I certainly understand the excitement about possible price upside for T.
I am most concerned about giving so much DAO voting power to a management team that has recurrently demonstrated poor risk management, incomplete knowledge of their own industry, and questionable decision making informed by priorities that may not resonate with our DAO.
More specifically, as written, this proposal would provide the BitGo management team with 1.66 Billion T. Our Dao’s most participatory snapshots have garnered 1.3 Billion votes (there have only been 7 snapshots with more than 1 billion total votes, these are huge community decision like the tBTC v1 to v2 migration and working with Wormhole!).
At current levels of DAO governance participation, providing BitGo with 1.66 Billion T -as this proposal states- would provide BitGo with the ability to pass or reject any DAO proposal. We may caveat this with hopes of greater DAO participation although it has been several years now with similar levels of governance participation. BitGo may exchange large amounts of T and deplete their voting power but this also is not given.
It may be that BitGo, being the largest single holder of T, may be interested in T price growth. I would share similar enthusiasm about this; I want to pose to the community that BitGo’s vision of how to do this and the sustainability of ways do this may be guided by different values than those held by our community. For instance, I don’t believe at this moment we would be able to stop them from recognizing how cornered the market is and attempt to raise minting fees to 1% (maybe an extreme example) and perform T buy-backs with the proceeds (and decline any community proposals using our revenue differently). We, unfortunately, continue to see great interest in centralized bridges and bridges like cbBTC could easily undercut that fee and compete with us/outcompete us - in a way they can’t at present fees.
That last example may be a bit farfetched. The main point is that at current levels of governance participation, we may all be relegated to the sidelines to watch as BitGo makes those decision for us.