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Behind the scenes, Terra 2 governance is a clusterf*ck. Protocols are fighting for their share of the builders' allocation like vultures - tensions are high, and the big sharks smell blood. Here's a look into what's going on. (Hint: it's exactly what you'd expect.) (1/17)pic.twitter.com/diELYDGive
To simplify, there are two major schools of thought (there are several broad issues & proposed ways to tackle them; this is the focus) - one is to provide allocations via a split favouring projects with (& based on) TVL, and the other is to favour small non-TVL projects. (2/17)
Given that this is just the 0.5% emergency fund, one side of the aisle believes the emergency funding should favour smaller projects. These projects have almost no money and are being offered grants by other chains. They may not have a working product or any TVL yet. (3/17)pic.twitter.com/QroDcEqerv
These builders have likely been impacted the most by the crash - even though they don't provide as much 'value' to the protocol, they are working on great things, and there are several amazing projects that don't even have TVL-based metrics like Terrascope and Andromeda. (4/17)
In my personal opinion, given the purpose of the emergency budget, an unbiased steering committee must be formed and should allocate at least 50% of the budget to projects like this - new builders loyal to Terra who have been wiped out and need to get back on their feet. (5/17)pic.twitter.com/HHrZZ6FVZP
On the other end are the 'TVL maxis', opining that protocols with the most value on Terra 1 deserve a higher proportion of the emergency budget since they will likely bring more value to Terra 2. This line of thought is being pushed almost exclusively by Delphi & Do Kwon. (6/17)pic.twitter.com/o15ZocygXX
Delphi incubates Astroport, Terra 1's highest TVL project, so under this model, Astroport would receive the lion's share of the emergency funding. Although Astroport will undoubtedly provide a lot of value to Terra 2 and requires more funding, is it really an emergency? (7/17)
Fights often break out across the chat and the chat has to be put into slowmode from time to time so people can calm down. For example, here's an exchange between Nexus and Stader, both fighting for a piece of the pie under both distribution models. (8/17)pic.twitter.com/tEYVeC2Mtq
In this exchange, Stader is asked a direct question relevant to their entitlement to the emergency fund, and they skirt around it - as you can see, greed is rife, and the immediate goal of getting builders back on their feet is not being thought about in the right way. (9/17)pic.twitter.com/FbFnwsxQsh
Here are some examples of great projects that may be unfairly cut out using a mostly-TVL-based method, and it makes sense to me that a neutral committee of trusted community members is formed to make decisions about allocations in a holistic manner (for at least 50%). (10/17)pic.twitter.com/ui1mYr9vcA
This voice summarizes the discussion quite well. Terra is hurting, and it's vital, now more than ever, to protect small teams & small builders who are passionate about the community. Having them move to other chains out of necessity will cause an irreparable rift. (11/17)pic.twitter.com/yPMsM86wEd
In a convenient plot twist, Delphi discovered that vote bribery was being organized behind the scenes. I don't know if it's worse for this to be real or fake - but, either way, governance devolves further and Delphi starts pushing for the non-voting side even harder. (12/17)pic.twitter.com/rEXwPYPVBj
The new proposal, ratified by Delphi and Do, is not that bad - it's balanced, and although the non-TVL half isn't wholly voting-based (eight specific candidates have been selected, eg. $700k goes to Will Chen's Terran One), there will still be healthy community input. (13/17)pic.twitter.com/Xz9XKZ19ow
Some builders, however, take issue with Do Kwon shoehorning his own preferences into the allocation system. At several points in the conversation Do tells protocol builders to shut up due to their 'conflicts of interest', confidently stating that he is free of them... (14/17)pic.twitter.com/e7Sg2Ibh5B
...But he doesn't care to talk about his own conflicts, namely, the pressure being put on him from various VC funds to make up for losses. He didn't disclose the Jump bribe, and he's actively lying about TFL not owning any LUNA - why would anyone expect the truth now? (15/17)pic.twitter.com/LUNFVzfGpC
Terra 2 may succeed as a truly community-owned chain, but it appears TFL is hell-bent on making sure this doesn't happen. I hope things change, but multiple builders are reporting that the chat is in complete disarray and there is a lot of pent up resentment towards Do. (16/17)
Here are some bonus shots. While I love a good joke, I also find it sickening that Do Kwon has the ability to act this chipper after people have literally died at his hands. Three people in direct contact with me are starving and are counting on the LFG refund to survive. (17/17)pic.twitter.com/YymhBNAqYa
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