Hi everyone
I know that I've been a big part of the discussion around this change and supported at Tokenomics working group. Since then, I've received a lot of impassioned bilateral feedback and had a moment to step back and think about things.
DA is going to vote against this change for a few important reasons that I think we need to be much more sensitive to as a group.
1. The practical outcome of this change is very similar to the Network growing to > 400 Validators and transaction volume continuing to grow at its current pace
2. The perception of the change is quite negative from those not in the day-to-day nuances - mix of 'early adopters closing the door behind them' and 'getting ahead of ourselves, the network just isn't that far along yet.'
As a principle, I think we should be holding ourselves accountable to proactively make changes but only those which are really additive and necessary combined with sufficient transparency and time for the market to digest. In this case, the change would need to be made quickly to have a larger impact than market forces and there is clearly confusion from the market about what it will do to their current GTM plans which could have serious negative externalities for our broader goals.
We are eternally grateful to those who are helping expand the footprint and reach of the network, we shouldn't discount the value these rewards have in helping grease those wheels. I know everyone is focused on generating more on-chain activity but I believe the fastest path to get there is faster adoption of the network and broader distribution of the incentives to those early adopters. I don't think this change is likely to improve those outcomes and is more likely to signal people to pause.
Thanks DRW for being so thoughtful about this - appreciate the time that went into its consideration - DA votes not to implement the change
