TL;DR:
- The current DAO Structure is full of Conflicts of Interests
- The Community Should not be the most important decision-maker. (even though it is the most important stakeholder)
- Allocate OHM to create a Governance team with the goal of creating and proposing governance models to the community, implementing, and sustaining them.
The DAO is a relatively new concept with a free-floating definition. Its popularity has been increasing in 2021, and will likely continue being an important topic in the crypto space in 2022. As the popularity grows, naturally, problems arise that need to be addressed rather sooner than later. How can we structure the DAO so that we can make decisions productively without giving up on decentralisation? How can we make sure that a few players do not get a majority of the votes and steer the project in a direction that they want it to be?
I would like to argue that we (the community), should not be the most active decision-maker in the DAO. Yes, we are the most important stakeholder. However, by far not 100% has either the time to research or the capability to understand the full processes in Olympus. Besides that, the motivation between the community and the DAO are often not aligned. Let's imagine that Apple becomes a DAO and uses the same governance model as Olympus uses today. They create a vote about the pricing of their new iPhone 14, the community would probably want a cheaper phone but the Apple DAO might think that a higher price point would be healthier for the company. The community of Apple outnumbers the DAO by far, so if the vote is democratic, the price of the iPhone 14 should be lower. The current model of the DAO is full of conflicts of interest (and it is not democratic, nor is it a meritocracy).
This year, OlympusDAO went from a market cap of $38m in March, to a 2.5bln market cap in December. If we expect growth to continue in 2022 and the following years, then structuring the DAO governance model should be one of the highest priorities.
Olympus could become the decentralised reserve currency of DeFi, but only if we can find the right governance structure.
Due to the importance of this topic, I would like Olympus to allocate X amount of OHM to establish a Governance team with the goal of creating and proposing governance models to the community, implementing them, and sustaining them.
I am curious to hear everyones thoughts.
Some great reads:
thank you @ivelin117 for sharing <3
Sushi DAO Restructure Proposal