I’m in favor of an idea to create a pool, from registration fees, which would buy back $ENS from uniswap, or whichever DEX, and redistribute to governance participants. The benefit here would be removing votes from users not wishing to participate, and guaranteeing those votes go to active participants, while also encouraging active delegation - aka distributing votes to more informed users.
We all think that ENS is easy to remember and use for long addresses, but gas is too expensive for ordinary people to use. If they subsidize some ens, users will increase significantly. The law of the Internet is: the more users, the greater the value of the project. Now it’s key to expand the number of users, and it’s too late to develop competitive products!
I follow what you’re saying here…
However, take someone like myself…not very tech-savvy, but I’m interested in the tech. I don’t know a shit-load about web3 or smart contracts, but I still consider myself to know more than the general public.
I don’t have a whole lot of technical talent to contribute here, but I feel that I have a voice and an opinion on how the ENS DAO, other DAOs, and other web3 projects can positively impact the world. Also, I have some non-technical skills that I can contribute.
If I can contribute, I would love that! However, if I cannot contribute that much, I would still like to hold the tokens as I believe in the project and believe that they could one day hold more value. Is there anything inherently wrong with this? I mean, can I casually voice my opinion, participate in discussions, contribute here and there, and still be a holder of $ENS and a believer in its ability to be worth more as we move into the future?
I am genuinely asking these questions to see if anyone has any thoughts on this. I feel there may be others who share the same curiosity.
Thanks!
ENS must be valuable and must appreciate like SOL. If ENS is worthless and value is not considered, then why issue ENS? Just use ETH directly.
The tokens were the result of a free airdrop, so on what basis “must” ENS do anything? If I use your premise, which I don’t agree with, then ENS’s ROI is already phenomenal. You started with nothing and got something of value. You were rewarded as an early adopter. ENS is not worthless, as the tokens continue to have monetary speculative value despite its purpose to have a say in its governance.
This is exactly the problem delegation solves. I’d say the majority of users fit your bill. We dont expect every user to be an expert, what we want is for every delegate to be an expert, then the non-experts delegate their votes to the experts who can vote accordingly.
Thus I believe the average users should be rewarded for delegating, and in my write up I recommend those who assign their votes to a delegate actually earn more than if they vote themselves. This is to encourage users to defer to the experts, which would improve the value of the votes.
I agree with you here. Nobody should feel entitled to get rich off of a free airdrop.
However, the token’s monetary value isn’t anything that the DAO should shy away from in discussion. It’s healthy to have discussions about the value capture of the token. I say this humbly as I am still learning about DAOs and web3.
I don’t believe that any of us here are owed anything. Nevertheless, we were invited into this community and I believe all of us would like it to thrive, both morally & in terms of value.
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We are being invited to have say in ENS’s governance, because we got in involved with ENS early and believed, through the use its services and being willing to pay gas fees, that its innovation was the future. We have been handsomely rewarded by being allowed to take part in developing ENS’s future.
Okay
Thank you for this insight.
This makes sense to me and I was happy to delegate to someone who I believe has strong expertise.
Good stuff!