Questions the Team Needs to Answer

[Jindo]

It’s been long enough. LPs are sitting on severe deficit losses, and the sum total of communication we’ve received is vague assurances that the team is “working.”

Working on what, exactly?

Direct questions:

1. What is the team currently building to address the deficit? Not “carbon alpha”, “more integrations”, “carbon”. Specifics. Plain english, what is carbon alpha, and what problem does it solve, and how will it help impaired LPs? Did you guys build something where you can stand a better chance at finding PMF? Are you working on other integrations? When licensed, what fees are generated?

2. Is there a roadmap? Milestones, timelines, goalposts. Where are you at now? What is the game plan?

3. Why has the Foundation gone silent? One communication since this began. For an event that impaired user funds at this scale, that’s indefensible.

4. When can we have a live community call? Submitting written questions doesn’t work. We’ve all watched the hard questions get skipped while softballs get answered last time. Live, unfiltered, open Q&A. Keep going until no more hands held up.

I’m formally requesting the team schedule a live community call within 30 days and publish a written recovery roadmap. If neither happens, the DAO should consider what governance tools are available to compel accountability. I would suggest mandatory monthly reporting covering items being worked on, roadmaps etc ensuring those on salary are earning their keep.

Additionally

Do any team members, contractors, advisors, Foundation personnel, or entities affiliated with any of them receive BNT in any form, whether characterized as salary, bonus, grant, token allocation, vesting schedule, advisory fee, service payment, or anything else, from the Foundation, the operating company, the treasury, or any related entity?

If yes:

1. Approximately how much BNT per month/quarter is distributed this way, in aggregate?
2. Is any of it being sold into the market? If so, at what rate?
3. Will the team commit to publishing the wallet addresses receiving these distributions so the community can verify on-chain?

A simple “no BNT compensation exists in any form” would put this to rest.

[exbancor]

this will be the bear market that breaks most projects, imho.

1. nothing
2. no
3. lol
4. really

you know the dao doesn’t really mean anything.
(i lost 5 figures. this money is gone gone gone)

[ccc]

@exbancor

i lost 5 figures. this money is gone gone gone

Oof. I feel that. That kind of loss can be devastating; I’m sorry it happened.

I have to agree with some of the sentiments in this thread, especially the OP.

@Jindo

Working on what, exactly?

Reminds me of:

@ccc

When, glenn? From where, glenn?

Y’all are not alone here, and I say that as someone who genuinely believes Bancor is good. I get frustrated, but I love the project and I love the team–I’m just seriously annoyed at some of their choices some of the time.

I still think discussions and decisions need to happen here, and I still think there needs to be more accountability and transparency; otherwise–

@exbancor

you know the dao doesn’t really mean anything.

--the DAO progressively reveals itself to be theater, and we should come to terms with the notion that it’s their project, and we funded it on promises that were later broken. (For clarity: the DAO is not the same as the team in this context; I know at least two team members are also DAO members, but–correct me if I’m wrong–no one seems to know how many more. Who even knows how many team members there are, aside from themselves?) If said theater continues, it will limit the lifespan of the project: it will go the way of Sablier and become a half-finished zombie protocol. I think the fact that governance has transitioned to–at best–Telegram or–at worst–for all intents and purposes, their own internal Zoom calls kind of shows that things may be headed that direction.

@Jindo

Do any team members, contractors, advisors, Foundation personnel, or entities affiliated with any of them receive BNT in any form, whether characterized as salary, bonus, grant, token allocation, vesting schedule, advisory fee, service payment, or anything else, from the Foundation, the operating company, the treasury, or any related entity?

If yes:

1. Approximately how much BNT per month/quarter is distributed this way, in aggregate?
2. Is any of it being sold into the market? If so, at what rate?
3. Will the team commit to publishing the wallet addresses receiving these distributions so the community can verify on-chain?

Very good questions that should be very simple to answer. I, too, would like those answers. Let’s see which way motives are aligned. Mine are: Bancor and Carbon have utility value to me as DeFi tools; their profitability and adoption are only of interest to me insofar as they preserve my ability to integrate them into my projects–this is mirrored in how I approach Sablier; I am disappointed the company is shutting down, but it doesn’t really affect my usage of the protocol. I don’t really even have a stake in this anymore; I closed my LP position a while ago now, and I stake only a small amount of BNT, and yes I’m still a delegate–but what’s that worth? When’s the last time we voted on something meaningful? Is there anything we can actually, meaningfully vote on anymore? Should there be?

But I do hold several Carbon strategies, because they’re a useful tool for me. I’ve been playing with Ethereum since Frontier, and Carbon is fantastic technology; I was entirely too harsh on it at first. Everyone should be using it, because everything else is either basic or crap.

These things are utilities, though; they’re infrastructure, given little more thought than a code library. I am being 100% deadass when I say I don’t have an interest in capitalism or personal wealth; my interest is in economic optimization. I’m not a whale; I’m a nobody who believes in a resource-based economy.