There are currently big issues in regards to incentive structure of the oDAO. Right now, members are receiving 15% of all RPL emissions while also having a huge amount of control over the protocol. 15% works out to roughly 500k each for each individual on the oDAO, which is an extreme amount of money coming straight from the dilution of existing RPL holders.
On top of that, new oDAO members can only be voted in by existing oDAO members. Thus, there is an incentive to keep that group as small as possible in order to maximize individual reward. This is not how decentralized incentive aligned protocols should operate.
I would like to start a discussion on lowing the % of emissions given to oDAO members. I’m sure the emissions could be better used elsewhere.
This is not a new topic and my stance remains unchanged. We need to define the position better before or alongside pay change. Doing this right is more important than doing it fast. If we ended up at your suggestion and take 3 extra more months, we’re talking less than a 0.2% value hit to RPL.
There is work ongoing on an oDAO constitution and it is progressing. I’ll readily admit it’s painfully slow. Nonetheless, while progress is being made it’s a distraction to put the cart before the horse.
Is there somewhere to view the draft of the constitution?
I think it is in the best interests of everyone that it be open for comment, and not solely catered around the desires of the current odao members.
Plan to do so, but not quite yet. Slow enough with few people and I fear we’d get caught up in details and/or emotion if it was a lot of folks.
My hope is to have a framework that’s not dead on arrival from the team and oDAO sides, and is very roughly 70% fleshed out when we present to the greater community.
0.2% of RPL’s value is a lot to throw away, and the impact can be much greater than 0.2% given current liquidity restraints on RPL. I don’t understand whats so complicated about it. Surely there’s not an issue of lowering it in the meantime, unless you think the odao members will go rogue? It’s understandable why it was 15% for a long time when RPL value was very low, but now that its almost 50$ each, I think we can safely say we are way overpaying odao members for the services they provide (which really is just running a node and being a multisig signer).
It seems like there is an incentive here to push back any changes as long as possible. We RPL holders would appreciate it if this could be done as fast as possible and with as much transparency as possible. We deserve to have a say on our own dilution instead of having all of the drafting be done behind closed doors. This NEEDS to be done as soon as possible.
Any update on this? How can we move this along? I have over 20k RPL tokens and likely lots more that I can round up to support this. Is there any rough timeline you can provide?
Why do we need a full fledged constitution before adjusting a pretty simple parameter? To me this reads as typical DAO stonewalling that results in a year passing before anything gets done. I would like some clarity when we can expect to see some change other than “we are working on it in the darkness with no oversight from tokenholders, wait till its done pleb”
I can share that we’ve had multiple oDAO seats working on this, including 3 live calls the last 3 weeks (always fun to orchestrate cross-timezone). This constitution is by far my highest priority in RP - I resist live calls aggressively and have made more exceptions for this than literally every other topic combined the entire time I’ve been active in RP.
I believe this is the most important thing I’ve worked on for RP, which is why I push back on things that have even a modest chance of derailing this work. Pay does matter, but much less than security. Pay in a vacuum can set this up as opposing sides, which I think is dangerous. Defining the bounds of what the oDAO is and is not is critical to RP health moving forward.
We’re not talking a year. I can’t promise a small number of weeks, but I can and will be pushing for that.