Conversation

SBF
@SBF_FTX
1) I just talked with the
@COVERProtocol
team for the first time in a while. I hadn't been privy to any of the planning of the tokenomics post they made yesterday. They reached out today, asking for advice. This was the first time they had.
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SBF
@SBF_FTX
3) We talked, and I gave what I saw as the major feedback the community (and I) had: a) the plan is shit for SAFE holders; it massively dilutes them down b) the plan was drafted and announced without getting any feedback from the outside world
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SBF
@SBF_FTX
4) They were receptive to it. I said, basically, that it didn't need tweaks -- it needed a total overhaul. I suggested a few variants that I felt would be reasonable.
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SBF
@SBF_FTX
5) They are discussing. They say they'll release a new proposal for COVER tokenomics soon which takes this into account. Until then, I'm reserving judgement.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
7) If there is not a new proposal, or there is one but it doesn't fairly represent token holders, then I will formally withdraw as an advisor to them. I might either way. Hopefully there will be one, and it will be good. We'll see.
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SBF
@SBF_FTX
8) And no matter what: --NOT INVESTMENT ADVICE --I have no idea what the price of COVER should be. Maybe it's way too high, idk, I literally haven't thought about it. --DO NOT BUY COVER BASED ON WHAT I SAY. I'm just trying to help.
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SBF
@SBF_FTX
9) I don't personally find myself all that excited by the COVER protocol. I could be wrong! But in addition to not being an endorsement of the token or team, it's not one of the project.
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