RonanLJH

Ronan LJ Herry
GP13 DeFi rewards (TDR) Proposal - Folks Finance
Rewards Proposals
Aug 11, 2024

My comment was referring to the Folks Finance allocation and not on the value of 50k Algo. Folks Finance also is the only project with capped rewards, which is fine for us as we want to support every protocol in the ecosystem, was just to reply to the point you raised.

Hi @GhostOfMcAfee @Gov_algo @Dunn Thanks for the feedbacks. Zealy is marketing, I edited the post to avoid misunderstandings and regarding transparency, both algo reward distribution and results are always public. In this document you will find the metrics related to the Zealy GP11 campaign ( Folks F….

The parochial focus on ensuring your particular token is taken care of is part of the problem. There is no sensible reason to incentivize Chips LP with AF funds at all. It is the network collectively paying people to provide LP for a particular community. It may be nice for them, but it is of questionable long-term benefit.

As I did with Pact, I will continue to voice my opinion that it is a poor use of funds to use TDR for LPs besides certain core assets (e.g. stables, gold/silver, wrapped assets like BTC, ETH, Avax, etc). The problem is that unless AF either acts to stop this or empowers us to vote on this issue specifically, it will continue.

That’s the thing, the wording technically says it’s open to everyone but that’s practically not the case. DEXs have one account that holds all the assets of one liquidity pool. So if you put this account online (which is probably not possible as the current SCs won’t allow this), on which node does it reside?

Measure 6 is a bad proposal, and I will STRONGLY urge the foundation to not pursue it for this governance period. Whereas fundamentally I believe we should find ways to encourage consensus participation, this proposal, even if open to anyone, in practical terms will only see one beneficiary, Folks Finance.

That’s a dumb analogy. You’re implying the Foundation should pick winners and losers, you’re also fine with them doing so with no oversight or due process. If you want that, then invest in a bank. What @lobo is talking about isn’t far-fetched, the foundation should encourage ecosystem support, and if they provide that liquidity like they want to and remove equal opportunities for projects in the ecosystem in the way they did then no liquidity is better, yes.

Having a vote post-fact seems very disingenuous, especially without having either the results of the deployed liquidity or a more detailed flow-chart as to why some protocols were chosen over others and under what conditions. Did these protocols approach you for this deployment?

It is wild how DeFi gets 42M A without a vote, while the NFT community continues to have to scrape by with the leftover crumbs and needed a vote.

We are not getting asked (1) which protocols, (2) which amounts, (3) which purpose, and these are the points that matter. The Algorand Foundation is not supposed to act as a Central Bank to inject liquidity in their favorite projects and for the reasons they believe are important.

I want to also add two points (from the discussion in discord): if the foundation wanted to help out Folks Finance because of high borrow APR why do it before the sign up ended? All you did was enable people to degenerate more into 4x leverage governance and the foundation's ALGOs being now stuck. Algorand's DeFi should be balanced across its ecosystem.

The Algorand Foundation decided to deploy liquidity into Dapps which at first sounds like a nice idea. But instead of spreading their ALGOs they picked 3 Dapps and just deployed liquidity into them. “The Foundation has deployed 36MM ALGO to Algorand native Lending Markets, Options Vaults, and Algo...

Honestly, am I the only one, feeling like the decisions were already made, and this governance is kind of a farce right now? In the first periods, you always had a choice to “keep it as it is,” but now, the decision IS ALREADY MADE, you can only vote on how much. But the question should be, should we even be at this point?