So even if it was possible to come up with an ideal solution to “the governance design problem”, it might not be possible for the participants to adopt it. There are pre-existing constraints on participants’ ability to coordinate to adopt any proposed governance solutions. And these constraints can even be entirely in their heads, in the form of local or tacit knowledge, or norms and common knowledge.
Instead, each peer should choose and prioritize a few hubs to deposit money to, and optionally a few extra hubs on top where they are ready to accept payments in bonds. So for Alice to send 10 units to Bob she may use Hub1 to send 7 units, and send the other 3 through Hub2 as long as Bob supports Hub1 and Hub2.