This week, Circle exploded to cross a $20B valuation and make a very select group of people rich
$USDC users received nothing.
Exciting to see people begin a push to give people real ownership in crypto. We should accept nothing less.
@coinage_media at the forefront 🇺🇸
unfortunately just having an entity that doesn't have equity holders and prohibits dividends does not magically create tokenholder 'alignment'--that's table stakes & every foundation (including the ones everybody hates) already does that
the real bare minimum should be:
-->governance docs are public
-->in those docs, the entity purposes are narrowly and carefully drafted to tailor to the particular community/token/protocol at issue (this is almost never the case), with few weasel words or "any other purpose permitted by law" clauses
-->there is some enforcement mechanism for actually aligned third parties (e.g., the DAO itself) to take legal action against the entity and its managers if they are violating the entity's rules
Very often, almost always, at least one of these elements is missing & the potential for loopholes and end-runs causing 'misalignment' with tokenholders is massive.
Just BORG it. 🖖😎
To create the flywheel always intended by Web3, projects need to give ownership to their users
This is often impossible in the traditional securities model
But it is very much possible in the co-op model ⬇️
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