The governance action has been onchain for 10+ days. As first time proposer, here is some of my thoughts.
- Dis-information floods around the internet, and it is hard to explain. Some mentioned Hydra hasn’t launched, some think DeltaDeFi can only serves single digit users as constrained by Hydra head. None of these are true, but I can’t explain them all.
- Cardano governance has certainly improved since the 39 proposals time, on average DReps vote with better quality rationale.
And I have received some questions on motivation, here I would explain some of our thoughts:
Why GA, why Treasury?
We believe DeltaDeFi, and its development is community good. More resources of building DeltaDeFi is spent in open source than DeltaDeFi itself. In the journey of building DeltaDeFi, we left our footprint in open source all-around - we contributed significantly to MeshJS feature complete, built the entire SIDAN Lab open source suite, and now pushing PR to Hydra.
We are an extremely efficient team. We believe we can generate more value than we consume for Cardano ecosystem regardless the pathway, as one of our old friends mentioned.
What does the GA actually mean?
The high level idea of the GA is to ship DeltaDeFi, and make sure it is not just another unused adopted DApp around. A direct consequence is to contribute to the Cardano Vision 2030 so we prove Cardano is not a ghost chain.
Funding is important, but more importantly is the symbolic meaning. its representing a force of adoption, which believes it requires extra-ordinary active efforts to make Cardano widely adopted, to a scale of as a go-to location to develop new blockchain use cases.
There is no right or wrong of whether in the team of adoption, but it is a gesture shown to builders who care, who will in turn come and go.
So why should ecosystem fund private initiative?
In long term we want to position DeltaDeFi as an ecosystem centric project. We can certainly commit for a payback for the proposal. And ironically, it was indeed included in the first draft of this GA, just we thought it might complicate the administration for a relatively small proposal (it is indeed just 600k with current ADA price). We’d happy to see the treasury succeeds before us.
Final thought
We will address most valid feedback collected so far, draft a more pure ecosystem-centric proposal.
For the time being, we appreciate DReps continue voting on current proposal with rationale, so the entire ecosystem has a better understanding about where we are standing.
Feedbacks (keep updating)
- Give back to treasury → will introduce profit-sharing / structured as loan
- Reporting dashboard introduced extra overhead → remove it
- Attract liquidity / strategy → professional market making since day 1 / develop vault for liquidity providing at ease.
- Decentralizing head → DeltaDeFi is currently hosting all the Hydra nodes since decentralizing head is currently not practical since hydra software is still under rapid update. We will add decentralization milestone to new proposal.
- Decentralized matching engine → Due to the complexity of UTxO blockchain, this would require non-trival R&D cost to achieve. While it is not feasible in current proposal, we are open-minded to include it in the future.