中文丨English
Organized and initiated by EDAO, EOS Chinese community weekly communication meeting is an online communication activity facing the EOS Chinese community. By holding regular meetings, it aims to exchange community dynamics, share project development achievements, discuss key points of community development, and reach consensus and expand the ecology to the fullest extent possible.
At 8:00 p.m. on August 28, 2022, the weekly communication meeting of EOS Chinese community (№3) was held online.
The meeting lasted: 72 minutes.
Number of participants: 35.
Main contents of the meeting are as follows:
Josh introduced the method of DAO governance through token voting
Nowadays, many DAOs are governed through token voting in their economic systems, among which the most representative one is EOS, voting weights are obtained through buy and stake Rex, and then BPs is selected through voting.
This method is also adopted in many DAPP, including Defibox, a Defi project on EOS. Their voting right is obtained by staking BOX tokens. And then their proposals will be voted for governance.
A problem will be encountered by this method, namely, the major shareholder will controll the result of the governance. This problem is almost inevitable, because the distribution of tokens always conforms to the Pareto distribution, namely, 20% of people control 80% of tokens.
Under such circumstance, the most effective way for small shareholders and investors to participate is to vote by feet, which means that those who support the proposal can continue to hold or even buy more tokens, while those who don’t support the proposal can choose to sell their tokens.
Community members discuss Yield + and corresponding reward rules
To make clear of the current situation, everyone can check the official website of yield +, which is tokenyield.io. The application shall be applied based on the contract. At present, 6 contracts are awarded, from which we can see that four contracts of Defibox have been passed, including, Swap, USN, Lend and Balance, and the other two are DFS and pizza.
There are still five agreements that their application have been applied for approved, but they have not been meet the requirements of rewarded yet.
The annual reward is about 5%, with the minimum TVL(Total Value Locked) should be 200,000 EOS. The amount of reward increases linearly with the number of total value locked, and can be claimed every day. After the first 24 hours, the reward will be distributed every 10 minutes. The maximum TVL(Total Value Locked) whick can be rewarded is 6 million EOS, and USDT will be converted into EOS for calculation.
Eleven believed that the reason why ENF launched Yield + is as follows, on the one hand, it will help Defi projects to survive, thus further promoting the development of the main network and its code update; on the other hand, it will also help increase the TVL of value assets on EOS mainnet.
Rowney asked:
Is the conversion of USDT to EOS based on the real-time price or the fixed $2.5/ EOS?
Inferred from the $2.5 marked on the official website, Eleven believed that it was converted at a fixed price of $2.5.
(Note: According to the verification double-check when writing this overview, USDT-EOS conversion should be calculated according to the real-time price)
Why did the previously established Defi project Newdex fail to meet the TVL requirements of reward?
Members of the community wondered why Newdex did not meet the reward requirements.
According to Josh:
The reason why newdex failed to reach the the TVL requirements of reward is related to their business model. Newdex is a decentralized exchange. If users don’t trade there, they won’t stake their tokens on the platform, making Newdex have not enough locked positions. However, economic models of Defibox, DFS, as well as Pizza are different. Users have to stake their tokens to the platforms if they want to use these platforms.
In this case, it is reasonable that Newdex did not meet the requirements.
In the meeting, some people bring up a gossip that the boss of Newdex always sell tokens when their incubation project was launched. Some community members accused him of short-sightedness. But some members believed it’s not just because of that this. And they already help a lot for the incubations.
Josh believed that the main cause is their mechanism had not been properly designed. If there a lock up period for tokens obtained by the incubation project, they couldn’t sell them. For example, like the B1’s EOS, the position unlocked linearly in 5 to 10 years.
Are there any other incentive plans on EOS?
There is another way for funding projects on EOS, which can be found on the official website of ENF: https://eosnetwork.com/zh/ Core pillar → funding.
About reward of this weekly meeting
Some members said that they were not clear about the rules of the reward for this meeting. Josh explained the reward rules in detail by taking the rewards given in the previous meeting as an example.
EDAO WorkGroup
2022/08/28
