To create Gzil DAO with staking mechanism of Gzil. It will require staking Gzil to have share of staking rewards + to make decisions on different proposals.
Abstract:
Current proposal is a preliminary idea of how Gzil DAO could look like.
Gzil DAO as every other DAO will require funding. Funding could be reallocated from rewards that currently flow in zil staking contract.
The idea is to reallocate 10% from current zil staking into Gzil DAO.
The flow that goes into Gzil DAO is divided into 2 parts (50% each):
rewards to Gzil stakers;
decentalized fund.
According to my calculations the above reallocation of rewards will have the following effects:
APR for Gzil staking - floating from 6 to 25% (depending on zil price and share of gzil staked);
decrease in current APR from zil staking - ~ 1,5-2%;
formation of decentralized fund for the year - 36 mln zil.
Decentralized fund could be used according to proposals in different areas (some examples below):
financing of new projects through grants;
building new projects on behalf of Gzil DAO;
support of Gzil price and deapening its liquidity;
funding of trading ideas to increase Gzil fund and motivating successfull ideas with rewards from fund;
building community;
etc.
Motivation:
Idea behind Gzil DAO is:
to create additional Gzil utility in the form of making decisions + getting staking rewards;
to start creating alternative decentralized funding resource for Zilliqa ecosystem;
to brainstorm new ideas and experiment with community;
to increase activity within DEFI zilliqa ecosystem.
Agreed. I will dump my remaining gZIL for some more ETH today. Considering to leave the Zilliqa ecosystem altogether. I was there since Zilliqa ICO and the bull case was that the blockchain will be scalable before ETH2.0. Well, now we have dexes without volume and liquidity, DeFi failed due to lack of interest from the community (Pillar Protocol), metaverse is bullshit and Zilliqa turned into a FPS gaming development company as it failed to deliver solid blockchain tech. Scilla is a fucked up language you can hardly read, gZIL turned into a ghost token, XCAD is proprietary tech, Ethereum bridge failed to deliver a use case due to lack of ETH liquidity on Zilliqa. IgniteDAO failed to deliver a product for 2 years. Zilwatch shut down although it was the best token tracker in the ecosystem. Core blockchain tech development seems to be on halt as well for quite some time. Seed Nodes never got decentralized - this is basically proof of authority and pseudo decentralization. No answers to what will happen to the hash rate when dual-mining with Ethereum is not possible anymore due to the eth2 merge. No ambitions to transition to PoS. ZIL inflation control as proposed in the white paper in 2017 never got implemented. The 100th block issue which takes >5 min to finalize never got fixed. Proper optimistic pipelining could have easily solved this issue. Early promising projects in ads market never reached mainnet - all fake or failed. In the end we can conclude, Zilliqa failed to utilize its first-mover advantage.
I’m putting my frustration here to illustrate my view on Zilliqa as a failed experiment. This being said, thank you for bravely providing me the exit liquidity I need to go.
