How many TMX airdrops did you guys claim for the 25th? Why do I see some people opening treasure chests and getting thousands of tokens? Am I just an owl? I slogged through daily check-ins for over a year and only got around three hundred coins—this is way too stingy. I heard the opening price is 0.15; if we wait until the time we can sell, wouldn’t it just be left with about 30U? Sure enough, there’s already no “hair” left on-chain…
Yesterday I was drinking with a friend and we talked about TermMax’s governance design. I thought it was pretty decent, but I didn’t expect the community to turn around and outvote us today. The whitepaper @TermMax says that TMX holders can vote to adjust core parameters like interest rates, collateral eligibility, protocol upgrades, and so on. So why can’t we vote to participate in the airdrop allocation?
But then I thought of another issue: if a rule can be changed by voting, then is it really a rule? Maybe it still has its own principles.
In traditional finance, interest rates are set by the central bank—you just have to accept it. In DeFi, governance votes set the interest rate; it sounds more democratic. But in practice, the share of voting power held by big players is right there. Whatever they vote for will most likely align with their own interests. It’s not that they would do it—that’s not the problem. The problem is that they can do it, and they can do it legally. So the rules are supposedly set by everyone, but the people who set the rules happen to be the ones who can benefit the most from those rules.
I’m not saying this is definitely a bad design. Any governance system has similar structural issues—some are just hidden more deeply, and some are more obvious. TermMax gives governance power to TMX holders. That choice in itself isn’t a problem. But it naturally forms a loop incentive: you use governance to obtain more favorable rules; you earn more money from those rules; you use that money to buy more TMX; and then you have even more say in governance. This process can reinforce itself, and it doesn’t require any illegal actions.
I don’t have an answer. On one side there are the principles, and on the other there’s sticking it out for a year without getting the result I wanted—now I can only wait until it goes live and see whether there will be a surprise!
#termmax @TermMax
Yesterday I was drinking with a friend and we talked about TermMax’s governance design. I thought it was pretty decent, but I didn’t expect the community to turn around and outvote us today. The whitepaper @TermMax says that TMX holders can vote to adjust core parameters like interest rates, collateral eligibility, protocol upgrades, and so on. So why can’t we vote to participate in the airdrop allocation?
But then I thought of another issue: if a rule can be changed by voting, then is it really a rule? Maybe it still has its own principles.
In traditional finance, interest rates are set by the central bank—you just have to accept it. In DeFi, governance votes set the interest rate; it sounds more democratic. But in practice, the share of voting power held by big players is right there. Whatever they vote for will most likely align with their own interests. It’s not that they would do it—that’s not the problem. The problem is that they can do it, and they can do it legally. So the rules are supposedly set by everyone, but the people who set the rules happen to be the ones who can benefit the most from those rules.
I’m not saying this is definitely a bad design. Any governance system has similar structural issues—some are just hidden more deeply, and some are more obvious. TermMax gives governance power to TMX holders. That choice in itself isn’t a problem. But it naturally forms a loop incentive: you use governance to obtain more favorable rules; you earn more money from those rules; you use that money to buy more TMX; and then you have even more say in governance. This process can reinforce itself, and it doesn’t require any illegal actions.
I don’t have an answer. On one side there are the principles, and on the other there’s sticking it out for a year without getting the result I wanted—now I can only wait until it goes live and see whether there will be a surprise!
#termmax @TermMax
