I have been trying to hold off for a while, but here it goes;
I am a worried DXD investor.
- Lack of cadence (proposals take time, but decisions take even longer around here)
- Lack of execution (governance changes, Swapr liquidity etc. etc.)
- Lack of priorities (adding liquidity to Swapr to grow vs hearing what Almonit have to sell us?)
- Lack of focus (unwillingness to ask ourselves hard questions and set real actual goals)
- Lack of accountability (when did you last see an actual KPI or MoM number around here?)
- Failure to leverage Delphi and other industry experts when joining the DAO (bad sign for me).
- Poor governance structure (been discussed for ages, but still status quo, which makes it worse)
- Poor treasury management (holding ETH has accidentally been a great plan… but no yield farming or anything that could extend runway or start adding ETH to the buyback. Nobody seems to care much for managing $25m USD in DXD holders interest - but hey, at least we are securing salaries).
Overall, the greatest thing I have learned so far from this experiment is why VCs normally structure investments the way they do (18-24 month runway, voting rights etc) and why startups have a CEO and management that is accountable, can set priorities, create focus and follow up on them actually being hit.
When I started my own business, the first advice I got was to find someone to be accountable to. That’s the advice I’d give here too. To me that means a real commitment to generating revenue and focusing on growth. At the moment that can only mean making DXdao members accountable to KPIs as zero other accountability mechanisms exist at present (beyond possible legal means).
So my question to the DAO for 2021 is;
- What milestones/targets will our products hit this year (milestones, KPI’s etc.). If not, then what?
- What revenues does the DAO generate monthly (and how are we tracking against our goals?)
- Can we have this added onto the monthly update as a data sheet (key growth KPIs, revenue per product and total spend will do just fine for now). I frankly think we all need a monthly reminder of the the reality of things around here.
So at this point, for my own sanity, I consider my investment written off. I am unwilling to sell the tokens at this price due to the extreme discount on book value, but I am by now thoroughly disappointed over the lack of progress that’s been made in the last 9 months and the lack of appreciation for DXD holders valid concerns, backed by actual actions. I knew what I was doing getting involved in an experiment like this that is completely unproven, but it doesn’t make it any less lamentable to all DXD holders.
I have every belief that, if the current trajectory and processes remain unchanged, there is next to zero chance of DXdao generating meaningful revenue to the buyback curve in the very foreseeable future, above and beyond yield farming. Combined with the above concerns, my guess is that people will increasingly loose faith, decide to cut their losses and move onto other projects - as seems to be exactly what is happening.
Why don’t we build something to maximize the returns on our $25m treasury next - instead of playing with xDAI for governance? No offence, but hopefully that illustrates the point I am trying to make here quite nicely. No sense of priority and value. No KPI/goal driven decision making.
I have not ruled out further actions, but the time to speak freely was now well overdue.