Hey, thx @Leighton for you input and feedback!
I definitely agree with you that we should determine how we value POOL especially during the bear market! I personally would be open to try something like 50% POOL, 50% USDC.
Just some info to maybe reduce your concerns a bit.
- We distribute uGMI instead of POOL Tokens directly. That means at 50 million TVL people get 1 POOL Token, at less TVL less and more TVL more. The graphic explains that nicely:
- We only distribute uGMI to active contributors
- Coordinape helps to decentralize the protocol more
- In Coordinape Q1 2022 we only distributed 13k uGMI (in POOL less because we didn’t reach the TVL goal), in Q4 2021 even only 3000 POOL and in the first Coordinape Quarter we started with 1500 POOL.
- We already reduced the Coordinape budget by over 20% from $38k to $30k. At the same time, the circle also grew quite a bit, so the uGMI per contributor is even less.
- Also something I didn’t mention in the gov post, the uGMI is send by Grants in monthly batches and value calculated at the market price then. So at the moment it is not fixed how many uGMI Tokens we distribute. If POOL price goes up next month, the uGMI amount could be much less than now.
All in all, it’s the important discussion about how we value POOL and how we want to reward our active contributors. I think, looking at the past Coordinape Quarters and also at the circle size (30k POOL for 35 people is on average “only” 850 POOL per person total over 3 months) and so I think even 30k POOL for this quarter is still reasonable but I agree with you that we probably have to look how we want to handle this in the future but that’s probably a topic for other groups in the DAO too, e.g. we spent 52k POOL in the last PTIP-74: Treasury Working Group Third Quarter Renewal.