The tribe has spoken.
We have tried to make this a reality on Cardano for over a year now. Time to find it a home elsewhere.
Thank you to everyone who supported us. Shame on all the people who told us to go direct to the treasury and still didn’t vote YES.
I’m very much over governance on Cardano. It’s very clear who it serves and has significant issues of front running, extended length causing fatigue, people unqualified to be making these decisions, and most importantly an extremely disproportionate amount of DRep power.
A lot of emotions but I think I will keep it simple for today as I reflect. I’m truly sad at what the place I once called home has turned into, and not just because of this proposal failing.
good news is the $NIGHT that was in the bridge bypassed vesting contracts.
which means it was likely owned by founding entities (supplied as part of liquidity provisioning on BSC/etc)
Security notice
We're aware of an ongoing incident involving hacked NIGHT being routed through several pools. As a precautionary measure to protect users and LPs, we've temporarily paused swaps and Zap-In on the NIGHT/ADA pool and NIGHT/USDCX pool.
Removing Liquidity is still possible.
All other pools are operating normally. We're actively monitoring and will share updates as we have them. Funds in unaffected pools are safe.
I consider myself an optimistic person but man it really feels like the Cardano ecosystem is not in a good place right now.
The governance system we have has choked out innovation and commercial endeavors in favor of infrastructure and other core-dev related proposals (which are obviously important but cannot be the only thing we fund).
The DRep system is broken and ineffective. Voting power is concentrated and participation rates are abysmal. The more attention I pay, the more I realize we have no consistent standards and that's led to a situation where DReps are just flying by the seat of their pants and evaluating different proposals using different, ad hoc rules and standards.
When DReps do vote, and provide rationales, it results in angry people in the community. Discussions are fraught with frustration and a general sense of just being fed up with the current state of affairs.
Builders have no clear path to funding. The best option is to try to launch a token, which is usually a terrible idea and results in people losing money.
I come from a corporate background that would never accept this. The moment you realize something isn't working, you have to pivot. You cannot keep doing the same things and expecting a different result.
I think for me, it's just starting to feel like the ecosystem is so fragmented, with different groups of people and organizations who have inherently opposing interests and objectives.
As a result, nothing gets done, except more funding for the same people.
What's the answer? Where do we go from here? Because if we want real people and businesses using the Cardano blockchain, it ain't happening right now.
When will that change?
If you’re shocked OpenAI stole Apple intellectual property, wait until you find out where all their training data came from
Theft is OpenAI’s entire foundation
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