This post is to seek input to see if there is support for a SIP which would require Sovryn to report certain key metrics to the current and prospective SOV token holders.
Sovryn is an alpha stage project which has issued governance tokens (SOV) in Q1 2021. When staked, the SOV tokens provide the holder the right to vote in the Bitocracy based on duration of the stake. In addition, staked SOV holders are eligible for protocol fee-sharing generated from protocol fees and early unstaking penalties.
Currently, almost 6 months after issuance, token holders and prospective token holders do not have any way to:
- Monitor the fees earned by the platform, the resulting yield and trend
- Calculate their proportional weight for voting and fee sharing
In order to be a legitimate and functioning Bitocracy, these metrics are required.
When the metrics are available, token holders will be able to:
- Better assess the value of their tokens
- Determine if the platform is progressing according to plan
- Propose/Approve additional SIPs to adequately perform their governance function.
In addition, prospective token holders will have at least some basis to determine whether the token makes sense to own and/or stake. Currently, a prospective token holder has no real tangible means to evaluate the token quantitatively, thereby severely limiting demand for SOV.
Until these statistics are available, there will be no material demand for the SOV token.
Sovryn platform should be required to make available on it’s app or website, weekly statistics, including:
Fees earned by the protocol
- Swaps (when implemented)
- Loan Origination
Staked SOV (Voting Weight)
Total Voting Weight
(If this is a significant programming task to automate, it can be eight numbers hand input on a web page or Google Sheet every week until automated as availability is more important than form at this point.)