During month of November, there was peak sentiment and a cascade of damaging signal messaging from the DAO. Verbal attacks and contempt was delivered onto VC’s (class warfare) and people with experience (ageism). Community members praised each other and sought means for how to virtuously spend their own and others newfound wealth (internal adulation).
Perhaps this messaging was part of a thought through narrative, or by-product influence from competing crypto communities. Or maybe it was just infantile. Either way, these signals indicated a shift to sensible outsiders that Olympus did not exist for the (3,3)’ers, but rather that Olympus exist to please, flatter and benefit members of the DAO.
I will not reopen a debate on specific OIP’s as that train has left the station through the passing of snapshot votes. But I want to ask the DAO members to re-align your own incentives with the incentives of (3,3)’ers.
Anyone, who no longer wears diapers and has ventured outside their domestic bubble (no; visiting Mexico, attending a conference in Europe, or back-packing does not count), knows it is imperative to match the currency of your cost with the currency of your income.
OIP-41, OIP-47A, OIP-55 all explicitly defines their spending budget in tradfi USD reserve currency. Olympus entire raison d’etre is to become the reserve currency of defi, and OHM is our native currency. Why in the world are we setting up cost to be defined in foreign currency, and not in our native currency? It is absurd.
OIP-41 (Incubator) asked for 3.5 MUSD on November 1st when market cap was 3.7 BUSD. Today, market cap is just above 0.5 BUSD. The burden of OIP-41 has increased 8 times.
OIP-47A (Compensation limits) asked for a double increase of the compensation budget on November 24th when market cap was at 4.4 BUSD. A simulated DAO allocation then hit $170,000/week and it was contrasted with a rebase of 12M per 8 hours - portraying 170k as miniscule. Today, both rebase rate and market cap is lower. We rebase currently about 1M per 8 hours. The burden of OIP-47A has increased by 12 times.
OIP-55 (Grants) asked for a budget of 1.5 MUSD on December 1st when market cap was 4.3 BUSD. Market cap is now just above 0.5 BUSD. The burden of OIP-55 has increased by almost 10 times.
Whenever budgets are set, USD should only be used to define the ceiling or the max value that can ever be spent at any given time. The actual payouts should however be defined and denominated in OHM. I am trying to say that the burden of any given OIP should never exceed the burden it portraid during its discussion/approval phase.
Example: if we approve $170,000/week allocation for DAO compensation at market cap 4.4 BUSD, then if the market cap drops to 0.44 BUSD the weekly allocation would have to correspondingly be reduced to $17,000/week. How compensations are allocated internally, should be decided by the Strategos, but Strategos need to rein the spendings to be in line with the market cap. Whether to keep compensations static for critical resources and layoff the rest, or equally distribute the pain up to you.
This is just common sense, and should be applied across all budgets. Olympus should not commit to anything in USD. Olympus commits in OHM, or in fractions of OHM market cap.
Any DAO member with belief in the vision should agree to align the interest of DAO members with the interest of (3,3). Anything else IMHO would be incompetent, or worse: utterly corrupt.