Here we go again.
An organization handling 2.71 Billion USD in locked value, and we are going into our 2nd round for 12k * 400 UNI governance tokens = 13.8 Million USD @ current price.
The purpose of a governance token is to ‘govern’ how the treasury is used. Marketing, rewarding devs, rewarding community participants, upgrading our app, etc. In an effort to ‘decentralize’ this governance, we air-dropped a crap-tonne (canadian for a lot) of tokens to wallets of the ‘little guys’. The same little guys you purport to defend in your delegation pitch. Additionally, i heard you and your guests on the ‘trust bubble’ admit that you are not fundamentally opposed to giving Dharma et al. users their drop. (bless their hearts for they are mostly blissfully unaware of this debate).
Now let’s fast forward…
- You stand in opposition of letting the ‘little guy’ claim their air-drop
- You stand in opposition of letting the Uniswap governance community embrace another 12k souls to enrich this group
- You stand in opposition, apparently, of diluting the governance pool so that the ‘whales’ won’t have their way with us
Dharma does not own those addresses. They do not have any financial incentive here except to campaign faithfully for their ‘little guys’. To be honest, they sound the more honourable for it. At no point have i heard anything but carefully woven appeals for their users. They have been respectful, transparent, and committed to their principles from the beginning.
What have we done in response?
- We have accused them of manipulation to control Uniswap
- We have slandered them and their attempted ‘overthrow’ of our community
- We have accosted them for forming an evil plutocracy with fellow conspirators
- We have made every effort to conjure whatever fantastical scenario we can dream up to fulfill our own self-serving narrative that we are defending the ‘little guy’
VCs are necessary to secure enough funding to keep the Unicorn going. Code doesn’t write itself. Check out the UNI investor group here. And here is the SEC filing. Dharma Labs itself has survived 3 rounds of investment. Can you appreciate how hard it is to work for a startup, much less feel responsible for the livelihood of everyone that works for you? I know, i’ve been a part of 2 failed startups (not all failed mind you). The anxiety felt by the teams who didn’t know when the plug would be pulled is heart wrenching. Watching your hard work and passion go for naught is devastating. And, here we are bemoaning the ‘Whales’! Dharma Labs is not a whale. They are an honest organization trying to make their way through this crazy space we call home, and they are trying to help their ‘littler guys’.
There’s an old Indian proverb. “when you are a flea on the back of a camel, even the fly next to you looks huge and you don’t even know you are on the camel”
The delegation mechanic allows you to vote with tokens that were ‘delegated’ to you. It absolutely IS decentralized, because someone ‘delegated’ their UNI to dharma because they believe in their approach. They can just as easily retract their delegated UNI when they no longer agree with their platform. Now, if you are going to convince us that big ‘whales’ with lots of UNI are lining up to support Dharma, then Chris, you don’t have an issue with Dharma do you? At that point you are faced with the contradiction between your decentralized beliefs and what the Uniswap Governance structure seems to be allowing right beneath our noses. This conclusion, of course, is ironic, given that we often claim that the ‘governance mechanism’ is perfectly fine as is. This contradiction has to be solved somehow.
I say we help the Dharma et al. ‘little guys’. Embrace them and welcome them to our community. Dharma isn’t asking for lower thresholds on either proposals or quorum here. They are doing what they can to defend the best interests of their users. I think that’s commendable. I must also disclose that i hope their organization succeeds. A mobile experience that simplifies the UI is exactly what crypto-DeFi needs for wider adoption and support.