Profile of Facundo in Optimism
Posts by Facundo
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[DRAFT][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: Nov. 25, 2022, 3:38 p.m.
Content: This is a resubmission under the new proposal format. Since the launch of MCD in Optimism is not likely to happen at least until next year, we’re re-submitting this proposal, but changing some of the parameters and distribution conditions. Project name: MakerDAO Author name and contact info: @Facundo - Head of Research - Discord: Profesor Utonio# 6658 @Jensenhaji - Business Development - Discord: Jenn# 6356 I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: Yes L 2 recipient address: msig TBA Which Voting Cycle are you applying for?: Season 3 Grant category: DeFi Is this proposal applicable to a specific committee?: DeFi Committee Project description: MakerDAO is a decentralized autonomous organization that enables the functionality of the Maker Protocol, a permissionless credit facility. Through the Maker Protocol, any user can use its crypto holdings as collateral to generate Dai loan against it. The decentralized governance community of MakerDAO manages the generation of Dai through an embedded governance mechanism within the Maker Protocol. Project links: Website: makerdao.com 7 Twitter: @makerdao 2 Discord/Discourse/Community: MakerDAO discord - Maker Growth discord Please include all other relevant links below: Maker Growth twitter Additional team member info: twitter - Head of growth Nadia 2 - Head of growth Mariano - Business Development Jenn - Researcher Facundo 1 Please link to any previous projects the team has meaningfully contributed to: No applicable Relevant usage metrics (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.): You can see an overview of MakerDAO’s metrics at @SebVentures’s Dune here 1 Highlights: Currently, Maker has + 5 billion Dai in circulation with +$ 6 . 5 billion of total value locked as collateral across hundreds of thousands of loans. MakerDAO is # 1 in TVL on Mainnet and DAI is the most used stablecoin in terms of on-chain velocity Since July 21 ’, Dai has been supported in the Optimism ecosystem through the Optimism official bridge. Dai is one of the most used stable-coins in Optimism with over ~$ 55 M liquidity and it was the first stablecoin to reach 1 M and 50 M in TVL on Optimism. Dai is supported across almost all the dApps in the Optimism ecosystem. For example, users could lend Dai in Aave v 3 , swap in Uniswap/Curve and leverage LPs positions into Arrakis Finance, to mention some use-cases. USDC/DAI is the pair with the highest TVL across Uniswap. In Aave v 3 , Dai is the most lended stable-coin behind USDC with ~$ 12 M. Competitors, peers, or similar projects: Synthetix 2 Is/will this project be open sourced? Yes Optimism native?: No Expected deployment on Optimism: Q 2 2023 Ecosystem Value Proposition: What is the problem statement this proposal hopes to solve for the Optimism ecosystem? How does your proposal offer a value proposition solving the above problem? Why will this solution be a source of growth for the Optimism ecosystem? This past month, Maker officially launched a fast-withdrawals and the ‘Maker Teleport’ (previously Wormhole 1 ) bridge for Dai to allow users to withdraw Dai near-instant and skip the 7 days lockup rollup period. The Maker protocol is uniquely positioned to provide a solution to the 7 days period problem while preserving trustlessness and decentralization. The fast-withdrawal bridge will allow locking up L 1 DAI to mint L 2 DAI as well as allowing L 2 DAI to be burned in exchange for near-instant access to L 1 DAI. 1600 × 793 216 KB This will attract a constant flow of users and liquidity towards Optimism since users will have the possibility to constantly move Dai between L 1 and L 2 instantly. The average user will not want to wait a week to get their assets into L 1 . The Optimism Dai Bridge can serve as the go-to service for exiting L 2 in a timely manner. As the Layer 2 ecosystem evolves and DAI liquidity grows within these domains, it will become important for users to be able to move DAI between them in a trustless manner. This initiative to Teleport Dai across Layer 2 ecosystems, starting with Optimism and Arbitrum, will become an integral feature of the fungibility of Layer 2 Dai. The Optimism and MakerDAO communities have the same goal: to scale Ethereum. This is a game changer not only for Maker, but the Ethereum ecosystem at large as we can finally offer a fast, trustless, decentralized off-ramp for optimistic rollups. Moving forwards, the launch of MCD in Optimism is targeted to be released on Q 2 2023 . Has your project previously applied for an OP grant? No. Number of OP tokens requested: 1 . 5 M Did the project apply for or receive OP tokens through the Foundation Partner Fund?: No How much will your project match in co-incentives?: No applicable Proposal for token distribution: How will the OP tokens be distributed? Over what period of time will the tokens be distributed for each initiative? Shorter timelines are preferable to longer timelines. Shorter timelines (on the order of weeks) allow teams to quickly demonstrate achievement of milestones, better facilitating additional grants via subsequent proposals. Please list the milestones/KPIs you expect to achieve for each initiative, considering how each relates to incentivizing sustainable usage and liquidity on Optimism. Please keep in mind that progress towards these milestones/KPIs should be trackable. Why will incentivized users and liquidity on Optimism remain after incentives dry up? At Maker Growth we are thinking about ways to incentivize Dai usage on Optimism by rewarding real Optimism Dai users who were and continue to be legitimately involved in the Optimism ecosystem: may we present to you The Interstellar Dai Journey: 1600 × 810 155 KB Inspired by the mechanism Optimism used with the OP token launch, we planned a schedule to reward users who got to perform certain tasks to receive OP incentives.“The Interstellar Dai Journey” will have a few ‘stages’ to fulfill and every stage that is completed will give the users more rewards and a potential boost on the reward (than the previous ones), in a given period of time. The conditions to receive the boost are based on the phases that users have completed in the past. This initial plan is structured by 6 months and it may or it may be not consecutive, but is open to modifications. Maker officially launched the Fast Withdrawal bridge for L 2 → L 1 whereby Optimism users are able to quickly and securely transfer Dai from Optimism to Mainnet avoiding the 7 days waiting period to have Dai in L 1 . Teleporting DAI from L 2 → L 1 is known as a “Fast Withdrawal”. To complete a fast withdrawal, DAI is burnt on L 2 , minted on L 1 , and sent to the user as soon as the L 2 transaction is confirmed. Although the fast withdrawal bridge is currently deployed and live on Mainnet without any problem, it has no official UI for the final-user to interact with, something that we’re working on by activating a 10 , 000 DAI grant 5 for any builder who wants to integrate the Maker Teleport with a functional user interface. So, for example in the scenario described above the rewards will be distributed in a few different stages: Phase 1 : Bridge at least $ 1000 Dai (to avoid sybil attacks) to Optimism and the user will receive some % OP incentives for 1 month (when the month has passed the rewards will end). No previous conditions needed. Phase 2 : Providing Dai liquidity on Velodrome* will give users another % OP incentives, for about 1 month. If users have completed the task on ‘Phase 1 ’ (bridged Dai through Maker Teleport) they’ll receive a boost on their rewards. Phase 3 : Open a DCA position with any DAI pair on Mean Finance* *We’re trying to incentivize the usage of the whole OP ecosystem instead of just one dApp, because of such we’re prioritizing native Optimism dApps that have seen to attract a lot of liquidity or dApps that doesn’t have much usage but are offering an innovate product, such as Velodrome, Mean Finance or Sonne by giving them priority putting them at the front of the stages. We can add or remove some based on the comments received. And so on, covering the remaining phases in the table: Phase 4 : Provide Dai liquidity on Aave / Sonne Finance Phase 5 : Provide liquidity to DAI/OP pair on Uniswap Phase 6 : Provide liquidity on 3 pool on Curve In order to have greater transparency at following the objectives within the journey, we believe that breaking this grant into 2 tranches is the right thing to do. If the community agrees we will ask for 50 % of the amount requested ( 750 k OP) once it/if is approved, and the remaining 50 % ( 750 k OP) after the first 3 months to properly track the objectives following the Journey with a report made to Optimism governance prior to disbursement of the remaining tranche by showing metrics to measure the success or the objectives that remain to be reach. KPIs: Increase Dai liquidity in Optimism by xx% over a period of 3 months Increase Dai usability and utility within trading and yield opportunities Increase the number of Dai holders by xx% Increase Optimism native dApp (Velodrome, Mean Finance…) usage through Dai liquidity flow Additional Info: At a future date (likely 2023 ) Maker plans (with community approval) to launch MCD on Optimism natively. Maker Growth Core Unit can help propose OP as a supported collateral. Maker Growth will also help to co-promote dApps on Optimism that support DAI as a way to increase awareness about the Optimism ecosystem and use cases. These are just a few tasks and ideas that we think could bring value to the Optimism ecosystem, we can rethink and change them based on comments received. We are also thinking of distributing back a percentage (maybe ~ 50 %) of gas spent on Dai usage, just to make Dai usage super cheap but not free, to avoid sybil attacks. By doing this, we will be giving users extra OP rewards based on the amount of gas spent on transactions in Optimism in a given period of time. So, for example a user who spent $ 200 on gas in Optimism will be receiving $ 100 valued in OP gas refund. This incentive will last approximately 6 months. Note that this is a completely separate reward mechanism and it has nothing to do with the ‘Dai Journey’ incentivization.
Likes: 9
Replies: 0
No replies yet.
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[DRAFT][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: Nov. 25, 2022, 10:38 a.m.
Content: This is a resubmission under the new proposal format. Since the launch of MCD in Optimism is not likely to happen at least until next year, we’re re-submitting this proposal, but changing some of the parameters and distribution conditions.
Project name: MakerDAO
Author name and contact info:
@Facundo - Head of Research - Discord: Profesor Utonio# 6658
@Jensenhaji - Business Development - Discord: Jenn# 6356
I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: Yes
L 2 recipient address: msig TBA
Which Voting Cycle are you applying for?: Season 3
Grant category: DeFi
Is this proposal applicable to a specific committee?: DeFi Committee
Project description: MakerDAO is a decentralized autonomous organization that enables the functionality of the Maker Protocol, a permissionless credit facility.
Through the Maker Protocol, any user can use its crypto holdings as collateral to generate Dai loan against it.
The decentralized governance community of MakerDAO manages the generation of Dai through an embedded governance mechanism within the Maker Protocol.
Project links:
Website: makerdao.com
Twitter: @makerdao
Discord/Discourse/Community: MakerDAO discord - Maker Growth discord
Please include all other relevant links below: Maker Growth twitter
Additional team member info: twitter - Head of growth Nadia - Head of growth Mariano - Business Development Jenn - Researcher Facundo
Please link to any previous projects the team has meaningfully contributed to: No applicable
Relevant usage metrics (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.):
You can see an overview of MakerDAO’s metrics at @SebVentures’s Dune here
Highlights:
Currently, Maker has + 5 billion Dai in circulation with +$ 6 . 5 billion of total value locked as collateral across hundreds of thousands of loans. MakerDAO is # 1 in TVL on Mainnet and DAI is the most used stablecoin in terms of on-chain velocity
Since July 21 ’, Dai has been supported in the Optimism ecosystem through the Optimism official bridge. Dai is one of the most used stable-coins in Optimism with over ~$ 55 M liquidity and it was the first stablecoin to reach 1 M and 50 M in TVL on Optimism.
Dai is supported across almost all the dApps in the Optimism ecosystem. For example, users could lend Dai in Aave v 3 , swap in Uniswap/Curve and leverage LPs positions into Arrakis Finance, to mention some use-cases.
USDC/DAI is the pair with the highest TVL across Uniswap. In Aave v 3 , Dai is the most lended stable-coin behind USDC with ~$ 12 M.
Competitors, peers, or similar projects: Synthetix
Is/will this project be open sourced? Yes
Optimism native?: No
Expected deployment on Optimism: Q 2 2023
Ecosystem Value Proposition:
What is the problem statement this proposal hopes to solve for the Optimism ecosystem?
How does your proposal offer a value proposition solving the above problem?
Why will this solution be a source of growth for the Optimism ecosystem?
This past month, Maker officially launched a fast-withdrawals and the ‘Maker Teleport’ (previously Wormhole) bridge for Dai to allow users to withdraw Dai near-instant and skip the 7 days lockup rollup period.
The Maker protocol is uniquely positioned to provide a solution to the 7 days period problem while preserving trustlessness and decentralization. The fast-withdrawal bridge will allow locking up L 1 DAI to mint L 2 DAI as well as allowing L 2 DAI to be burned in exchange for near-instant access to L 1 DAI.
1600 × 793 216 KB
This will attract a constant flow of users and liquidity towards Optimism since users will have the possibility to constantly move Dai between L 1 and L 2 instantly. The average user will not want to wait a week to get their assets into L 1 . The Optimism Dai Bridge can serve as the go-to service for exiting L 2 in a timely manner.
As the Layer 2 ecosystem evolves and DAI liquidity grows within these domains, it will become important for users to be able to move DAI between them in a trustless manner. This initiative to Teleport Dai across Layer 2 ecosystems, starting with Optimism and Arbitrum, will become an integral feature of the fungibility of Layer 2 Dai.
The Optimism and MakerDAO communities have the same goal: to scale Ethereum. This is a game changer not only for Maker, but the Ethereum ecosystem at large as we can finally offer a fast, trustless, decentralized off-ramp for optimistic rollups.
Moving forwards, the launch of MCD in Optimism is targeted to be released on Q 2 2023 .
Has your project previously applied for an OP grant? No.
Number of OP tokens requested: 1 . 5 M
Did the project apply for or receive OP tokens through the Foundation Partner Fund?: No
How much will your project match in co-incentives?: No applicable
Proposal for token distribution:
How will the OP tokens be distributed?
Over what period of time will the tokens be distributed for each initiative? Shorter timelines are preferable to longer timelines. Shorter timelines (on the order of weeks) allow teams to quickly demonstrate achievement of milestones, better facilitating additional grants via subsequent proposals.
Please list the milestones/KPIs you expect to achieve for each initiative, considering how each relates to incentivizing sustainable usage and liquidity on Optimism. Please keep in mind that progress towards these milestones/KPIs should be trackable.
Why will incentivized users and liquidity on Optimism remain after incentives dry up?
At Maker Growth we are thinking about ways to incentivize Dai usage on Optimism by rewarding real Optimism Dai users who were and continue to be legitimately involved in the Optimism ecosystem: may we present to you The Interstellar Dai Journey:
1600 × 810 155 KB
Inspired by the mechanism Optimism used with the OP token launch, we planned a schedule to reward users who got to perform certain tasks to receive OP incentives.“The Interstellar Dai Journey” will have a few ‘stages’ to fulfill and every stage that is completed will give the users more rewards and a potential boost on the reward (than the previous ones), in a given period of time.
The conditions to receive the boost are based on the phases that users have completed in the past. This initial plan is structured by 6 months and it may or it may be not consecutive, but is open to modifications.
Maker officially launched the Fast Withdrawal bridge for L 2 → L 1 whereby Optimism users are able to quickly and securely transfer Dai from Optimism to Mainnet avoiding the 7 days waiting period to have Dai in L 1 .
Teleporting DAI from L 2 → L 1 is known as a “Fast Withdrawal”. To complete a fast withdrawal, DAI is burnt on L 2 , minted on L 1 , and sent to the user as soon as the L 2 transaction is confirmed.
Although the fast withdrawal bridge is currently deployed and live on Mainnet without any problem, it has no official UI for the final-user to interact with, something that we’re working on by activating a 10 , 000 DAI grant for any builder who wants to integrate the Maker Teleport with a functional user interface.
So, for example in the scenario described above the rewards will be distributed in a few different stages:
Phase 1 : Bridge at least $ 1000 Dai (to avoid sybil attacks) to Optimism and the user will receive some % OP incentives for 1 month (when the month has passed the rewards will end). No previous conditions needed.
Phase 2 : Providing Dai liquidity on Velodrome* will give users another % OP incentives, for about 1 month. If users have completed the task on ‘Phase 1 ’ (bridged Dai through Maker Teleport) they’ll receive a boost on their rewards.
Phase 3 : Open a DCA position with any DAI pair on Mean Finance*
*We’re trying to incentivize the usage of the whole OP ecosystem instead of just one dApp, because of such we’re prioritizing native Optimism dApps that have seen to attract a lot of liquidity or dApps that doesn’t have much usage but are offering an innovate product, such as Velodrome, Mean Finance or Sonne by giving them priority putting them at the front of the stages. We can add or remove some based on the comments received.
And so on, covering the remaining phases in the table:
Phase 4 : Provide Dai liquidity on Aave / Sonne Finance
Phase 5 : Provide liquidity to DAI/OP pair on Uniswap
Phase 6 : Provide liquidity on 3 pool on Curve
In order to have greater transparency at following the objectives within the journey, we believe that breaking this grant into 2 tranches is the right thing to do. If the community agrees we will ask for 50 % of the amount requested ( 750 k OP) once it/if is approved, and the remaining 50 % ( 750 k OP) after the first 3 months to properly track the objectives following the Journey with a report made to Optimism governance prior to disbursement of the remaining tranche by showing metrics to measure the success or the objectives that remain to be reach.
KPIs:
Increase Dai liquidity in Optimism by xx% over a period of 3 months
Increase Dai usability and utility within trading and yield opportunities
Increase the number of Dai holders by xx%
Increase Optimism native dApp (Velodrome, Mean Finance…) usage through Dai liquidity flow
Additional Info:
At a future date (likely 2023 ) Maker plans (with community approval) to launch MCD on Optimism natively. Maker Growth Core Unit can help propose OP as a supported collateral. Maker Growth will also help to co-promote dApps on Optimism that support DAI as a way to increase awareness about the Optimism ecosystem and use cases. These are just a few tasks and ideas that we think could bring value to the Optimism ecosystem, we can rethink and change them based on comments received.
We are also thinking of distributing back a percentage (maybe ~ 50 %) of gas spent on Dai usage, just to make Dai usage super cheap but not free, to avoid sybil attacks. By doing this, we will be giving users extra OP rewards based on the amount of gas spent on transactions in Optimism in a given period of time. So, for example a user who spent $ 200 on gas in Optimism will be receiving $ 100 valued in OP gas refund. This incentive will last approximately 6 months.
Note that this is a completely separate reward mechanism and it has nothing to do with the ‘Dai Journey’ incentivization.
Likes: 9
Replies: 0
No replies yet.
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[DEPRECATED][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: July 1, 2022, 1:34 a.m.
Content: Based on comments suggested by @OPUser, the requested OP has been updated to 500 , 000 .
Likes: 2
Replies: 0
No replies yet.
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[DEPRECATED][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: June 30, 2022, 11:14 p.m.
Content: We have not yet formally presented it on the Maker forum, but we have discussed it with some members within the community. Likewise, the distribution proposal is really simple and benefits both MakerDAO and Optimism communities, I’m having a hard time to find the tradeoff it could present. For both it is essential to promote the use and adoption of Optimism as the main L 2 and they share the vision of scaling Ethereum since it provides a truly decetralized settlement layer. For Maker, it increases demand for Dai For Optimism, it increases the usability/liquidity in the network. In case the proposal in the Maker forum is not approved (highly unlikely imho) the funds would be returned to the Foundation. As said by @rustboot.eth for this to be guaranteed, we have proposed the OP to be sent to a multisig where the Optimism Foundation together with an Optimism delegate are signers.
Likes: 2
Replies: 0
No replies yet.
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[DEPRECATED][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: June 30, 2022, 9:34 p.m.
Content: Based on comments suggested by @OPUser, the requested OP has been updated to 500 , 000 .
Likes: 2
Replies: 0
No replies yet.
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[DEPRECATED][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: June 30, 2022, 7:14 p.m.
Content: We have not yet formally presented it on the Maker forum, but we have discussed it with some members within the community. Likewise, the distribution proposal is really simple and benefits both MakerDAO and Optimism communities, I’m having a hard time to find the tradeoff it could present.
For both it is essential to promote the use and adoption of Optimism as the main L 2 and they share the vision of scaling Ethereum since it provides a truly decetralized settlement layer.
For Maker, it increases demand for Dai
For Optimism, it increases the usability/liquidity in the network.
In case the proposal in the Maker forum is not approved (highly unlikely imho) the funds would be returned to the Foundation. As said by @rustboot.eth for this to be guaranteed, we have proposed the OP to be sent to a multisig where the Optimism Foundation together with an Optimism delegate are signers.
Likes: 2
Replies: 0
No replies yet.
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[DEPRECATED][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: June 26, 2022, 4:47 a.m.
Content: The draft has been updated to reflect the feedback received.
Likes: 3
Replies: 0
No replies yet.
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[DEPRECATED][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: June 26, 2022, 12:47 a.m.
Content: The draft has been updated to reflect the feedback received.
Likes: 3
Replies: 0
No replies yet.
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[DEPRECATED][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: June 24, 2022, 11:25 p.m.
Content: Maker governance is really complex and requires many steps before any proposal being implemented, this means posting an off-chain signal request in the forum (this also takes time to reach an agreement) → then an on-chain governance poll (this normally takes between 3 - 7 days) → and finally the Executive Vote, which has a MKR threshold to pass and an expiration date, if the MKR threshold is reached before the expiration date then the Executive passes, if the opposite happens it doesn’t. In this process, for example, the Protocol Engeering Core Unit will must have everything ready for the launch of MCD in Optimism and Risk Core Unit will have to evalute the risks parameters of the proposed distribution. So as you can see, reaching an agreement and implementing this proposal in Maker governance will take some time, this is why I’m suggesting the OP governance vote on this and then we’ll present it formally in our forum to debate about the final distribution. But just so you know and something that I didn’t mention before, is that this proposal has been reviewed by the Mandated Actors (an actor representing each of the Core Units) of Maker before being published here. So, based on the expressed before I’m thinking more like: See the general feeling of OP governance and any feedback you give us and modify the proposal until it’s ready OP governance votes whetever approves o rejected. If approved, we’ll draft a proposal in Maker forum to discuss the OP distribution and which address to send the OP to* *In case the OP governance don’t trust Maker, we could propose to make the distribution from a multisig where the OP foundation is also a signer.
Likes: 4
Replies: 0
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[DEPRECATED][GF: Phase 1 Proposal] MakerDAO
by Facundo - No Role
Posted on: June 24, 2022, 7:43 p.m.
Content: Hi @lefterisjp !, thank you so much for the kind words :slight_smile: Love to hear that! I’m also excited for Maker to launch MCD on Optimism. lefterisjp: Can you provide more details on how this would look like? Would it be OP per day? Allocaed at creation? Accrued along with the DAI payback debt? As we said and sorry for being repetitive, the distribution would need to go through a Maker governance vote, we as a Core Unit have no power to make that decission, but from Growth we’ll propose the community to allocate OP per day by Dai emission rages starting from the dust (minimum Dai debt required), so for example: Users who take a minimum loan of $ 10 - 15 k Dai will received an OP %, and we’ll increase the reward % as the user take more debt. Ideally, the OP reward will increase as the dust increase too: * 10 - 50 k: %X OP * 50 - 100 k: $XX OP * 100 - 150 k: $XXX OP …and so on Another interesting proposal would be to allocate OP to users who opens and maintains a vault for a certain length of time (e.g. 1 year), so the OP reward will be vested once the year already passed. But again, this is just a proposal from Growth, not MakerDAO as a whole. This would have to be approved by MKR holders. AxlVaz: The grants given by the governance fund are to encourage the use of the protocol and network. Yes, It was just a suggestion to discuss within the community, it doesn’t have to be that way. But yes, I agree with you and as Jenn said, we can remove that part for sure.
Likes: 3
Replies: 0
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