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who got rugged token donors or cig minters?

Voting ended over 2 years agoFailed

Token donors are experiencing a significant decline in token value, as it has dropped by 90%. On the other hand, the value of cigs has increased substantially, reaching at least 60 times the mint price at one point(currently 10x).

Cigs were granted a strong and, some might argue, overpowered 7 LTV on all deposits. This high LTV allocation heavily favored cigs and left little room for token appreciation, as it increased the risk tolerance exclusively for cigs. Additionally, cigs received free tokens and were included in the WW whitelist. Furthermore, after minting, cigs LTV was increased from 7 to 10, representing a 42% boost.

In contrast, tokens received minimal benefits. They were eventually granted a trait buff, but it is now being revoked due to pressure from Makesy, who threatened to leave the platform if the risk associated with cigs was reduced even slightly. Consequently, the team is compelled to nerf an already devalued asset by appeasing a single individual.

Not only is this unfair, but it also lacks logical reasoning. Tokens are owned by the DAO, and when the DAO nerfs tokens, they are essentially devaluing their own treasury.

Off-Chain Vote

token were rugged
90.79M JPEG99.8%
cigs were rugged
212.93K JPEG0.2%
Quorum:4%
Download mobile app to vote

Timeline

Jul 10, 2023Proposal created
Jul 11, 2023Proposal vote started
Jul 14, 2023Proposal vote ended
Oct 26, 2023Proposal updated