I hope everyone is having a great weekend, I want to share our thoughts on the 30,000,000 delegation program. In its current form, we do not want to apply as there are parts of it we feel need to have a second look by everyone involved.
The same day the delegations were given it lowered voters rewards by 2%. I had one voter actually message me that he was so upset about this that he is considering leaving ICON. Since this program is essentially costing the Voters we should be vigilant how we delegate ICX.
It takes a lot of work to be delegated 500,000 ICX (It took us 6 months to reach this milestone of hard work every single day). The first round of delegations was thrown around like monopoly money. Once teams start receiving a large delegation they will start relying on it and if it is taken away there will be negative feelings towards the Foundation or other P-Reps that were awarded the grant.
We support every 2,000,000 delegation the Foundation made because these teams are full-time builders for ICON.
The 1,000,000 and
Since the main purpose of the Pilot Program is for the interest to be given to the new contribution system (Which we think is amazing!!!) we have a proposal that will exclude future infighting between teams and will actually benefit the network.
In collaboration with other P-Reps, the thoughts below may be a better way to distribute the delegations:
- Continue delegations to FULL-TIME builders of 1,000,000 to 2,000,000 ICX
****The rest of the delegations need to be visible for the community to see and not handpicked from the Foundation since the community is paying for these delegations with their interest being reduced.
Delegate 150,000 ICX to Sub P-Reps running nodes.
Delegate 100,000 ICX to Sub P-Reps that attended the previous month’s P-Rep meeting.
****The 250,000 delegations above will be given to active Sub P-Reps and they are the two most important contributions the foundation wants from P-Reps.
****If no action is taken 40 Sub P-Reps will slowly turn off their nodes and will continue not to attend governance meetings.
****With rewards being reduced to Subs they have less drive than ever to run a Node or attend a Governance meeting. This proposal would encourage Subs to become active in our ecosystem which can have lasting positive results.
Feel free to agree and disagree here, much respect for the vast majority of decisions from the Foundation!