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Michael Gingras (lilfrog)
@frog
I wanted to write a bit about prop 604, my involvement in the wave protocol, and why I think it's a good prop for us to support. Long thread below:
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Michael Gingras (lilfrog)
@frog
The wave protocol was born out of prop 244 -- prop lot. The intention behind prop lot was to provide nouns with a single source of truth for ideas to live before they became proposals. It's important to understand that at the time, nouns did not have candidate proposals, and so ideas were fragmented between discord, discourse, and twitter. We spent a few months building prop lot, but unfortunately (fortunately?) candidate proposals launched at the same time and essentially made prop lot irrelevant. We launched a POC of prop lot for nouns and got 0 users. A tough pill to swallow. The code lives on... https://github.com/prop-lot/v2
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Michael Gingras (lilfrog)
@frog
We faced a tough decision. Candidates seemed like they were going to be the new meta for aggregating ideas before they became proposals, so it didn't feel right to keep investing time into a product like prop lot that wouldn't be used. So we decided to do what a regular tech startup would do, and pivoted away from our original idea and to something new. That new thing is the wave protocol. https://www.waveprotocol.wtf/
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Michael Gingras (lilfrog)
@frog
The wave protocol attempts to introduce something totally new to the governance space and is a protocol that can permissionlessly run with or without nouns support. It aims to solve three problems for three different groups: proposers, delegates, and supporters.
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Michael Gingras (lilfrog)
@frog
Proposers: In order to get an idea to the voting stage you either need to own two Nouns, you need to know a nouner who will delegate their noun to you, or you need to put up a candidate proposal and hope that a nouner sees it. Nouns lacks a contributor highway. If you have an idea and want to get funding from nouns, it’s not clear what steps you need to take. There is no playbook. If we can improve the clarity around getting an idea on-chain, we will see more ideas and more people excited about, not exhausted from, interacting with nouns.
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Michael Gingras (lilfrog)
@frog
Delegates: Reports show that at current spend, Nouns has anywhere from 8-14 months of runway before the treasury is completely dry. Like it or not, nouns needs it’s treasury to succeed, and we need more ways of funding the treasury that are independent of auction off a noun every day. Nouns has 560 treasury nouns sitting around doing nothing. We believe allocating a few nouns to the wave protocol could be an effective way to monetize the voting power of those nouns and fund the treasury in a new way. https://www.nounswap.wtf/stats/treasury
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