Users’ thoughts on Libra and the DAO governance of Mars Ecosystem
There are something we would like to communicate with you.
Unlike most other DeFi projects, Mars Ecosystem’s token holders are divided into two groups: XMS holders and USDm holders. While the long-term interests of both groups depend on the success of the Mars Ecosystem project, on some specific issues, the interests of the two groups may conflict with each other.
Before Libra was launched, we had discussions with many users. We received many different ideas on the use of BUSD reserves in Mars Treasury. Some of these ideas are listed below:
1. BUSD reserves in Mars Treasury should not be used to provide liquidity for USDm on Libra, but should be reserved for XMS holders
2. Some BUSD reserves in Mars Treasury can be used to provide liquidity for USDm on Libra, but the price of liquidity provision should not be 1 USD or close to 1 USD, and the market force should raise the price of USDm to 1 USD by itself and maintain it at 1 USD thereafter
3. Some BUSD reserves in Mars Treasury can be used to provide liquidity for USDm on Libra. The price of liquidity provision can be 1 USD, but as few BUSD reserves as possible should be used to raise the price of USDm to 1 USD and maintain it at 1 USD
4. The BUSD reserves in Mars Treasury should be used to continuously repurchase USDm in the market until the price of USDm is maintained at 1 USD
5. All BUSD reserves in Mars Treasury should be used to provide liquidity for USDm on Libra to ensure that the price of USDm is maintained at 1 USD
In order to protect the interests of both XMS holders and USDm holders, we adopted a compromise solution 3 when Libra was launched. After using 4 million BUSD in Mars Treasury to provide liquidity for USDm on Libra, the price of USDm still failed to maintain at 1 USD. The XMS holders and some of the USDm holders who failed to exchange USDm for BUSD are very angry with this result, and we are also very frustrated with this result.
In order to better gather the wisdom of all Mars Ecosystem users and better protect the interests of all Mars Ecosystem users (including XMS holders and USDm holders), we decide to start to roll out the DAO governance of Mars Ecosystem. Before we launch the first product of Mars Ecosystem, we already planned to let the token holders decide all matters of the Mars Ecosystem after the project tokens become sufficiently distributed. Judging from the unprecedented enthusiasm of Mars Ecosystem users to participate in all decisions of the project, now is the right time to advance the DAO governance of Mars Ecosystem.
We are working on a draft of DAO governance rules of the Mars Ecosystem that includes both XMS holders and USDm holders. We aim to finish this draft as soon as possible and submit it to the community for discussion. We welcome all community users to provide valuable opinions on Mars Ecosystem’s DAO governance rules. Let’s work together to drive new growth for the Mars Ecosystem!
All suggestions are welcomed!💕 You could contact our admins🎙️ or send emails to firstname.lastname@example.org📧
🔗 Mars Ecosystem useful links
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🌟 English Telegram: https://t.me/mars_ecosystem
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👨🚀 Great things are on the horizon and together we will build a New Decentralized Stablecoin Era!
The Marsecosystem Team