did you already vote in against ?
looks impossible to defeat that
Not necessarily, each and every vote against counts and helps
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good luck to your vision man
Hm⌠All these point sound really interesting
We are waiting for the results with impatience. It is respectful for the team that they try to look into each proposal
It looks like the 3rd offer will be approved, there are only 8 hours left.
Implementing the proposals as soon as possible will eliminate uncertainty and create greater confidence for investors
I definitely think it will be accepted, my friend.
The team will absolutely look into each of the proposal
The 4th proposal is still an overall better proposition, every vote against proposal 3 helps to create Proposal 4 as a reality
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Hi,
The community rejected three proposals.
We discuss this further. Let us know the details about this one proposal.
With These revenue will fully go into XCN., do you mean buy XCN on the market or cover the loss?
I donât believe Onyx v2 will attract users because of low rewards and strong rivals. In the AMA, I said that protocol revenue has been low thus far. And if even the TVL remained the same on the upgraded contracts, it may take years for users to get their funds. Also, Onyx will compete with other current and arising DeFi platforms all this time.
Let me further elaborate and make it a bit clearer
The phrase âThese revenue will fully go into XCN.â indicates that all earnings from Onyx V2 will fund Onyxâs marketing and salary needs, as well as its continued advancement. Therefore, rather than relying solely on XCN grants, Onyx V2âs revenue will be used to cover miscellaneous costs, with the possibility of supplementary XCN grants being used to cover incurred fees. As a result, Onyx V2 would become even more self-sufficient.
As for your second argument, inadequate rewards make it more difficult to acquire a larger audience. With US Treasury yields at 5%, USDT/USDC on Uniswap, and other platforms at 10%+, low reward XCN staking is unlikely to attract new investors. As a result, a moderate fall in incentives, but not too low, may be advantageous, and a staggered decrease in rewards over time may also be useful.
Furthermore, lending rewards on the Onyx V2 must be decent, but potentially a tapering of rewards, similar to Agave use, where weekly or biweekly incentives are slightly reduced till the targetted range.
For the third point on low revenue, this explains why employing the Onyx Capital Facility spread over four months would at the very least assure Onyx users are almost or even totally made whole, thus instilling a lot more trust in XCN and Onyx V2 as a whole.
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How can we suggest anything when we have no idea how much the protocol makes?
Does it even make any revenue? If so, how much does it make in revenue?
How is that revenue currently made?
How can we add more ways to make revenue?Whatâs the month over month loss?
How do we cut the losses?
Whats the main expense?
Can we cut any expenses?
Does Xcn still provide discounts and premiums in the chain ecosystem? If so, how much Xcn is being bought to use in the chain ecosystem.
Need a P&L/income statement to make any real informed suggestions.
Canât build a puzzle if you donât have all the pieces. Especially if the manufacturer wonât give you the pieces.
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Most of these questions need to be answered by @alex
But as a user u can find a few things, which is yes the protocol does make money. The monthly expenses would be found under the budget they give the DAO monthly.
Letâs be real. 60% of the expenses goes toward Alex paycheck. 20% goes toward all others teams paycheck. 20% goes towards marketing/improving the protocol
Not to mention, where exactly does this marketing money go? Itâs never specific, always vague. No proof it even goes towards marketing because there is no recipes/financials to show for it. Same with the liquidity proposal, liquidity never changed.
Not only is the team overpaid, defi lama shoes very low developer improvements rate for the protocol
Alex is slow to reply, doesnât answer questions, doesnât do AMAs. What exactly does he do? He has never answered any of my questions and you replied to me before he did.
Since Alex has joined the TVL has dropped from $70million to $4 million in 8 months.
Guys, at one point, TVL was $700 million dollars. It is now at $4 million. Alex has yet to explain this. And always just blames it on the past team. Dude, you get paid to find these things out, not to mention they hired you.
All these are real, but first and foremost is for the team to fix this current issue
Hello,
Thank you for your message.
The protocol revenue comes from the Reserve factor, a percentage from user deals. Itâs not much.
Check the USDT market, for example, Onyx Protocol
Reserve factor 10%
Reserves 8,239.0487 USDT (all time)
As reserves were stored in the same oToken contracts, and the hacker also took them away.
More ways to make revenue is to engage more users to supply and borrow, and thatâs not easy even with relatively high APYs, which Onyx offered.
I donât know if XCN is used for Chain products actively, as itâs their initiative, which started before I took the position. As I understand, if Chain clients buy XCN to pay for Chain services, Chain sells them back to cover their expenses and for revenue as they are a business.
The main expenses were salaries, you are right. My personal salary is a part of a contract with me, I am a hired person, not the owner of a project. I donât have a stake in Onyx. Next went marketing and market-making expenses.
Not all expenses were effective; however, itâs hard to evaluate. Onyx expenses were based on the proposals, which the community accepted by on-chain voting. Onyx didnât get anything besides XCN tokens from the DAO, which are not user assets.
Starting from the incident on the 1st of November, the team had no budget allocation and no expenses. Thereâs nothing to cut here. What we do is try to resolve the hack consequences.
With these relatively high salary expenses, the team was not overpaid. Much time went into refactoring and understanding the project structure. We spend much time with fighting negative community sentiment. We published our developer progress; If some say it was slow, itâs not objective to judge as you were not inside. However, as I mentioned in the last AMA, a more experienced DeFi leader could be more productive, but itâs history now and is a question for future Onyx only.
I donât blame the past team. They ran a great project and had their own difficulties.
Regarding my slow replies and participation in AMAs, itâs subjective. Although I am not a public person by nature, I did AMAs and am always aware of the community mood, specifically read and reply in the community forum. Until the hack, I worked over hours and sometimes overnights; I spent my time organizing the work process and leading development. I was inspired to introduce new Onyx markets and had many plans, but after the hack, I see that I failed in my primary task. Itâs frustrating.
You are incorrect about the TVL. I steeped in May, when the TVL was about 20m, and its further decline was not because of user outflow, but the trend continued and common market decline (especially the XCN, which was the most part of TVL). Same as for the XCN price, which other community members also mentioned as my personal fault.
Finally, you can blame me or not, but we are both here to resolve the situation.
I ask the community to post their proposals, which we can evaluate together.
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Hey so what do u think about Proposal 4? Thank you
Hi,
The community rejected three proposals, and total votes were below the quorum.
I want to understand the reasons for such low user involvement. There could be a situation when all the proposals will not pass.
Specifically, this proposal is worth it. But all three rejected proposals also have pros, which I mentioned in the AMA.
Now, I want to hear more community voices.
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