After taking a day off on Monday, we’re diving back into the battle trading competition starting tomorrow, baby! Tomorrow it’s all about that xaut in the backend, Wednesday brings wld, and Thursday is for night. Heads up, brothers—keep an eye out for those sneaky tower grabs; if you’re just farming for low-key rewards, you better watch yourself.
Baby and night are relatively less volatile, while wld and night have barely any wear but are deep in the game—things are gonna get intense! Will it be the next spk? Let’s wait and see how many accounts the studio tries to grab.
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I’ve designed equity incentive plans before, and a common clause is called "vesting cliff": you don’t start vesting until after a year, and if you leave mid-term, you get nothing. The company calls this "long-term incentive binding," while employees just see it as "having to stick it out for a year before you can think about leaving."
The veBR Season reset mechanism has some similarities to this logic. At the end of each Season, veBR resets to zero, and you have to lock up again in the next Season to regain governance weight and yield boosts. @Bedrock explains this is to prevent early whales from permanently monopolizing governance power. I call this the "periodic clearing of the desktop’s cost of governance."
On the last day of the Season, I checked the on-chain data and tracked the number of addresses that re-locked compared to the end of the previous Season. About 65% of the active addresses from last season chose to re-lock, while 35% didn’t.
This 35% could be due to a few reasons: they’ve exited their positions, think the rewards this season aren’t worth it, forgot to act, or are just watching from the sidelines.
The question is: with new 35% not re-locking each Season, will governance participation gradually dilute over time? If the number of addresses consistently participating in governance keeps shrinking, will the original intent of "distributed governance power" turn into a scenario where a few long-term participants actually have control?
We don’t have an answer to this yet, as the protocol hasn’t been running long enough. But this is data I always check before deciding whether to re-lock my veBR each season.
The participation curve tells us more about the long-term health of a governance protocol than the APY curve does.
#Bedrock $BR @Bedrock
Baby and night are relatively less volatile, while wld and night have barely any wear but are deep in the game—things are gonna get intense! Will it be the next spk? Let’s wait and see how many accounts the studio tries to grab.
✨✨✨✨✨✨✨✨✨✨✨✨✨✨
I’ve designed equity incentive plans before, and a common clause is called "vesting cliff": you don’t start vesting until after a year, and if you leave mid-term, you get nothing. The company calls this "long-term incentive binding," while employees just see it as "having to stick it out for a year before you can think about leaving."
The veBR Season reset mechanism has some similarities to this logic. At the end of each Season, veBR resets to zero, and you have to lock up again in the next Season to regain governance weight and yield boosts. @Bedrock explains this is to prevent early whales from permanently monopolizing governance power. I call this the "periodic clearing of the desktop’s cost of governance."
On the last day of the Season, I checked the on-chain data and tracked the number of addresses that re-locked compared to the end of the previous Season. About 65% of the active addresses from last season chose to re-lock, while 35% didn’t.
This 35% could be due to a few reasons: they’ve exited their positions, think the rewards this season aren’t worth it, forgot to act, or are just watching from the sidelines.
The question is: with new 35% not re-locking each Season, will governance participation gradually dilute over time? If the number of addresses consistently participating in governance keeps shrinking, will the original intent of "distributed governance power" turn into a scenario where a few long-term participants actually have control?
We don’t have an answer to this yet, as the protocol hasn’t been running long enough. But this is data I always check before deciding whether to re-lock my veBR each season.
The participation curve tells us more about the long-term health of a governance protocol than the APY curve does.
#Bedrock $BR @Bedrock