There wasn't a problem, so no solution was necessary. You can't and shouldn't tell your users how to use your platform. Most successful 2-way marketplaces ended up being used differently than originally conceived by founders. Let the market work itself out.
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The onus is now on Compound, Balancer & everyone else who is working on a liquidity mining token structure to create organic demand / value for the token outside of mining. If that happens, then the system works. If that doesn't happen, liquidity mining goes away.
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Totally agree. I think there's a bit of an 'emperor has no clothes' thing here too--that somehow when it becomes too obvious what the use case as currently structured is, people try to deny that was ever the goal.
Tbh I feel like many don't actually understand the point of the liquidity mining thing. It's just a token distribution mechanism.
I fully expect speculators to move on. Prices are (obviously) unsustainably high, speculative farmers arb that and bring it down to true demand
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But after specs move on, its not like liquidity mining stops or that LP-ing stops.
The users that want the opportunity to govern the protocol will step in. I'm certainly planning to do this after valuations become more rational
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Not really. You guys are completely missing the fact that this protocol launched 2 days ago. If anything, the only "structure" is to prevent abuse. This "decentralization at all costs" fantasy within days of launch is an absolutely horrible idea. Every project would die like that
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MakerDAO, for example, has been around for like 5 years now, and they spent an inordinate amount of time thinking about governance and capture. To hold new projects to these same standards is just simply nonsensical.
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