Considering its a hot topic I made some effort to find a solution that could satisfy majority of people some sort of compromise to benefit all especially Linear users. If we look at the roadmap of 2022 we should all come to the same conclusion CHAOS and ATHOS come first and all the resources are redirected there until Q4 when development on Linear will start/resume in the meantime max that Linear protcol will get are advanced orders and listings via DAO. We should take our own initiative and help LINA progress… here I would like to introduce @pho proposition of fixing the peg I think its brilliant as nothing meanigful has been done so far towards fixing it (my own conclusion some might have different opinion) besides vault - however vault capacity is too low IMO, plus to lower the voaltility of LUSD it should be listed on more reputable exchange tier 1 as fatter order books will do the better job… at least provide better cushion.
36% of total rewards on average is being unclaimed (according to @Majin - data by @Bowser_LinearFinance Bowse I trust Majins calculations) thats a nice chunk.
I do EMPHASIZE 4B of circulating supply is the pile arranged for staking rewards burning them wont hurt the protocol nor development as the rest sum of 6B are the funds for team marketing and development on top of that foundation runs their own account and take profits during favorable market conditions to make bigger war chest that will sponsor all the future initiatives/growth and development. All foundations work this way. Think @Majin s idea of redirecting only 10% is cheap. I imagine it will mean 10% of whole pile meaning the rest 90% going to be redistributed which will send peanuts to DAOs treasury.
Proposition: 65% of the pile of unclaimed rewards goes to DAO treasury for community initiative such as fixing the peg and the remaining 35% is burned (thats something I would like to see) or 35% is redistributed amognst the rest of the hodlers.
Reasoning for burn: deflating the supply being able to advertise product as deflationary - huge win. Most of Lina hodlers are here for longrun so they wont take profit until around of HUOBIs previous ATH IMO. It can take more time than you might think so having slightly more rewards with 10B max supply or less rewards with for example 9B later on is pretty much the same thing but as I have mentioned in first case token is deflationary with burns. Market love burns people love burns. 2nd of all rewards will still remain good as everybody will get their main chunk without extras and sacrifice of the rest would serve good cause buliding DAOs treasury and working on better future price of LINA token per PCS as a result of lower total supply.
So we can make a poll later on with numbers:
65% DAO 35% burn
65% DAO 35% redistribution
60% DAO 40% burn
60% DAO 40% redistribution
Numbers and answers are calculated in the way so DAO takes priority, max harm what can be done by bigger voting power of bigger wallets is more rewards for the rest meaning poll is smaller hodlers friendly too, we could rearrange them to 50/50 split and we can debate over it but I would rather stick to this and do not go lower than 50/50 split.
If we compare roadmap 2021 and 2022 last Linear development IMO was vault most thing missed deadline big so I assume last year whole resources were redirected to CHAOS/ATHOS too. Whats done is done no need to cry over the spilled milk, lets move forward. The reward here is going to be airdrop.
Just to clarify new tokens wont benefit linear in anyway besides the value of an airdrop as they are going to be lanuched as sperate tokens and govern their own platforms. The fact nobody wants to step up and deny it makes it 100% valid IMO if I am wrong anyone can correct me. So lets work together towards faster pace of Linear development.
The 36% is Bowser’s number, not mine. This number will grow though if we burn unclaimed rewards as small stakers will receive less rewards… It won’t be enough to offset gas fees for an increased number of people.
The DAO treasury already is comprised of 1.5 billion tokens if Im not mistaken. Why would would want to move 2/3rds of unclaimed rewards there? DAO treasury is in good shape at the moment. We should save this option for when the DAO treasury has spent money and needs increased funding.
lUSD peg does need to be addressed. This can be addressed though with some existing DAO treasury funds. It also should not be an issue once we have a larger user base. It also very well may not be an issue on Moonriver/Moonbeam (they will have their own stable coins). If Chaos/Athos are popular/successful then their Vaults will take care of pegging their respective stable coins to $1.
Your reasoning for burning is that it’s popular amongst the crypto community. Shouldn’t we wait until we are more “on the radar” before burning? Not many people will know about this burn. We are still in very early days.
The team is not abandoning LINA, this is a baseless assumption. They have also made it clear that LINA stakers will be rewarded with weekly drops of the new tokens (i.e. not just a one time airdrop). This is disingenuous. If Chaos/Athos are successful, LINA stakers will benefit. Period.
36% of total rewards on average is being unclaimed (according to @Majin - data by @Bowser_LinearFinance I trust Majins calculations) thats a nice chunk.
I am aware gave u mention as I saw it in ur post number 36%. It is stated here data by Bowser
So lets burn 60% move 40% to treasury more money in the war chest wont hurt anybody we can use it for further developments on LINEAR (lina tokens move in the quite big price range for a while once they are higher once lower so more tokens in treasury wont hurt, development should be constant) and period when the market is unstable or we leave the numbers and hire another team to work on Linear while rest is busy perfectin ATHOS and CHAOS - bigger war chest more possibilities. Rarely happens that new stable is stable from the start it takes time look at lusd and others. IF - it is based on hopes it may take a while to become popular leverage 4x might not attract that many users on the launch for a while as other projects use higher leverages.
We are doing fine on twitter and tweets goes out often last few months Linear has 58.5k followers it is quite good number. Our partner FOR started burn last year they have only 40k followers. We are already on the radar for quite some time and @crypto_birb tweets about linear from time to time his audience 646.2K Followers. It is one year since launch and few more months sinds IDO so we are here a bit.
Havent said abandoning but putting on hold til CHAOS and ATHOS are launched stated that clearly:
If we look at the roadmap of 2022 we should all come to the same conclusion CHAOS and ATHOS come first and all the resources are redirected there until Q4 when development on Linear will start/resume in the meantime max that Linear protcol will get are advanced orders and listings via DAO.
Numbers we can work out via conversations or/and more polls with the rest It can be as well 25% hodlers 35% burn 40% treasury and everybody wins.
Very constructive conversation sir, glad you have responded so quickly
PS.
Bowser threw raw data you have mentioned percetange I have assumed you have calculated it.
The DAO treasury currently consists of 1.5 BILLION tokens. That is plenty for now. We don’t need to divert any more resources into the treasury until there is a need.
My biggest point against a massive burn like you are suggesting is that this is in my eyes a “nuclear” option. We can only do this once (unless we burn a smaller amount say 5-10%). Is this really the best time to do so? Shouldn’t we leave this ammo in the clip in case there is an emergency or need?
We do have a decent amount of twitter followers, but again I think we should wait for a burn until we have many more active users. The news of a burn now will likely fall on deaf ears, have minimal impact / buy side pressure.
A burn MUST coincide with changes to the reward claiming structure as less rewards = more people who won’t claim due to gas fees
You just keep repeating yourself. Treasury is big enough so you dont want unclaimed to go to treasury, than you say Shouldn’t we leave this ammo in the clip in case there is an emergency or need? ammo you dont want to transfer.
, burning subject is about burning part of the unclaimed its not going nuclear.
… Now I am confused what do you think I want to burn ammo from already existing DAO treasury or part of staking rewards or both or maybe you are confused It is enough followers I gave precise numbers you are providing no data just your loose thought.
Mentioned already: burning is a longtail game, effect will kick in after a while. Small wallets already have that problem. Not sure if u are reading all the posts, just say you dont want burns because your answers are the same or find better explanation. Mentioned about 3rd option in the last post just on the bottom when unclaimed go to all the parties its subject to disscusion - precise numbers. You can reread that gonna reapeat myself or quote all the time.
Ark, don’t you think it’s a tad hypocritical to accuse another of only providing their “loose thought”? That’s basically your specialty. The ramble.
You’re right though, I have made my points for now. Let’s get some others involved in the discussion!
Yea you are right I’ll limit my rambling, lets keep it civil it we should lower the tension as this may cause the rest participants to stay silent. We both made our points.
This is a difficult difficult decision to make.
I have yet to see how things evolve to take a stand on this. However, I do agree that there must be some kind of burning process. The title deflation Token/ crypto is worth a lot these days and for sure with inflation raising!
I like the idea to put a fraction of the redistributed rewards into the DAOs treasury. I don’t inevitably think we need to burn an amount of $LINA in this context. This makes more sense as countermeasure for actions like buying back and peg ℓUSD, because of the short term increase supply of $LINA in the market needs sustainable actions against price preasure for $LINA. But for such actions we need as much money in the DAOs treasury as we can get. I would vote for it without any burning in the first place.
We both made our points.