No discussion on here of the AAVE drama? Surely this is one of the bigger crypto happenings at the moment, with an attached opportunity for a good entry if you see it all resolving after the spat.
PS: Merry Christmas, hope you all had a nice time and are too much.
It fucking fell off a cliff today
>>61543977Is it still safe to stake USDC on here?
>>61543995It's 3.5% Apr
>>61543995Yes the AAVE protocol is completely safe, it’s a fight between the devs and the DAO over the devs taking the profits from the front end.
How does this related to silver?
>>61543989bot posting is real
>>61543977There is no drama stanis just bought more aave to ensure his side wins plus what the dao asks is not even feasible now maybe in 10 years. Aave community is retarded af and the dude who moved the discussion forward is an even bigger retard. Bullish for LINK as tradfi will replace defi
>>61543977imo its fair that labs gets the frontend fees because they take all the risk associated with running it. as recent votes showed dao don’t even want to deal with creating a legal entity to control all the ips and shit. lack of steady cashflow for labs devs was a problem during bear markets anyway. the only mistake was shitty communication desu.
>>61543995No, it defi and vulnerable to hacks and insolvency
>>61543977the drama is overwhat will happen is: any DAO without good revenue will start to be put into questionthis will, hopefully, flush a lot of garbage off the fucking space and make some VCs think before doing some fucking retarded yolo rounds into vapor
>>61546625shut the fuck up jeetgo back to the silver general
>>61546767Is the drama over, though? So the DAO will get v3 and v4 revenue, labs will get front end revenue, and Horizon will be a separate product that doesn’t feed value to the AAVE token, is that right?
>>61546625Chainlink solves this
>>61548921it's over for now. the message from aave service providers is clear, aave labs seems sincere in taking that to heart
>>61549126What is the message, though? What is the outcome?
>>61549154that aave labs should be considering the interests of AAVE token holders (the biggest stakeholders being the aave service providers) and communicating how those interests will be served. with service providers making clear that they will not sit idly by and let themselves get screwed. for now the relationship remains relatively amicable
Should have Bought
>>61543977So, basically, the devs want to offload all the risk for having a stake in the AAVE token onto the token holders while assuming no risks themselves and keeping all the "real" stuff (brand, executive power, etc..)?It's like if a CEO didn't have to own a 51% share of the company's stock and still have the executive power to decide how the company should be governed.The DAO is in the right here.
>>61543977DAOs were retarded from the start, same with governance tokensthis will lead to a much needed clearing out of all the tokens not neededeither build a network that inherently needs the token to function and thus gives value to the token on the protocol levelor find some other way to fund your ipo rather than fleecing people with financial instruments that were only possible in a period of lawlessness
>>61549912Nah, DAOs are good solutions for representative decision making in the space that is DEFI. It's only that the legal structure is not entirely figured out/enforced; It must be figured out in favor of DAOs. Because, as you said, the tokens serve as means of IPO, which, in traditional markets results in entities owning stocks to have influence over how the company is governed and its revenue distributed.The only reason for AAVEs existence is to be a DEFI thing, because otherwise any established bank would suffice to perform the same function. Since its whole reason for existence is defined by being a DECENTRALIZED alternative to centralized tradfi, it is only proper that it is governed through DAO, where tokens are equivalent of shares in a company.
>>61549349what the fuck are you talking about, subhuman?>>61549912>tokens not neededthey're literally securities, dumbfuckthey are neededwhat you're saying is essentially like "apple doens't need apple stock"dumb fucking nigger retard monkey
>>61545990What are you talking about?>labs gets the frontend fees because they take all the risk associated with running itAnd AAVE DAO somehow avoids the risk of the compromise on the AAVE frontend?>as recent votes showed dao don’t even want to deal with creating a legal entity to control all the ips and shitAre you referring to the vote proposed by Labs to keep the current structure that has been postponed for the next month which closed with Nay 55.29%, Abstain 41.21%, and Yea — 3.50%?>lack of steady cashflow for labs devs was a problem during bear markets anywayThe DAO already funds AAVE Labs: $15 million grant for AAVE v4 development, $16 million for v3, and an $10 million annually in redirected user fees from interface activity.
>>61550029>>61549974reply in pic since lately whenever i discuss this topic /biz/ spergs out and i dont know which nono word is doing it
>>61549737>It's like if a CEO didn't have to own a 51% share of the company's stockCEOs don't have to hold 51% shares in a company, they are elected by the shareholders.
>>61549266If only Chainlink had this kind of relationship with the token holders.
>>61549737dao earns 15x of what aave labs gonna earn on frontend. labs also takes lot of risks, related to the fact that they are a legal entity. there was a vote and dao DONT want this kind of responsibility.
>>61550149>And AAVE DAO somehow avoids the risk of the compromise on the AAVE frontend?no, but they avoid all the risk involved with being legal entity responsible for all the bullshit regulators gonna put them through, all the lawsuits etc.>Are you referring to the vote proposed by Labs to keep the current structure that has been postponed for the next month which closed with Nay 55.29%, Abstain 41.21%, and Yea — 3.50%?I am referring to the votes that showed DAO didn’t want a legal entity, didn’t want compliance and didn’t want ops. >The DAO already funds AAVE Labs: $15 million grant for AAVE v4 development, $16 million for v3, and an $10 million annually in redirected user fees from interface activity.and in the bear market when fees was low devs was working almost for free. those fees exist because labs built, hosts, maintains, and legally shields the frontend. dao controls the protocol. labs controls the product. that line was always clear. the only real mistake labs made was assuming dao could handle nuance instead of screeching “muh revenue” after the fact
>>61543977this drama is weird. usually the good performing daos have avoided dao vs dev team questions completely because the development team keeps making the product and the dao has enough social pressure to keep the flimsy partnership alive. normally this problem wrecks small daos (unless the development team and community are basically the same). for instance a dao made of boomers with no online social influence and a private dev team typically has dao vs development problems.Meow that aave has done this, as one trader on X mentioned, a lot of certainties become uncertainties. You can't make aave pricing models assuming the same things anymore.The aave token price dropped even though aave does buybacks of the token and utilizes the token. The aave token has utility better than nearly all decentralized projects, but now that the trust between the aave team and the dao community is broken, they will each need to have ways to enforce their rights.
Isn't the aave token just for voting? Seems useless
>>61551719it controls the treasury built from the fees of the protocolnot curve level, but still relevant
I have a lot of money as USDC in AAVE, 5% of tax-free interest is nice.
>>61543997Because it's basically 0 riskOf course you can get more yield on poopfart xyz defi protocol
>>61551960Y-you can just... Not... PAYYY AAAAAAAAAAAAAAAAAA
>>61552125I'm not going to pay taxes on that.The state doesn't know that this money exists, doesn't know that I'm earning interests, so I'm not paying any taxes on it.I'll buy some prepaid debit card with Monero with it and use for my daily expenses.
>>61543977we used to call that ebonics
The @pepogecom Telegram voice chat feels more like shared presence than conversation.
>>61551714I miss goods and services, remember those?
>>61552902>>61552919shut the fuck up jeet
>>61551714I wouldn't say trust is "broken" per se, and it's important to remember that the primary protagonists of the DAO are those who perform day-to-day technical operations for the AAVE platform, who possess the same technical know-how and many of the same connections as Avara themselves, and with whom their relationship is still amicable. Arguably this is simply a negotiation taking place in an open forum, in the spirit of DeFi, and in the view of those service providers, the best way to ameliorate differences is to refocus on the token and continue cooperating.
>>61551834>it controls the treasurywell if this treasury and the filling thereof is controlled by the goodwill of centralized parties and there is zero real enforcement possiblethen what does the token itself really do?many tokens are truly not needed after the funding phase we are beginning to see
>>61555072it controls the treasury which funds the third parties deving for the protocol you're right in thinking that this isn't a curve finance, in which the veCRV literally controls the treasury, by means of actual contract execution (it literally runs the code you pass through governance votes) but it's not "nothing"
