“People shouldn’t be taking a full time salary from badger and taking a large grant to fund developing something else.”
This exactly. Why does it even need to be a new protocol and token. Can this initiative not live inside Badger if its the same people anyways?
@sabobi says they are sacrificing their free time. but every time I hear @Spadaboom talk he says everyone on the team is pretty much working around the clock. And we should expect so with the compensation being around 1 Million USD per person as laid out in BIP35.
A day only has 24 hours. Lots of SOON in badger already and spreading @jonto and @mitche50 out across another protocol with airdrop, LPs, and reproducing everything that has made badger a success, for a second time will of course take a toll on their output in either one of the two projects.
I just have to agree that it‘s concerning that core members can spin off another $1Mil project to be funded instantly. Seigniorage at its best.
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I’m not sure what you mean by why does this need to be a new protocol - 0cf is a concert of keepers and contracts that execute a function of performing short term, undercollateralized loans which have initially been targeted at performing swaps from native BTC → another ERC20 compatible token within minutes. This is not something you can just “include under Badger” as it’s been built for well over a year before BadgerDAO even launched, and to say this is core members “spinning off another $1m project” is discounting this work that had been done.
The decision have another token for 0cfDAO was made due to voter fatigue and interest. Not everyone that holds badger will be interested in 0confirmation, which reduces the amount of active participants in matters relevant to 0confirmation and making the DAO less effective. Also, Badger has an already extremely high amount of BIPs relative to all other DAOs - adding on 0confirmation topics to this will just be more decisions for all badgers to make which again leads to disinterest and less effective decision making.
0confirmation swap is production ready and will be a revenue generating product which adds value to BadgerDAO and all badger holders. Time allocated to this by any core members would be well spent, as more products are shipped in the next coming weeks there will be more opportunities to allocate resources, and the Early Contributors program has already generated interest from developers and business people to help with the growth of 0cf.
I think it’s best to look at this in a different way. Do we think 0cf launched would be worth more than $4m market cap? I think it’s a $100m+ market cap project with what sounds like most of the work already complete.
$1m for 25% of the tokens sounds a steal to me and I think on the open market, knowing it should be working alongside the Badger and Ren teams once launched, you’d Get your arm ripped off by the market trying to shake on that sort of a deal…
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It appears I’m unable to edit the BIP directly, but the terms will be as follows:
Numbers
- $450,000 USDC + $50,000 wBTC (use 7 day twap price) to 0confirmation
- 100% immediately available
- $450,000 in bBADGER + $50,000 in bDIGG (use 7 day twap price) to 0confirmation
- 100% locked for 12 months
@jonto - I’ll be posting to snapshot shortly
