As of 5/6/2021 the community pool has officially passed over 1,000,000 SCRT current valued at approximately $3,500,000 worth of assets. The last time a spend proposal was made was nearly 5 months ago - heading in the direction of nearly half a year. I think it can be readily recognized that things have changed in the last months largely for the following reason: price.
Proposals were inherently more contentious when SCRT was clearly underpriced. As we near the halfway point of 2021, I believe as a community it’s time we sit down and think hard about the fact that there is over $3,500,000 in assets that could be used for network growth & initiatives, that are simply sitting stale due to how controversial proposals were in the past.
It is time for a change.
I think it’s time that we as a community come together and begin to deploy this capital more aggressively. Currently, there is an ecosystem fund that is well resourced, but appears to be moving slower than the community pool can move with proper coalition support. In addition, the Secret Foundation during this expansionary phase has growing pains with funding certain initiatives as well (that is not to say the foundation is not willing, moreso as a commentary on the speed that is required to go to market with certain ideas).
So what is currently missing? Aggressive spending of funds for developer related initiatives and tools with fair and excellent compensation - with a perspective focused on long term human capital investment as opposed to extremely transactional pay-for-product as the end of the story. We should be welcoming developers with open arms, and honestly the community pool is best positioned to handle this and any other initiatives that are facing a significant amount of friction from other avenues of resourcing.
Given the fact the community pool now has $3,500,000+ worth of secret in it, I think it’s time that we come together as a community and deploy this capital more aggressively.
We currently have a structure where EnigmaMPC, the ecosystem fund, and the foundation have a large number of resources to fund projects but in practice, we see basic things like SNACs can take 20+ days to fund due to bureaucracy and red tape. These same entities have no issue using the pool though, it appears to be one thing we could all easily deploy if enough simply come to the table and do it.
Now that the value of $SCRT is at a healthy level for deployment capital, we should use it.
Here is how it could be done. Via a community pool working group, network participants would come together and identify parties that the community could pay to focus their efforts on adding additional value to Secret Network, and collectively we would fund them as a community from the pool.
A lot of entities that are positioned to build new tools or enhance existing ones have already gotten funding from one place or another, so the messaging has been that they should not receive further funding from the pool. I think this should mostly be ignored in favor of optimizing for growth of the network over complaints about the source of funding. If we keep fighting over those issues then we will simply continue to miss out on the additional value add that further funding these teams would bring. The pool is faster and more effective than them, we just start using it again.
Secret foundation is funded for growth and marketing, so should the pool be used for those things as well? No, not in an ideal world. Though the world we find ourselves in seems to call for overlap if we want to get more shit built. We can continue to play this game of chicken over who will fund what, and continue to see people under-resourced and stuck in processes that are opaque and take weeks, or we can just agree to use the pool for whatever we need that is not getting taken care of.
Ideas for who could be funded if they put together well-thought-out plans to build new things and improve existing tools that position us to grow as a network.
Citadel one @_iamVlad
Secure secrets @mohammedpatla
Chain of secrets @dbriggsie
Stake or die @the-dusky
Mr robot @baedrik
Why did I list these entities?
Because from my perspective they have all proven to the community a willingness to build, and deliver on value add. Additionally, many of these entities are best positioned to deliver the things they want to build.
Who else should be included?
Anyone who is willing to build and deliver on value adds that benefits us all. I think any sort of “pool working group” should work to vet ideas and pursue teams to fund to build. I merely listed the entities I am aware of that are either adding value they are not being compensated for or want to add more value and need more incentives to do so.