Why I’m voting YES for RIP-1

RIP-1 has been controversial to say the least. For those of you guys who haven’t read it, you may read the Snapshot post for all the details here. It is understandably controversial as it proposes many changes that have never been spoken of.

The Rari Protocol is in an odd spot. We want to optimize for hyper-growth like DeFi startups should. However, we don’t have the firepower to do that because we took a “fair launch” approach. There is no treasury and the team only has 12.5% of the tokens. Even liquidity mining lasted only 60 days! The income from the pools within the Protocol could hypothetically serve as a meaningful stream of revenue but definitely not for a company in pursuit of hyper-growth.

In 6 months from now I forsee a future where the Rari Protocol is actually the Rari Ecosystem. Where because of our new fee structure, we attract all of the developer talent to come build strategies. Because of the boosted treasury we can build out an Incubation Program that will enable developers to follow this trajectory of: building strategies for the protocol → working on their own projects on the protocol → us helping them get from 0 to 100. Honestly, we don’t have the firepower to make this a future in the way that I imagine because of the fair launch approach that we took.

The second order effects of running an efficient treasury and attracting developers to the ecosystem will far outweigh whatever dilution takes place here. If it doesn’t, we haven’t done our job.

We are trying to remedy the situation. I will work my hardest to make Rari succeed no matter what, however, RIP-1 empowers us with the necessary tools to make it possible. We are also working on staking, new fee structures and a lot more that should be voted on shortly.

I hope that you vote with me for the sake of the future of the protocol.

Dm me with any questions I’m @ jbhav on TG

Jai.