Candidacy & Agenda for the 1st Premian legislature
(Alternative medium link)
With the elections of the first Premian legislature about to start, I’ve written up a short summary of who I am, what topics I hope to see debated in this legislature and my stance on them.
A bit of background & disclosure
-
Long term community member
Bought my first token in September 2021 and have been continually active on the community’s Discord since November 2021. -
Frequent user of the platform
Almost exclusively as an option buyer, since managing positions as an LP in v2 is too time-consuming for me. With the launch of V3 vaults that will hopefully change, though. -
Not professionally involved in crypto
I invest/trade as a hobby. - Not involved in the governance of any other protocol
- I don’t hold positions in any competitors of Premia
My agenda for the 1st legislature
Agree and implement a new token distribution model & emission schedule
It is critical that tokenomics are agreed, implemented and sufficiently communicated before the Premia Blue launch to ensure that the new wave of users find a protocol with a solid and transparent economic model.
My detailed proposal can be found on the premia forum.
Improve transparency
I’m a radical advocate for transparency. As long as it is not conflicting with regulation or a competitive disadvantage for Premia, the general public should have access to as much information about the protocol as possible.
To advance on this front, I hope to see the following done during the legislature:
- Publish a quarterly Balance Sheet and Income Statement
- Publish a high-level organization chart of the Premia Team that outlines roles & responsibilities
- Update and expand the information available regarding the token distribution and emission schedule
Iterate on and further develop the Premia Publication Process (P3)
The Premia Publication Process approved in January 2023 laid the basic framework for how changes to the protocol should be documented and agreed.
In these next 6 months I would like to see this framework further developed, addressing amongst others the following questions:
- What are the minimum participation and yes-votes thresholds to ratify a proposal?
- Define the process times: What is the minimum time a proposal should be up for debate? How long should votes be?
- Who is allowed to bring up a proposal?
- Who can moderate/copywrite/sponsor?
Continue fleshing out governance
This is a very broad topic. In general I would like to see us continue down the path of decentralizing the governance of the protocol. This will of course need to be done in a “regulation-conscious” way to avoid being victims of lawsuits.
In the short term and more specifically, I would personally like to see the following this legislature:
- Gather the Functions and Responsibilities of the Premia Parliament in a P3 and approve it via a Snapshot vote.
- Approve a Code of Ethics and Conduct for all Parliament Members (via P3 as well)
- Explore and debate vote delegation mechanisms with the broader community. As the protocol matures, keeping up with governance might become too time-consuming for some community members. A delegation system will help ensure that everyone’s interests continue to be represented.
On a longer time-frame, we will also need to debate higher level questions like what actors and bodies should exist in the governance system, what their Roles and Responsibilities would be and how the governance process should work.
Iterate further on tokenomics
Beyond the immediate changes to distribution and emission, we should revisit other aspects of the premian tokenomics.
One topic would be revisiting the fee splitting between the Premia team and the tokenholders. The team’s runway as of today is generous but not infinite and thus we need to ensure that there is a clear roadmap to profitability. My proposal in this regard would be to create fee split tranches (for example a 50/50 split up to a certain amount that covers the teams expenses and then 80/20 in favor of the token holders)
Another aspect I would like to see revisited is lockup durations. In my opinion, expecting token holders to lock-up their tokens for 4 years to maximize voting power is excessive and a potential deal-breaker for prospective investors. During the next six months I will bring up a proposal to synchronize token locks with legislatures. This would reduce lock-ups to 6 months and ensure the best alignment between tokenomics and the governance process, while still keeping the benefits of the current vx-model.
The role of the future Premia DAO (“Blue Descent”)
A longer-term topic, we should start debating the mission of the DAO. Besides keeping the protocol running and covering operational expenses, should the DAO help fund the expansion of the Premia ecosystem? Perhaps help bootstrap derivatives markets for Premia? Maybe fund public goods? Or should any additional revenue be strictly used for a buyback and burn program?
Simplify the constellation of community tools & platforms
The team has quickly launched a lot of tools for governance and community under the “see what sticks” philosophy.
We now need to decide what tools work best for our governance and focus on those.
Closing thoughts
I hope this was useful to help you figure out if our visions for Premia are aligned and if voting for me might make sense to you.