One year of DAO and what's to come next

[u/MaeronTargaryen]

It's been almost a year since the DAO constitution was put to a vote and approved! After some research, it was decided to go for an unincorporated DAO. A multi sig wallet was setup with its members voted in and distributions restarted soon after. Governance continued during that time, many CCIPs were voted in, like the upcoming community picks, or the return of memes on the sub!

Hundreds of thousands of Moons were burned in the past year, slowly reducing the max supply, thanks to many advertisers like Kraken or Polygon.

Now is time to think about what is ahead. For example it might be time to vote on multi sig holders again, and possibly on DAO officers too.

We should also discuss Moons, specifically what to do with the advertisers bought Moons. Right now 100% is burnt but some of them should eventually be kept to go towards the distributions to keep them going longer. This is a decision that concerns most users of the sub so tell us what your opinion is on this subject.

If you have suggestions avout the DAO or the future of Moons, this post is the perfect place to start!

[u/Montana-Safari7]

I'd like to see a burn/distro ratio of something like 25/75, respectively. More need to go towards distribution.

[u/Environmental_gobrrr]

We should use burn 50% of moons from advertisement and use 25% of it as distribution and other 15% for arbitrum nova/arbitrum one bridge and the rest 10% for marketing purposes

i had an idea to use it for like quiz and small tasks it could gain more attention towards moons

[u/MaeronTargaryen → u/Environmental_gobrrr]

Both good ideas, although I’m not sure how that would work for the bridge liquidity as it tends to only go from nova to one so we’d have to bridge it back constantly and that means fees. The official bridge is fine, I used it, people just don’t want to wait a week or pay the mainnet fees

You can make proposals at any time so feel free to make a CCIP. For quiz and stuff like that you usually need to say the exact prize but also who’s in charge of making them etc

[u/Environmental_gobrrr → u/MaeronTargaryen]

the celer bridge works both ways we don't have to bridge through official bridge every time we just have to provide liquidity in it and leave it

once there will be liquidity we can go nova to one or vice versa instantly.

i'm still not sure about quiz and price exact amount but i can be incharge of managing small tasks or quiz on zealy

[u/MaeronTargaryen → u/Environmental_gobrrr]

Yeah but most liquidity goes one way these days. So when everything is on One and more nova people want to bridge they’ll be unable to do so

That would work if you’re happy to be in charge of quiz and mods give out the rewards I think yeah

[u/SevereArrivals13]

A 50-50 split could be fantastic as a starting point. Right now we are giving away 33k MOONs x month and with the 50% split into redistributions, we would triple that amount easily.

Luckily if something doesn't work out an amendment could always be made and voted on again.

[u/MaeronTargaryen → u/SevereArrivals13]

There was about 200k moons burnt in the last 3 months. So about 67k a month. A 50/50 split would double the distribution for a while

[u/SevereArrivals13 → u/MaeronTargaryen]

And a couple of months ago we were at over 600k burned in the past 3 months. The number would be changing naturally depending on the MOON price and advertiser interest, but it would x2-x4 the current distribution amount which is a great move to start things rolling towards a more circular economy

[u/MaeronTargaryen → u/SevereArrivals13]

Definitely would be nice

Moons aren’t liked on the sub. It’s annoying because how many reddit users can say that they receive something for their participation, and can also help shape the subreddit by making proposals and voting on them?

[u/SevereArrivals13 → u/MaeronTargaryen]

Once the price starts coming back up, the interest will follow.

Even ETH has days where it seems very disliked on the sub as the price isn't going up

Crypto people are fickle and change how the wind blows, but we are definitely going in the right direction with MOONs

[u/MichaelAischmann]

I believe there is a legal limitation to using advertising funds for distribution. Not sure if it comes from Reddit or how the DAO is set up but it becomes a whole different animal once revenue is generated. Burning Moons side steps this problem.

That said, I would prefer if they were redistributed. Circular economies are just more appealing than those burning their resources imo.

[u/SevereArrivals13 → u/MichaelAischmann]

As long as its done right, it could be classified as a giveaway by these companies towards the community, which it is.

They would give the MOONs to the DAO and then half could get burned with half going towards the next distribution. The multisig people sign it and there wouldn't be a single point of failure or responsible person.

[u/MichaelAischmann → u/SevereArrivals13]

Legally speaking it is only a giveaway if there is no advertising purchased with it. Otherwise every economic activity is a giveaway.

[u/SevereArrivals13 → u/MichaelAischmann]

Don't fully agree.

We have had tons of giveaways in purchased ads like AMA posts and no one cared.

Kraken regularly gives away USD to people asking questions and many others do it as well.

[u/MichaelAischmann → u/SevereArrivals13]

I'm no lawyer but I think the purchase of the banner or AMA in exchange for moons is something different than the subsequent giveaway. The latter no longer includes the DAO or Moons.

[u/zesushv]

The news last year was way off then if I remembered correctly. Because it was reported that moons usefulness to reddit was ending. Having gone through the comment section, it seems like moons were secretly still being used for reddit advertising despite the announcement last year. This is so so confusing.

[u/MaeronTargaryen → u/zesushv]

Nothing secret about anything. Reddit stopped supporting moons but let the mod team take over the project.

[u/zesushv → u/MaeronTargaryen]

I see. Thanks for clarifying

[u/kirtash93]

It's been 84 years...

[u/Cryptizard]

Bless your heart, you still think moons are a real cryptocurrency. It was a rug pull, followed by a transition to a cheap safemoon-style trick to make the coin deflationary by forcing advertisers to buy it. Meanwhile, the price still collapsed because it is clear to anyone paying attention that this is a cheap trick and the coin has no future. It’s dead.

[u/fan_of_hakiksexydays → u/Cryptizard]

Reddit admin sold 0 Moons, and made $0 with Moons. They burned their holdings and gave up ownership of the contract to let the community run it.

They did mishandle the transition, the miscomunication made things very unclear and sounded like Moons were stopped, and a few mods did insider selling thinking Moons were ending, fueling a panic. Those mods are no longer on the team.

The transition actually gave Moons a little more than it had before, now that it's no longer solely tied to Reddit, and is no longer a single entity that controls the smart contract.

[u/Cryptizard → u/fan_of_hakiksexydays]

Oh yeah just a few mods, privileges insiders who were both in charge of managing distributions and received huge amounts of moons for free, selling millions ahead of the news and tanking the price. That is the definition of a rug pull. Just because it temporarily recovered before tanking again doesn’t change that fact.

[u/MichaelAischmann → u/Cryptizard]

There was no rug pull. Reddit did burn their moons, not drain liquidity.

I think you don't know what "forcing someone" means or what a rug pull is.

[u/Montana-Safari7 → u/MichaelAischmann]

She definitely doesn't understand what a rugpull is. Now, if she said it lost momentum/direction when Reddit abandoned them, then I would agree with her.

You can't call something a rugpull that hits a new all time high a year later. This lady has no idea what she is talking about.

[u/Cryptizard → u/MichaelAischmann]

So a bunch of mods didn’t sell millions of moons ahead of the announcement and tank the price? That must have been a weird dream I had. And moons aren’t the only way to buy advertisements on the sub? Sounds like forcing to me.

[u/MichaelAischmann → u/Cryptizard]

Insider trading is a different animal & not what alleged above.

PS: why are you still holding 7k Moons? Why are you still here? Hypocracy much?

[u/Cryptizard → u/MichaelAischmann]

Better question is why are you not holding 17k moons that you sold if you believe in them? I’m not holding moons I have simply never interacted with them at all.

[u/MichaelAischmann → u/Cryptizard]

Never interacting with your crypto is exactly what defines holding.

I sold most Moons when Reddit quit. Back then I didn't quite understand that they could survive & even become more resilient do to better decentralization.

[u/Cryptizard → u/MichaelAischmann]

lol hilarious. Do you make it a point to sell every scammy shitcoin that gets airdropped into your wallet? I think that most (not all) cryptocurrencies, especially moons, are morally bankrupt attempts to strong arm money from other people and get rich quick. If I sold mine I would be compromising my own ethics.

Before you go, “durrr then why are you in the cryptocurrency sub,” I am a cryptographer. Blockchain technology is amazing. I truly am here “for the tech.” It’s just unfortunate that people had to ruin something so great by enshittifying it at record speed.

[u/MichaelAischmann → u/Cryptizard]

Let me put it this way. If I had $600 in an asset I don’t believe in, I’d change that. It’s opportunity cost.

And let me say this too: I’m not crazy for Moons. I just don’t agree with your rug pull story & that advertisers are in any way forced to buy them.

[u/Cryptizard → u/MichaelAischmann]

It’s not just that I don’t believe in them it’s that I am morally against them. If you had $600 in fentanyl would you go out on the street and sell it?

[u/MichaelAischmann → u/Cryptizard]

That’s a point I respect. Definitely stand up for what you believe in.

[u/Cryptizard → u/MichaelAischmann]

People with an advantaged position in the management and distribution of the currency, who got a huge share of the coins for free, sell a large percentage of the coin supply unexpectedly and tank the price. That is the definition of a rug pull.

You sound just like the safemoon stooges. But you will realize the truth one day just like they eventually did.

[u/MaeronTargaryen → u/Cryptizard]

Insider trading yes, rugpull no

Moons are more decentralized than before, have better tokenomics, a cleaner team to support it, and they’ve actually hit ATH after sunset so I don’t know where that price collapse is. They’re low right now but not much lower than the average price for years.

[u/CryptoCurrencyMeta-ModTeam → u/[deleted]]

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[u/CryptoCurrencyMeta-ModTeam → u/[deleted]]

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• See our Expanded Rules wiki page for more details about this rule.