I voted against Proposal Convert BUSD DAO holdings into DEC-DAI LP

Hello my fellow Hivers!

I haven't been posting for last couple of days because of an unwanted situation that I had to undergo. I had an operation scheduled to remove one of my metal plates and thank God, thou I was felling scary for the situation, it went all well and I got discharged and came back home yesterday. I was finally so happy coming back home after spending a long 4 days but from now on, I have to follow the doctor’s order to take complete bed rest for next 14 days until they cut the stitches and check me again.

I had all the free time in the world while I was spending those boring days and I continue playing this game with my mobile but was badly missing my desktop, so when I come back home the first thing I did after turning on my PC is to enter the splinterlands. However, as I opened the battle, I received a notification regarding a new proposal. I was curious to see what this new proposal about so I went to the SPS tab and the first thing that stuck my eyes is this below.

The proposal was about to convert BUSD DAO holdings into DEC-DAI LP and while the proposal had still 5 days to end, it had been already voted against for 68%. Well this is not a Common scenario as I mostly see them getting voted for and winning by the end time. So a little curiousness grew into me and I went out to read the full post. Now to be honest here, with splinterlands I am mostly focused with playing the game and investing most of my earnings from posting and playing after buying cards to upgrade and strengthen my deck. I certainly know that this game holds a great community who really cares for the game and want to see it run long. In support pf Decentralisation within the project, all the big and important decisions on which depends the future of this game comes out as proposals and all the SPS holders vote for or against it. It simply means the splinterlands community takes the authority collectively to pass or reject an idea. Being an crypto NFT game with high monetary relation, I believe being decentralised is the key where the community gets listened and the debs or owners cant take any big decision alone.

Proposal- https://peakd.com/@mangowambo/convert-busd-dao-holdings-into-dec-dai-lp

Now as for this case, a proposal was released that proposed to convert the BUSD aka Binance USD DAO holdings into DEC-DAI LP. If you don’t know, DAO means Decentralised Autonomous Organisation which simply means an entity, organisation, company or project that is run by the community. In this case, our splinterlands holds a mega amount of monetary fund in different tokens and coins to use it for upcoming developments and what to do with this amount of money is also controlled by proposals and voting process. This is the basic I know but I didn't look further into it. But as seeing this DAO fund related proposal, I got a little curious and went to read the post.

As the post states in short, the crypto users are moving away from BUSD to other stable coins and also the CEO of Binance tweeted to move away from using BUSD as the main trading pairs. SO the proposal is to convert a section of the DAO fund which is in BUSD form to DEC-DAI LP. For note, A large fund of the DAO are already being invested in 2 liquid pools, approx. 828,397$ worth SPS-BNB in pancakeswap and Approx. 118,525$ worth SPS-ETH in uniswap V2. But as for this proposal, the pool would a pair of DEC and DAI.

Now, I am okay with DEC as no new DEC is currently being generated but for the other one, I don’t know anything about DAI. I am not a crypto enthusiast and hardly research about any coin or token outside hive. I saw the tweet of cz_binance attacked with the proposal post and thought it would be right to move away from BUSD which the ocean is calm. But why not any other stable coin, more specifically HBD our own stable coin hive universe but to an LP. I guess that might be a reason why it got so much downvote. I read dome comments and found out that some are supporting HBD and not any other stable coin or liquid pool. The transaction in hive chain us free and for conversion rate to swap between hive and HBD or to swap.hive is also very cheap compared to other chains. And for last, I also think that a big portion of the SL fund being kept in the HBD stable coin will provide value to both the game and the chain. So thus I also decided and voted against the Proposal and if I see any similar proposal which wants to use HBD as fund, I may want to upvote it more.

---

---

Wish you all good luck on all of your future Splinterlands matches.

Thanks for visiting my post. Please come again!

Stay well and keep playing Splinterlands.

Want to start playing splinterlands? Click here

Posted Using LeoFinance ^Beta