Draft SIPs - Gimp's Big Package

Bitocracy SIP | Sovryn Improvement Proposals
21

Thank you. For clarity, I explained in detail here: A reply to d-man's SIP - #6 by dseroy or here: SIP-00XX The 3 Critical Price Impacting Changes Requested By The Community - #248 by dseroy

I’d prefer everyone reads the detailed post, otherwise it misses the context, but I’ll try to summarize. To start, I mean this respectfully, very little in d-mans proposal is actionable; it was mostly just a rant. While some of it is justified and valid concerns, we need SIP’s to be actionable, clear changes. Otherwise, we really don’t know what exactly we’re modifying

  1. UI/UX: We don’t have the internal resources to work on this at the moment. We hired a third party agency which has started a re-brand, but that process may take 12-16 weeks (possibly more) and it doesn’t even include UI/UX in it’s scope which could be several months beyond that. We all want better UI/UX but we can’t just snap our fingers and it happens. We’re at the mercy of our internal scarce resources or the timeline of third parties.

  2. Staking: Changing the staking mechanism based on what d-man proposed would likely introduce new governance attack vectors. His proposal generally did not consider adversarial attacks and in my opinion would shift the incentives of $SOV to short term holders as opposed to long term investors.

  3. Tokenomics: I will reply to this one in more detail sometime today on this thread, so stay tuned! I generally am open to making Tokenomics changes, but there will be limitations on what exactly can be done. The main issue here is we don’t currently have the tooling (the Graph) to properly analyze tokenomics. We need the ability to query data from the chain and analyze exactly where $SOV is leaking into the market. Is it from Exchequer, is it from BCW, is it from LP rewards, is it from SOV staking etc. Right now we have a generalized overview but we need detailed on-chain data and we just don’t have that (yet). The team is working to implement the Graph this quarter which will be a god-send for data analysis. Making significant Tokenomics changes without first having this data is a pretty brash thing to do.

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