0/ This morning a friend asked me some detailed questions about the governance process of Sushi and made thought more about what we need in the decentralized governance infrastructure:
1/ "The Sushi discounted sales proposal was a formal proposal or a community discussion?"
"More of the latter since it's not on the Snapshot yet"
"Will the voting result have actual power?"
"To move anything in the treasury you'll need the voting approval + multisig approval"
2/ "Interesting. Hmm so technically if all the multisig agrees to the proposal, the team can move the treasury even without the Snapshot voting?"
"Well technically if the Snapshot voting didn't pass, the Core won't initiate the transaction to get signatures on Gnosis Safe"
3/ Right now for many DeFi protocols, the governance process usually goes by:
forum discussion ->
core team take the finalized proposal to Snapshot ->
if the vote gets passed the core team send to Gnosis Safe to get multisigs to sign off the treasury related transactions
4/ There's apparently quite a bit of room for manipulation:

first of all from forum discussion to Snapshot voting it is largely determined by the core team

then there's no code to automatically trigger the multisig process if the vote at Snapshot gets passed
5/ I've always been struggling with the fragmentation of governance infrastructure. It leads to information silos, a less streamlined governance execution process, and lack of checks and balances during the operation moving from one venue to another (e.g. snapshot->gnosis)
6/ My general feeling is that it's much harder to move people away from Discord and likely it's the best social tool to have all the nitty gritty discussions. However, imho any process related to money/treasury, should live on a fully streamlined process backed by codes
7/ The friend (who's a big fan of Decred's fully-planned-out governance design) asked if this lack of well-thought-out governance process could indicate a larger negative impact in the future
8/ My response to that was: you only see a lot of these problems emerge as the application protocols evolve. The level of iteration / required governance in an application protocol is nowhere the same as that in an L1. We can only learn as we go and try to improve over time
9/ These are not problems faced by one application, in this case, Sushi. It's a challenge of the whole existing DAO governance infra. We don't necessarily need an all-in-one infrastructure, but we do need different parts of the process to be more interlocked with each other
10/ In this previous thread the tweet 1 & 2 are really what we need imminently

{fin}

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More from @Mable_Jiang

25 Jul
0/ A full-house at @multicoincap’s friends event in Hangzhou - thank you all! The cohosts @helium @graphprotocol @streamingfastio @solana @ProjectSerum @ProjectGalaxyHQ @perpprotocol @dForcenet @MonteCarloDEX @saffronfinance_ @QilinProtocol @MathWallet & REALY are amazing! ImageImageImageImage
1/ A huge thank-you’s to @ProjectGalaxyHQ for creating the NFT ticket for the event! Whoever showed up during the event was eligible for claiming this NFT to celebrate the moment :)

Drink Moutai (“Multi”) and be happy!

galaxy.eco/multicoin/camp…
2/ @helium’s presentation at this event: ImageImageImage
Read 13 tweets
22 Mar
0/ In the past I wrote a few thoughts about the NFT space. Over time my thoughts evolved. Compared to 6 months ago, I had developed some new understanding about NFT as a new form of value storage and transmission.

Here's a thread 👇:
1/ Instead of being defined as a general category, NFT should be discussed in relation to a specific medium.
2/ In the near term, we shall see (and have seen) NFT marketplaces evolve from the generalized purpose platforms that offer everything from in-game assets to arts, into the more focused platforms that offer NFTs in a specific type of medium (image / video, music, text, etc.,).
Read 18 tweets
22 Mar
0/ Over the past few months, NFT has been a hotly discussed topic. As more and more NFT in different forms start to emerge, I invited Vincent Niu, founder of @dapp_review (acquired by @binance) to hop on the 51% podcast to talk about NFTs.

…d-by-multicoin-capital.simplecast.com/episodes/ep18-…
1/ We originally got to know each other in 2018 because of @GodsUnchained, and have been exchanged opinions about NFTs since then. Vincent has so much to offer in this episode that if you want to learn about the past, present, and future of NFT, you should not be missing out!
2/ We kicked off this episode with Vincent's personal experience of playing cryptokitties, and reviewed the development of DApps and NFTs in 2018 and 2019. We talked about a few star projects, and why some of them were successful up till today.
Read 6 tweets
19 Feb
It’s amazing that over the four calls I had this morning, in three of them we chatted about BSC. There are a lot of heat around this topic rn and I’ll share my honest $0.02 (maybe not things that everyone would necessarily agree to):
1. Rn we are going through a phase where ETH is just so expensive to use, L2s are not ready yet, and the UI of some promising L1 alternatives are not great, high hurdle for users...
...BSC was there perfectly picking up this narrative and fitted itself in this vacant phase by tapping into two crowds: 1. Ppl who are less evangelical and just want to do cheap on chain tx; 2. Ppl who never used ETH and had their initial knowledge about defi via Binance
Read 7 tweets
22 Jan
0/ As we kick off 2021, I’d like to unpack the story of @SushiSwap and @UniswapProtocol and build on the theme of how cultural differences can explain why both ultimately succeeded, despite being direct competitors with virtually identical products.
1/ Recognizing that both could thrive with their own strategies, I draw a comparison between @SushiSwap and @binance, and @UniswapProtocol and @coinbase from various angles, including the form of the product, the frequency of iteration, and the interaction with the public.
2/ Over the past year, I spent a lot of time trying to understand differences in opinion across Eastern and Western cultures. While the view could often be stereotypical, the attempt to understand user behavior and product design via a cultural lens could be more or less valuable
Read 6 tweets
15 Dec 20
0/ I listened up to the latest episode of the Uncommon Core by @zhusu and @hasufl where they discussed the top 20 tokens on @coingecko anchor.fm/uncommoncore/e…

Thought it was fun. I had a lot of thoughts as I listened to it
1/ The discussion about privacy tokens $XMR, and related $ZEC, was interesting. There's def doubt re: if adding a layer 2 to an existing L1 with good governance would work (i.e. privacy is feature not a product). IMHO this may be valid but maybe we could think a bit differently
2/ ...In the Uncommon Core EP.13 where SZ mentioned that we needed sth better than Ethereum alone for institutions to participate in on-chain trading. I very much agree to it. So maybe what we need is a swap with ZK features?
Read 16 tweets

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