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SBF
@SBF_FTX
Replying to
@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
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
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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.
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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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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
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noodles
@crypto_noodles
Replying to
@SBF_FTX
and
@SBF_Alameda
goddamn dude your replies are blazing fast - kudos! isn't the use case essentially smart contract insurance, $11B of locked funds seems like a reasonably sized market for insurance - no? Or are you referring to their specific approach?
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SBF
@SBF_FTX
Replying to
@crypto_noodles
1) I think insurance market is small % of overall market 2) I don't think current state is sutainable 3) to a decent extent you can get this by doing centralized staking with someone who they back-ends into this but insures it 4) on-chain insurance is really capital intensive
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noodles
@crypto_noodles
Replying to
@SBF_FTX
and
@SBF_Alameda
Agree on (2) + (3) (4) I'm optimistic that tokenized (composable) positions could make more capital efficient (1) There's a lot of reused LP Shares baked into TVL - which signals systemic risk is high, thus the insurance premiums should follow.
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