[VeBetterDAO Proposal] Restoring the GM NFT System Phase 2!

VeBetterDAO
22

I oppose to this proposal.

Because I believe we should always protect the interests of people who already invested. The change can’t be done in expense of them. The current change will affect the Moon NFT holders greatly.

I don’t like the current system because it was also changed in expense of existing holders. But since it’s already happened we can only stay as it is.

The system is broken the moment we changed the rewards system after gone live for almost a year. Within the last one year many have invested into B3TR and GM NFT in the hope to earn the promised rewards. So the last change already affected a lot of holders.

Imo, the change should be done only to increase the benefit not to reduce or remove the benefits. And if it must be reduced the change should also apply only to new holders and not existing holders. Or we reimburse people who already upgrade in the last 2 weeks. That’s how we keep our DAO trustworthy.

If we think through the consequences, this kind of situation shouldn’t happened. How can we propose another change just 2 weeks after we change the rewards system? It creates unnecessary workload for the development & marketing team. How about education? All those tweets since a year ago about GM NFT are no longer valid.

2 Likes
23

Albeit I understand the argument made that higher ROI for higher tiers incentivizes users to invest more into the GM NFT system, I also believe that this would only benefit those willing to invest heavily into an unstable environment (rapidly changing nature of the reward distribution system), and whales.

By not following a completely linear incremental increase in ROI, the current system incentivizes MORE users to become GM NFT Moon holders, while evenly distributing it. The multipliers alone helps whales amortize their investment.

Additionally, I’m a vocal supporter of a «dividend style» reward system, where Vechain systematically strenghtens the financial feasibility of our investments, by inflating the value of B3TR through buybacks, or inflating the pool to increase rewards.

Ideally B3TR would function as a stablecoin, backed by a proven bottomline from the monetization of the network.

I’ve suggested, at various venues for communication, that Vechain must actively engage in all potential pipelines for revenue to maximize profits for the entire network.

  • Monetization of user data as allready happening on VeBetterDao
  • Non-invasive ad placement
  • Carbon credits

Yes, yes, I know I digress, but this can not be overstated;
A fair and evenly distribution of profit will exponentially grow the blockchain in terms of nodes and stakeholders which immediately strengthens and further decentralizes the network. As well as drive user growth exponentially.

My conclusion is that we’re debating whether or not we should divide the crumb into 5 or 6 pieces, when we should be prioritizing getting to a point where we can have a big slice of the pie.

Not to mention that once a whale has obtained the GM NFT they are most comfortable with holding, they would become a net liability for the reward allocation, as well as create constant sell pressure. It is unlikely that anyone would simply sit on cumulative gains without seeking to amortize their investment in the form of cashing out.

I like the idea. Or rather my greed likes it, because I could invest heavily today, and rake in profits like a king for years to come, but the little scandinavian in the back of my mind opposed it still

I would still like to thank you for the effort of structuring the proposal, and will of course attempt to continue adding to the debate!