Ethereum

Wondering if token governance should only be used a veto, nothing more.

Writer, artist, technologist. 🇿🇦, living in 🇺🇸. Did some Ethereum token things back in the day.

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Big fan of immutable protocols w/o any gov or minimal gov. Tricky for borrow/lending though

an option:

- earned and non-transferable
- no price or market
- supply can increase or decrease based on proposals/votes made

Space ambient composer. Onchain NFT artist. Berlin. https://miragenesi.art

Seeing the new governance attack on Compound. Token owners don't want to participate in active governance. But, they can still have *some* say, which is rallying to token to veto a negative outcome. Kind of like slashing in PoS, but a veto in governance.

Token voting doesn't work and there was never any cryptoeconomic reason to think it would.  The reason it doesn't get broken all the time is because the decentralization is fake, tokens are held by trusted parties like the team and VCs.

token governance should not exist at all.