@DMAN I actually think Sitizen and others have a point on preserving governance from vote attacks (not a problem now that core team controls it, but stakers gain more influence a large buy of SOV could tamper with it).
Maybe unstaking penalties are not a bad thing…
Wouldn’t it be enough to remove all SOV rewards to stakers (only rBTC and XUSD), and extend rewards to SOV holders but only 1x, while stakers have a bonus based on staking lock as they have now on top of the voting power?
I might be wrong but I think it would be sustainable and in line with your proposal.
Happy to hear, at the end we all want the same thing and you guys got gold, Yago is a Genius and i m sure team too, DMan is very well known, knows crypto world and team / members also. That s why i m pissed to see it does not go somewhere it should sky rocket and be the future of Bitcoin. I m a small investors collapse or not won t change my life but i work in team building, coaching etc and sad to read sometimes useless comments. Hi5 all the best.
I see some people are concerned with others who are posting in favor of SIP. At least from my side it is an easy decision.
In my opinion, a change is needed, and that change is in this SIP. Sovryn does not have the same time allowance as it had 2 years ago. DeFi on Bitcoin is emerging faster than you think. Do we want Sovryn crush the competitors and emerge stronger than ever? Then we should accept this SIP. Lets be honest with ourselves. Sovryn lost valuable time all the past months. We dont have the comfort of time anymore. BUT that doesnt mean we have to do rushed decisions, ONLY PRIORITIZE things that matter. All the things mentioned in the SIP, one way or another matter. And they matter for the LONG TERM. Yes, some details maybe can be discussed further but I believe the whole point of this SIP is change needed.
By reading the ama files, someone can see that the idea of lockup got on the table from Yago’s side. To me by proposing this it means that is also possible to happen. Yago you know how much I respect you. I feel we spend more time in planning than acting. I know you are a perfectionist. And you want the best for Sovryn. I do hope you also know that there can be also a different side, that has the same goal in mind. Personally I do not believe that there is only one way on how to proceed. This SIP offers a way through a different path which still ends to same destination. Sovryn being the most successful Bitcoin DeFi project.
Sovryn is like a lifeboat - its fundamentals MUST remain intact so that we can stay onboard safely and for the long term. This is like a vital priority.
Does anybody want to negotiate the quality of a lifeboat?
I would not feel safe with this SIP if the unique goal is to pump $SOV.
My goal is to stake as much SOV as possible in order to enjoy the BTC revenue on the long term.
So adoption SHALL be the prioritary business objective.
Pumping $SOV is not. it is a a consequence, not an objective.
In addition it would not educate users with the “vital” fundamentals of Sovryn.
May I kindly remind that we are talking about individual sovreignity here ?
Trading is good and there are heaps of other token that are good for it.
$SOV trading SHALL not be the unique center of interest - hence the necessity for education.
The aim of this SIP is to ensure there is a long term for sovryn and sovryns. To reboot it if you wish.
Because atm, a lot of people can’t see positive things long term.
Slowfi, which discussed last month, might sound good but interesting moves on bitcoin defi are happening fast out there. Do we still have time to go so defensive and slow? Would the community come back to Sovryn on perfect UX/UI protocol accomplishment when faster and mass adoption on other protocol already happened?
It seems Sovryn needs radical changes on its path. I support the SIP.
At this rate i fear that Sovryn will be surpassed by other projects as THE defi on bitcoin. In the long run Sovryn will become obsolete (if we continue on this trajectory).
We lost a lot of time.
There are many delays.
The userbase doesn’t grow (or at least not much).
A lot of people lose faith.
In this story i think price is very relevant. People must see that holding SOV is valuable. Now they see that the token loses a lot of value over time. There is so much sell pressure because of constant dilution of the supply and nobody is buying.
As a newcomer this is not a attractive project to come in.
I think the conlusion is things need to change drastically. This pre-sip is trying to bring this to attention i think. This does not mean that everything in this proposal needs to be implemented literally but the main concerns (UX/UI, tokenomics, etc) need to be addressed.
I couldn’t agree more.
This SIP solely focuses on SOV price pump, regardless if some parts of proposal undermine solid protocol fundamentals.
SOV is governance token not some pump and dump sheme.
It is not useless because there needs to be a serious debate about UX/UI. If it doesn’t have to be i a sip, great, it can be implemented directly. This is not a sip. It is a proposal to improve Sovryn. (I think)
So you’re ok with the token price declining non stop? You think new users will come onboard and say: “the token price dropped 95%, nice! I wil buy it…/i will stake it…”
Price is important!
Who wants to stake his money if it will guarantee lose value?
The thing is the proposal is not about price per se. It is about improving the things that don’t have a good impact on Sovryn as a whole. By improving these things the price will go up (again, i think).
I support this SIP! Even if there are some details to change, it is the right and much needed change of direction. I’m a hardcore Bitcoiner and Sovryn is the best project I’ve seen, second only to Bitcoin itself. I am using the protocol (staking, yield farming), have invested in MYNT etc., but it does take a lot of effort to figure things out. If I weren’t so pro-Bitcoin I would never bother to use it. Too complicated, I don’ t even understand how rewards work, they are so complex. There is no way that average crypto (let alone mainstream) user will use Sovryn the way it is now. I understand this is huge undertaking and I personally am in no rush to make money off SOV, I’d just like to have Bitcoin defi platform to become sovereign. Having said that it is very telling that the price of SOV tanked 90% and that Sovryn is barely mentioned among most vocal Bitcoiners on social media. It should be the opposite! So, something is not going well and things need to change ASAP. D Man and BCW community mean well and this proposal should be taken very seriously. Otherwise, I’ll probably still be invested for the long-term as I want Sovryn to succeed big time, but won’t be having any high hopes.
Your statement just shows how ignorant you are about governance process. This post on forum is one of the pre-activity that is recommended prior to take further steps to propose a SIP.
I agree about UI/UX can always be improved, but again it does not require SIP.