SEFI Market DAO

Hello world,

First of all thank you for voting on proposal #23, we’re thankful that our proposal attracted a solid voting power on both sides.

While we are excited to start working on it and on the prospect of consolidating this idea into a proper community run set of tools, we acknowledge that there was a sizeable “no” vote which we believe may be due to a lack of proper explanation of what the proposal is about from our end. This thread may serve to address those points or clarify the intention.

We’re bullish on sefi and prifi in general and want to see this DEX flourish. Volume is a key metric for a DEX, monitored by almost all players, directly correlated to how much profit LPs (the backbone of the DEX - shoutout to you) make. More volume → more fee → LP more attractive → more LP → price stability etc , and add a lot more users. Our proposal is a short term experiment: add 500k$ volume every day for 2 weeks, and we have a long term vision for it as well.

Some immediate points:

  1. The proposal is not to market sell 500k sefi, nor to use the community pool to do “profitable” trades and keep the profit:

    • As specced out in the proposal the sefi will be solely used for fee and price slippage for the trades that generate volumes, you can think of it as doing back and forth between assets for instance, like sscrt → sefi, sefi → sscrt. Hence why 500k sefi can be used to generate $500k volume/day for 2 weeks. In the odd instances where we capture small profit from trades this will just be reinvested.
  2. The long term vision is to empower the community to build their own trading tools, if the community thinks this is best done by the current committee we will gladly yield that idea to them to flourish. We believe empowering users with correct tools will increase activity and overall health metric of the dexes - everyone can benefit from arbs, from trading strats etc …

Happy to entertain conversation, we’re awaiting funds & are very excited to start implementing
Peace

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A quick note, we’ve been trying to KYC since the proposal passed (~2 weeks) but the team isn’t responding, it looks like there is no formal KYC process in place as of now other than a “video call” and to show some utility bills ? which is highly questionable (have anyone ever seen a KYC process in the team ? this is not how you KYC a business) and definitely not up to standards of other chains / protocols. We’re still looking forward to work on it but the lack of clarity / responsiveness from the team is a serious flag, we hope this is not representative of the general process.

This is clear to us as it stands that there is no formal organization behind this protocol, bootstrapping is fine but if you try to enforce additional formal protocols around governance (say KYC to access governance voted fund) then build those formal protocols, acting erratically while tooting some KYC protocol that is non existent will not attract dev shops / biz to work for you. We’d welcome clarity and guidance on the process, hoping this is just a misunderstanding and this can move forwards.

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There is a governance system. There is a ‘dev-fund’ which you may be considering a ‘community pool’, but was put in place instead of raising money for development beforehand.

I would like to say publicly & for the record that this individual, “business”, or entity has NOT contacted me, personally, in any fashion, medium, or form. These statements are absolutely false and I will not stand for such allegations.

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We’ve been in communication with Ewais001 for the past 2 weeks, are you saying you don’t communicate with them ? Saying that the statements are absolutely false is quite problematic.

It seems that some posts got deleted in this conversation, mostly childish behavior from a user “NodeFather” which we don’t care about but also some of our own posts which is much more troubling. Is there any mod that can look into it ? Quite frankly we’ve never seen such state of affairs …

Is the intent of SecretSwap governance to be a mechanism to give out SEFI to random projects or is it to be used for parameter changes and things of that nature? This is a very gameable system at the moment and this opens the door for future abuse. I don’t know black_bird so I’m not going to accuse them of anything but I’d imagine everyone here can see how easily this system could be abused.

There really needs to be a write up done on what would be considered in scope of SecretSwap governance and what isn’t. Outside of this proposal, there’s others that belong in a suggestion box and not as a governance proposal.

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Not at all. I’m saying that if there was an issue, I was not contacted. It’s my understanding that you’ve been non-compliant with basic KYC procedures. Providing an ID & utility bill is extremely common for an individual. Framing it in any other way is misrepresentation. If you’re representing an entity, the process requires more. The proper form was furnished. We haven’t received it back. We’d be happy to meet with you to resolve this, but our requests for a meeting haven’t been honored. Please schedule time for a call with us.

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