Firebird DAO - Improvement Proposal #1

Voting ended about 3 years agoSucceeded

Welcome to Firebird’s first improvement proposal! These will be infrequent proposals the team (and in the future, the DAO) will post on Snapshot for veFBA stakers to vote on.

It is important to note that we are setting a precedent with this vote. Moving forward, should this proposal be successful, ALL revenue distribution in relation to Firebird will be in the hands of the DAO (veFBA stakers).

Changes:

This proposal vote is on implementing the following items:

Remove fixed infrastructure cost ($20k per month)
Remove PoL (protocol owned liquidity) voting and allocation
Create a new Protocol Fund that a % of Firebird profits will go to (controlled by the team)
Future voting and allocation will be between Profit Distribution to veFBA stakers and Protocol Fund

Reasoning:

Motivation behind these changes are as follows:

With Firebird’s fixed infrastructure costs not being met anyway due to the current macro-crypto climate, the project’s founders felt it was time to alleviate the pressure on veFBA stakers by waiving the cost until markets pick up
Out of the last five months, two months ended up with internal debt, one was break-even and two were in profit after deducting fixed costs. Taking into consideration all external market and economic factors we decided it was unfair on veFBA stakers.
The current (PoL) pool hosted on BeethovenX has $400k liquidity which is sufficient to cover current trading volume. Additionally the Equalizer pool / gauge allows both communities the opportunity to add FBA/WFTM and earn yield while increasing $FBA liquidity.
Dev treasury as it is, served no purpose and was empty since there was no profit to be distributed to it anyways.
Protocol Fund will be used to cover infrastructure costs as best it can, be used as treasury for future investments such as ve token acquisition and for future hirings, etc.

Pros and Cons

Pros

Guaranteed profit distribution every epoch to veFBA stakers for as long as we have volume
All opportunities of future revenue distribution such as partner token acquisition, OTC swaps or any other investments will be subject to a DAO vote

Cons

Allocating too much funds to profit distribution and too little to protocol fund could result in additional project risks - in extreme case shutting down protocol due to lack of funding

Off-Chain Vote

For

279.13K veFBA100%

Against

0 veFBA0%

Abstain

117.68 veFBA0%

Download mobile app to vote

Timeline

Jan 12, 2023Proposal created

Jan 12, 2023Proposal vote started

Jan 15, 2023Proposal vote ended

Oct 26, 2023Proposal updated

Changes:

This proposal vote is on implementing the following items:

Remove fixed infrastructure cost ($20k per month)

Remove PoL (protocol owned liquidity) voting and allocation

Create a new Protocol Fund that a % of Firebird profits will go to (controlled by the team)

Future voting and allocation will be between Profit Distribution to veFBA stakers and Protocol Fund

Reasoning:

Motivation behind these changes are as follows:

With Firebird’s fixed infrastructure costs not being met anyway due to the current macro-crypto climate, the project’s founders felt it was time to alleviate the pressure on veFBA stakers by waiving the cost until markets pick up

Out of the last five months, two months ended up with internal debt, one was break-even and two were in profit after deducting fixed costs. Taking into consideration all external market and economic factors we decided it was unfair on veFBA stakers.

The current (PoL) pool hosted on BeethovenX has $400k liquidity which is sufficient to cover current trading volume. Additionally the Equalizer pool / gauge allows both communities the opportunity to add FBA/WFTM and earn yield while increasing $FBA liquidity.

Dev treasury as it is, served no purpose and was empty since there was no profit to be distributed to it anyways.

Protocol Fund will be used to cover infrastructure costs as best it can, be used as treasury for future investments such as ve token acquisition and for future hirings, etc.

Pros and Cons

Pros

Guaranteed profit distribution every epoch to veFBA stakers for as long as we have volume

All opportunities of future revenue distribution such as partner token acquisition, OTC swaps or any other investments will be subject to a DAO vote

Cons

Allocating too much funds to profit distribution and too little to protocol fund could result in additional project risks - in extreme case shutting down protocol due to lack of funding