of being uninterested.
Set’s growth
I view Set Labs as a start-up that are (just like us) still learning. $INDEX and INDEXcoop represents a significant percentage of Set’s current value and growth prospects. In some ways, the coop is their exit to market. As such the coop and Set have a massive alignment in wanting the coop and $INDEX to be successful. By reducing the upside for Set, we are forcing their investors and owners (who I suspect include all current employees) to consider alternative ways to make Set successful.
I want Set to continue to focus a significant proposition of their energy on building for INDEXcoop. I do not think that reducing their upside from the coop does not do this.
Anyway, these are just my thoughts.
I happen to value builders above marketers, accountants and deal makers.
I realise that the market generally prices these skills in a different order.
Regards
OA