With the current state of the ICP ecosystem, the SNS framework has arrived at a point where it’s risks outweigh its rewards.
SNS projects are undergoing renewed scrutiny with the sunsetting of the Kong Swap SNS. Members of the ICP voting body are now proposing new measures that would allow SNS treasuries to be dissolved and/or confiscated at the will of the wider ICP community.
Furthermore, dom has expressed his intent to 5x computation costs of the network.
Both of these proposed changes pose an existential risk to the Personal DAO ecosystem and create a lack of certainty that makes it impractical for me to me to continue onboarding members of my IRL community to a platform with the SNS infrastructure as its backbone.
Due to the risks revealed within the SNS framework, it is my assessment that the SNS framework is no longer a suitable foundation for the Personal DAO ecosystem. I cannot, in good conscious, continue onboarding members of my community to a platform that is facing such genuine risks.
I will be submitting a proposal to transfer all ICP currently held within the Personal DAO SNS treasury to an account controlled by the Personal DAO protocol (distinct from the Personal DAO SNS) where it will be used to further the project’s mission in an environment that is free of the risks associated with the SNS framework.
I will be conducting $DAO token buybacks for $DAO holders who would like to exit their position. I will purchase $DAO tokens back at the current $DAO market rate of 0.0009934 $USD per 1 $DAO.
My sincerest gratitude and condolences go out to the community members who have supported this project. I share your disappointment in the current outcomes, but I assure you, I’ll continue building and realizing the vision that I’ve articulated so many times in the past, it just won’t be done as an SNS project.
This is what happens to honest people in this ecosystem. Who are fiscally responsible with their treasury.
Jesse is a math teacher. Who started his project as a vision to aid in supporting communities with funding who arn’t able to receive them elsewhere.
He started initiatives in his local area to promote this technology.
The result of his fiscal responsibility with his treasury is a depreciated ICP token value, and a "community" seeking to pass legislation that will enable them to confiscate the funds. Without having voting neurons in the DAO.
It wasn’t the cycle cost that really put them out.
Jesse Was actually pro cutting inflation. I think the part that pushed him over the edge is the recent discussion on merging sns projects with a nns vote.
And if you read the reasons dmail really shut down you would know they were burning money with no business model to generate revenue. Any business that doesn’t find pmf will fail.
Yeah I guess so. But KONG should not have failed. Maybe because of Liquidium coming out before their lending and borrowing or now Yusan, they didn’t think they could compete.
a lot of these projects were doomed from the start. The reality is.. when a network is this small in community the projects need to be amazing to draw in capital. If they can’t then they die no matter the support from the foundation.
You can’t seriously believe that a majority of the people who voted said it was a good idea are wrong.
Don’t really care to get into a debate with you but seriously stop acting like you are all knowing and smarter than everyone including the staff at Dfinity.
The fact that these projects had tokens was a fail from the start. They tried adding a business model to defi. ICP is better at building legitimate projects that provide a service for actual money. People who hate crypto in its entirety should be their customers. A lot of these projects were doomed from the start. I don’t buy ICP for Defi, I buy it for institutional adoption, which in itself will onboard the users. OpenChat is honestly one of the only projects that have a token connected to it that makes sense. Even OpenChat is having trouble getting into the play-store and app stores because of the use of tokens to buy memberships. There will be a time for projects with tokens but it’s not even close to that point, ICP needs to be in the top ten for these kinds of projects to have a chance of success. Just how I view my ICP investment.
Yes, correct. That vote was not a landslide. There were a significant number of people who didn’t want M70. I guess we’ll see 2Y after the M70 Travesty is instituted.
If Dfinity proved anything it’s we can all change our mind.
Sorry to see you leave , Jesse. Hopefully Dfinity notices this trend. Ignore the “projects were bound to fail “ people. Yours was a great idea. Maybe some of the people the Dfinity has shed will launch ICP Classic.
