I haven’t heard anyone call for that resolution for years, and I specifically said this isn’t the case above if you take a look. Please, don’t misrepresent me or DXD holders in general. I appreciate that comms over text can be tough to interpret, but it’s a recurrent theme in your posts, and I think it’s an easy but inaccurate way to paint DXD holders in a bad light.
I’ve made it plainly clear that I’m open minded to the future mechanism to deliver value. I just take issue with the move back in comms towards a rhetoric of ‘Let’s just keep going as we are, and product revenues will support DXD in the future’. That is not a comforting value accrual mechanism for DXD holders given product revenues are nowhere close to sustaining the DAO’s expenses after 3 years, let alone anything for DXD holders - it’s just a fact, I mean no offence by it, so please don’t take it personally.
What I am obsessing over, however, and think there isn’t enough obsession over, is that money is being spent without pre-emptive analysis, and seemingly no serious pause, over whether it will return at least 1x said spend. This money could be spent on a buyback (returns >1x spend to remaining DXD holders), a dividend (returns 1x spend to current DXD holders), other products that are likely to return 1x spend. I don’t really care what - the important thing is that spend is likely to return >1x. This is just rudimentary logic - would you spend $1 if your expected return in future on that $1 is less than $1?
I think you’ve missed the point of the post entirely. It was as far removed from the buyback as possible. It focused more on your previous post implying that we are back to a world where DXD holders are reliant on product revenues to be the main value accrual mechanism we can count on. If this is the case as you imply, then we have to look at current and future product revenues; neither of which provide much comfort to DXD holders, and render this of extremely limited value. The point is to change this fact.
I commend that, sincerely, but it’s not translating to anywhere close to what’s spent on it in fees, and that is the bottom line. The PMF isn’t there, and the revenues vs. the spend show that quite clearly. I appreciate that it’s not nice to hear, but I’m not sure how one can make a case against the numbers, and if the likelihood of recouping future spend on it is low (let alone turn a profit on future spend), then why continue to pour resources into it, rather than pour the cash, and more importantly contributor talent, into something which is likely to do so, based on pre-spend analysis?
So that I’m not misrepresented further, to be clear: I’m all for building products where it makes sense. I think DXgov, for example, is a key piece of infrastructure that could be widely used and adopted across the DeFi landscape. However, I think it’s negligent towards the DAO’s longevity and existence, as you put it, to continue to build products that are unlikely to produce a return on spend, so that the DAO can continue past the next 3 years. Otherwise, DXdao ceases to exist past 2025/2026 at the current burn rate. This should be concerning to everyone involved with the DAO, but especially DXD holders who haven’t received a dividend in 3 years, and essentially lose everything invested if no product revenues are produced in the next 3 years either.
If Swapr, or any other product, is going to produce a positive return on spend, great, but we should be showing an analysis of what the expected revenues are, when they are likely to begin, why we expect that (what’s going to change between now and then, with data to support), etc. before the spend occurs. I’m afraid, in my opinion, ‘Carrot is a true gem, v1 will rock’ is a prime example of a lack of rigorous analysis prior to spend on future expected return.
Please, don’t gaslight me. My post merely highlights that money should only be spent when the future expectation for return is positive, and that I don’t think that analysis is currently happening. It’s a call for change, and improvement. If it’s not possible for people, namely DXD holders, to provide this kind of feedback without this kind of response, then DXdao will just continue to be an echo chamber for contributors. Further, the post was in direct response to your comments that lead me to believe that we are heading back to ‘DXD holders just need to wait for product revenues, be patient’, without any indication of what those expected revenues are expected to be, nor a track record of any product revenues to date. If you are calling for DXD product revenues to become a larger proportion of the value accrual mechanism than at present, then it’s obvious that those DXD product revenues are going to face greater scrutiny and focus in the conversation. You may think this analysis is quite frank, but you cannot argue with its grounding in reality.
tl;dr: Should we be spending money where expected future return is <1x? My post says nothing more than the answer to this question should be a resounding no.
I’m not sure if something got lost in conversation with your insistence to bring your response back to the buyback; that was not the focus of the post - in fact, the word buyback does not appear once in its entirety.