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.
10
45
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
2
13
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.
2
10
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.
2
10
SBF
@SBF_FTX
6) To be clear: --I was listed as an advisor for COVER --until today I was not asked for advice on anything --until today I had no input on what was done --today, they asked for my advice --we'll see if they take it --I'm not paid anything as an advisor
4
20
SBF
@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.
3
19
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.
5
16
SBF
@SBF_FTX
Replying to
@crypto_noodles
eh mostly that I think the use case for it is a bit too niche and only really makes sense if things grow out quite a bit on defi as it is right nwo
2
3
Show replies