This is a Pre-MIP discussion and poll to gauge interest…
I have posted elsewhere the core concepts of this basic idea which is pretty simple.
Take some portion of the MKR slated to burn via a flap and use it as an additional reward to align interests of those doing the hard work of Maker with shareholders around improving MKR burn.
The mechanics of the idea are straightfoward.
- Determine some percentage of the MKR flap to set aside in another account via a MIP14_subMKR transfer to an account accumulate this over a time period T
- Determine the reward metric and distribution(s):
- A% to be divided and go with sourceCred xDAI rewards during the monthly payout over the timeperiod T. I’d like to see github perhaps included in sourceCred on this btw and have the grain go 1/3 to forums 2/3 to github. (NOTE: I want core people who get a lot of cred to be the key receivers of this bonus but others who are not to as well. It may be their job to be here but they should also get some MKR tokens to vest for their work)
- B% to be divided between domain groups to be distributed as they see fit internally
- C% for a monthly or quarterly Maker exceptional contributor/contribution award(s)
- D% to be divided for other interesting possible stuff
- rewards for vault holder participation
- rewards for top MKR governance participation
- closing out a large vault after paying at least M DAI in interest.
- a general Maker Vault lottery system (say for vaults over some active borrow amount or interest paid amount)
- a Maker bug bounty or contract error finder reward.
- other stuff others think of.
- Mechanics so all of these rewards end up in
- DSSChief with their respective MKR delegated to the owners wallet
- vested for at least 1-3 years where anyone can execute a vesting release once it becomes executable.
I believe doing something like the above will better align the interest of people working at Maker with the interest of MKR holders. The vast majority of good companies offer employees or people working for the company stock rewards or stock options. Here rewarding people for positive contributions beyond a monetary value and including all the people now who are under salary from sourcecred rewards to actually earn some well deserved MKR bonus adds positive incentive. Making this reward tied exclusively to MKR burning aligns incentives to increase burn for everyone working to improve Maker.
The bonus of this suggestion is that as MKR burns we end up with more MKR in DSSChief with people that are the MOST likely to vote with it and the people who, other than MKR holders, may have the most to lose if Maker doesn’t succeed. We potentially get more people into governance directly. In fact we can even reward these people for voting, and have that MKR vest just like the rest. There will be a reason to vote again but it won’t be because they will get DAI immediately but because they get MKR that in 1-3 years they can withdraw and put in their warchest or sell for DAI.
I almost can’t count the reasons to do this.
The few I can think of against is that it decreases the total burn by A%
MKR is too precious to use as a reward - force everyone to buy it like everyone else. Others I am sure will think of more.
As this is a pre-MIP discussion I am only going to put up a simple poll.