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timbeiko.eth
@tim
Introducing the @protocolguild pledge: with a commitment from Ethereum ecosystem projects to donate 1% of their native tokens to Protocol Guild, I believe we can align incentives between L1 R&D work and the rest of the crypto ecosystem ⛓️🛡️ https://tim.mirror.xyz/srVdVopOFhD_ZoRDR50x8n5wmW3aRJIrNEAkpyQ4_ng
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timbeiko.eth
@tim
If you aren't familiar with Protocol Guild, I recommend watching this video before you dive into the post, and following @cheeky-gorilla! https://www.youtube.com/watch?v=ZhopXK6haL8
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timbeiko.eth
@tim
My quantitative definition of Protocol Guild's goal is to "make contributing to Ethereum L1 R&D economically rational on a risk-adjusted basis, while avoiding capture". The Protocol Guild Pledge (PGP 😄) is what I believe is sufficient to get us there.
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timbeiko.eth
@tim
A visual way to represent this is that core devs don't generally get token upside for their work. By moving a tiny bit out on the risk curve, they can dramatically shift their rewards. The PGP aims to close that gap, and bring the risk/reward levels of L1 work in line with the ecosystem.
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timbeiko.eth
@tim
Why 1%? First, percentages have 3 advantages over $-denominated thresholds: it puts all projects on an equal footing, abstracts the volatility from donations (all assets in PG vest, so "peak bull" donations may be worthless by end of vesting), and, most importantly, it allows easy pre-token commitments!
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timbeiko.eth
@tim
On that last point, once again, shout out to ether.fi for front-running us today with the announcement 😄 https://twitter.com/ether_fi/status/1752376059394408458
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