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Timed Out

Referenda #399

Proposer:
Ftuq...9qck
 
in Democracy
20th May '24

This is a referendumV2 whose proposer address (Ftuq9bHvQb5NiU5JA7q79fxYn9FVBeRjNBHL3RH5raN9qck) is shown in on-chain info below. Only this user can edit this description and the title. If you own this account, login and tell us more about your proposal.

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Proposal Timed Out

The proposal has been timed out as the decision deposit was not placed in due time
Summary
Timed Out
0.0%Aye
AyeNay
100.0%Nay
Ayes(6)
6.60 KSM
Nays(90)
77.88K KSM
Support
185.10 KSM
Voting Details
Approval0.00%Threshold0.00%
Support0.00%Threshold0.00%
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Users are saying...
Based on all comments and replies

Overall 33 % of users are feeling neutral. A dot holder proposes a gradual payment of 10 million dots to Kusama treasury over one or two years instead of an immediate transfer. The suggestion includes the right for holders to cancel payouts if funds aren't used positively, assuming the request is from Polka Dot Treasury and based on that context.

Overall 66 % of users are feeling against it. The proposal for a large voting body on Kusama with poor communication and an unrealistic demand of 10 million DOT makes this idea impractical and overly ambitious, lacking support from the community.

AI-generated from comments

6Comments
67%
0%
0%
33%
0%
HERT...afdU
 
 
20th May '24

Unless the plan is to just burn the 10 million dot there's no point. Kusama governance is a mess and until it is not a mess there is no sense putting 10M dot in the Kusama treasury.

EvoL...oVus
 
 
20th May '24

This proposal has two goals related to cross-chain governance:

1) Measuring Community Support for requesting 10M DOT from Polkadot Treasury

This proposal aims to gauge the community's willingness to request 10 million DOT from the Polkadot treasury, which would be payed out to Kusama's sovereign account in Polkadot. This move aligns with the long-discussed plan to utilize a portion of Polkadot's supply for Kusama, ultimately benefiting the general ecosystem by supporting research and development initiatives that are well-suited to Kusama's philosophy.

It is unclear whether the funds already exist in a separate account controlled by the Web3 foundation or other entity, but regardless I believe nothing stops the Kusama community to proceed with the request of the funds via the treasurer track in Polkadot, if the original allocation becomes available before submission of the official root referendum sending the relevant XCM to Polkadot once the bridge allows for it, this initiative would be canceled otherwise the current controllers of the funds can later send the DOT back to the Polkadot treasury as Kusama would have claimed the DOT allocation already on its own.

2) First submission of an OpenGov referendum via XCM from a decentralized organization

The KSM Community is a DAO created on Kreivo that I am bootstrapping to make it available to the general Kusama community where members who request to join will be given a membership to participate in governance with the 1 member - 1 vote decision method. This community and proposal can serve as example on how to submit proposals from a Kreivo DAO via XCM.

The community has used its own decision mechanism to send an XCM to submit this proposal which I believe is a first in the ecosystem.
The account Ftuq9bHvQb5NiU5JA7q79fxYn9FVBeRjNBHL3RH5raN9qck is a keyless account derived from the XCM location //kusama/para(2281)/plurality(#3/voice) only controlled by the KSM community's own governance. We are unable to set an identity yet but once #398 lands any community created on Kreivo will have its identity set automatically.

DVUt...3CD8
 
 
22nd May '24
Voted Nay

Yeah,

As a dot holder i reject this as a one time payout to kusama treasury, instead of blatantly transferring 10m dot and getting it all drifted,

Better proposal should be something like 10 million dot payed to Kusama Treasssury Gradually may be over the course of 1-2 Years and see if the the payout is used positively for Kusama development. Dot holders should be given the rights to cancel the payouts in mid way incase of funds not being used in net positive.

(There is not much details in this proposal, I am assuming the payout of Dot is requested from Polka Dot Treasury and my comments are based on that).

EvoL...oVus
 
 
22nd May '24

It's a great insight that token holders wouldn't trust the ability of the community to receive and manage a large quantity of funds, as seen in Polkadot. I personally don't see DOT token holders as being better qualified than KSM holders to manage funds; the mechanics of both networks are very similar, leaving room for improvement. However, something Kusama can do better is to iterate faster to improve and adapt.

This "wish for change" seems to be a reality regardless of what this proposal's outcome is (if "the promise" is kept), so I see it as a way to start an early discussion about what it would mean for the Kusama community to be in control of a bigger pot of funds. What can we do to improve the governance system, so it can correctly channel funds to be used in the right projects that can benefit the ecosystem at large? There's a lot of chaos in Polkadot that should be handled first within the confines of the canary's cage, with enough safeguards and preparation in place, personally, I see this as a great opportunity to bring the good kind of experimentation that Kusama was supposed to have in the first place.

A nice outcome of this proposal would be to hear more wishes for changes to governance. The Virto team is very familiar with OpenGov; not only have we suffered from it more than most, but also because it's our main goal at the moment to develop on top of it to provide all kinds of organizations with the best experience for decision making, treasury management, and more. Many of the improvements we make can and will make it to the PolkadotSDK and later OpenGov. If the community wishes, we'll listen ;)

GqC3...m8Jj
 
 
22nd May '24
Voted Nay

This ask is off by many orders of magnitude. I'd maybe support something like 100k DOT, but 10 million DOT is outrageous to ask of Polkadot.

GP7L...po99
 
 
26th May '24

Large voting body on Kusama that won't communicate makes this a bad idea.


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To apply for the prize pls fill out this form.  


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Supervisors: $5,000

Supervisors (Bounty Curators)

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Excess or unused funds will be returned to the treasury by Bounty Curators.

Timeline

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To prevent potential mismanagement of Youdle DAO treasury funds, we propose temporarily transferring these assets to the Kusama Treasury, which is now the safest option.

Rationale:

The Invarch team, which currently controls the funds, has a history of questionable financial decisions, including the transfer of more than 200K ASTAR from the DAO to a CEX without transparency.

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Next Steps:

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We urge the community to support this measure to protect DAO resources.

 

Evidence:

Rug on virtuals

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Polkadot treasury rugs

image.png

 

Youdle DAO rug

Moving DAO funds to a CEX because it's a shared address instead of moving to another on chain address? No answers. 

image.pngimage.png

image.png

Pink rug

Pink distributed by the pink team to invarch was supposed to get distributed to the community

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but instead 2000000 pink were allocated to xcastronaut (invarch founder) wallet

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Then went to hydration and got sold.

VARCH rug

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KSM partial rug

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Tinkernet rug

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