My fellow retards,
The 2022 year has flown by. Many phonon phrens begin to understand the non-linearity of time as phon/ongod does…mentally model events in BW and AC—Before Wuhan and After Covid. Even if they don’t articulate these terms, they are referential points in the mind around which events are interpreted. Life was disrupted—BW times seem distant and foggy. AC time nominally approaches 3 years, but it does not feel like three years to anyone phon/ongod asks. It is a blending of weird events that have distorted understanding of this dimension.
Near the end of 2 AC, there was much discussion around the redemption contract that would convert the old token GRID into the new dao governance token PHONON. There are billions of PHONON still sitting in this contract waiting to be exchanged for the deprecated GRID. The community has made no decisive action as of yet—the contract forbids it, but the date of mutability looms (end of December 2022). When that date hits, the community can vote to update the redemption contract. The DAO could vote to close it completely, to change the exchange rate of GRID to Phonon or to do pretty much whatever else is desired.
Phon/ongod will never steal or repossess people’s property. This position is built on a foundation of respect for individual sovereignty and the belief that one who holds an asset should use it for whatever they desire. The thought of closing out a contract wherein you can claim your rightful PHONON does not sit well. At the same time, you’ve had a year to make the transfer, and this was communicated, at least fairly. Nothing has taken place in the dark, and there have been active attempts to reach all the GRID holders to get them to convert.
People who hold PHONON and not GRID will want to shut off the redemption contract. People who hold GRID will want it open. People who are unaware of PHONON and still hold GRID would want it to remain open. There will always be a struggle when the outcome effects one side in a positive sense and one side in the negative.
Phon/ongod proposes an equitable path forward that rewards current PHONON holders and the dao, but does not immediately destroy the value that GRID holders have.
Let it be that the contract remain open for redemption, but also that all dao PHONON expenditures are not paid out of the dao treasury, but rather out of the redemption contract. This means that on a monthly basis, the dao withdraws PHONON from the redemption contract to pay its bills. Over time, the redemption contract will approach zero.
This structure massively benefits the dao. Essentially all non redeemed PHONON can be used for dao purposes and costs. Devs can be funded, marketing can be purchased, systems can be updated as needed—This also means that current GRID holders, if they discover the phonon dao and want to convert, will still be able to, up until the point that the PHONON in the redemption contract runs out.
This middle ground path seems most equitable. The dao gets to use all the non-redeemed PHONON, but only to the extent that current costs exist. It also ensures that GRID can still be converted to PHONON in the future, up until the point that the PHONON from the redemption contract is completed.
Complex situations require robust discussion. Elves hope phrens consider this path forward, and if they hate it, propose alternative solutions that maintain empathy for all parties.
Phonon DAO may walk the middle way that appears before it.
Tips to phonongod.eth will be invested in bounties that advance the Phonon project.
Hatemail to phonongod@protonmail.com will be scathingly considered.
Targets for the marketcap of PHONON DAO remain:
$1b by Q2 2022, $12b by EOY.
On the high end, $300b marketcap in 3 years.